glennmercer
Long

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

FX:EURGBP   Euro Fx/British Pound
a year ago
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:
  • Bullish cypher pattern completion
  • Bullish Wolfe wave pattern completion
  • Major trendline support
  • Unhit pivots above price
  • Possible ending diagonal
  • RSI oversold
  • Bullish RSI divergence

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!
a year ago
Comment: Trade still open! - WW Target line hit
a year ago
Trade closed manually: +105 Pips ahead of NFP
Follow me on twitter: @gmercerfx
Shoot me an email: gmercerfx@gmail.com
NielsG
a year ago
This idea perfectly describes that Technical Analysis beats News

... grabs popcorn ...
+2 Reply
glennmercer PRO NielsG
a year ago
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
CajunXChange
a year ago
I like that you're using Monthly setup. I have cypher on marketscope. Very nice
Reply
glennmercer PRO CajunXChange
a year ago
Glad to hear it! The monthly pivot is one of my favorite levels to target.
Reply
ccake28
a year ago
hi. do u think is it good idea to go long again?:)
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out