glennmercer
Short

EURGBP Short: Bearish Wolfe Wave

FX:EURGBP   Euro Fx/British Pound
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Order cancelled: This exact setup is no longer valid.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.
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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.
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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
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Scenario B active, SL tightly placed above highs
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SL hit after EUR and GBP news volatility (smart to exit before these events). The GBPUSD WW is continuing to target.
What a shocking uptrend of EURGBP here, I'm also on short and no stop loss at the moment. Have you stopped loss already?
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Hello, I have not yet entered this position. I have two scenarios for entry (see above). Since you are not using a SL, is that part of your trading plan or an accident?
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Noobsnoot glennmercer
more of a miscalculation as well
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