EURGBP has completed a bearish Wolfe Wave setup and may be ready to short toward the target line. Triangle is complete on the APRR oscillator as well. As always, it's a good idea to wait for confirmation before placing a trade. Close below the 1-3 extension would be a good indicator of continued bearish pressure in this case, with a tight stop above recent highs. This setup has two targets, one at point 3 and another at the 1-4 extension (traditional WW profit taking level).
Order cancelled:
This exact setup is no longer valid. However, I am still bearish and am looking for bearish confirmation to short. I will update this idea if more signals present themselves.
Comment:
Also, we're seeing a similar setup on GBPUSD in the bullish direction. If the bullish GBPUSD Wolfe Wave holds valid we can expect some added bearish pressure to EURGBP as well
Also, we're seeing a similar setup on GBPUSD in the bullish direction. If the bullish GBPUSD Wolfe Wave holds valid we can expect some added bearish pressure to EURGBP as well
Comment:
Scenario B active, SL tightly placed above highs
Scenario B active, SL tightly placed above highs
Comment:
SL hit after EUR and GBP news volatility (smart to exit before these events). The GBPUSD WW is continuing to target.
SL hit after EUR and GBP news volatility (smart to exit before these events). The GBPUSD WW is continuing to target.
Now that we've received a possible reversal signal, there are two difference scenarios for entry. The first, and bets R/R, is a sell limit about to pips north of current prices. However, if the pair closes below the 1-3 line further bearish movement can be expected and a tight stop can be placed above recent highs.