glennmercer
Long

EURGBP Cypher, Wolfe Wave Complete at Support - Ending Diagonal?

FX:EURGBP   Euro Fx/British Pound
EURGBP             has produced a bullish cypher pattern in addition to a number of other bullish signals. The PRZ of the cypher lies at a major support trendline (see chart below). A bullish Wolfe wave setup has been completed in the same area. Bullish RSI divergence is present and is also oversold at the PRZ. To add to the bullish bias, an unhit cluster of pivots sits above price. I've counted a 5 wave bearish impulse with a possible ending diagonal that could be followed by sharp bullish price action             . Target is set at the unhit monthly pivot . SL is placed below trendline support.

Confluence in the PRZ:

D1 Trendline Support:
snapshot

Thanks for your support and don't forget to click the thumbs up button and follow me for future updates and more trade ideas!
Comment: Trade still open! - WW Target line hit
Trade closed manually: +105 Pips ahead of NFP
hi. do u think is it good idea to go long again?:)
Reply
I like that you're using Monthly setup. I have cypher on marketscope. Very nice
Reply
glennmercer PRO CajunXChange
Glad to hear it! The monthly pivot is one of my favorite levels to target.
Reply
This idea perfectly describes that Technical Analysis beats News

... grabs popcorn ...
+2 Reply
Trade what you see is what I always say. It's always nice when fundamentals supplement the TA setup, but I trade confluent setups like this confidently regardless of a news.
Reply
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out