Eur GBP short taken. Great Risk Reward Potential.
Prie is at the 78.6 level on the weekly timeframe. The previous weekly candle closed as a doji which is an indecision candle. Ideally we should wait for a break above or below the indecision candle for a clear indication of direction. Took the short trade as I zoomed in to the lower time frame and saw a lower high was made on the 4 hour chart at the 0.7 fib level, price once again came up to retest this level and this is where the short was taken as price rejected this area again creating a double top on the LTF.
Prie is at the 78.6 level on the weekly timeframe. The previous weekly candle closed as a doji which is an indecision candle. Ideally we should wait for a break above or below the indecision candle for a clear indication of direction. Took the short trade as I zoomed in to the lower time frame and saw a lower high was made on the 4 hour chart at the 0.7 fib level, price once again came up to retest this level and this is where the short was taken as price rejected this area again creating a double top on the LTF.