EURGBP - SOME CONSOLIDATION BEFORE FURTHER DOWNSIDE
This downtrend began on the 30th of August 2017 and it looks like there's nothing stopping it, just a clear path ahead for more downside. We can see that It bounced off the major trendline and I expect it to consolidate some more before the bigger move down. I do think there are some good long opportunities as well, although I would be keeping them very short them as the bias looking at the bigger picture is strongly bearish.
Trade safe and implement your own due diligence before executing a trade.
Trade safe and implement your own due diligence before executing a trade.
Comment:
Although i don't think this is a highly possible scenario there's still some possibility it could happen and that the pair breaks through the major trendline from the 2nd contact
Comment:
Personal strategy:
Scenario 1: Long @ E: 0.8850
TP: 0.9000 (150)
SL: 0.8800 (50)
Scenario 2: Short @ E: 0.9050
TP: 0.8755 (295)
SL: 0.9130
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
Scenario 1: Long @ E: 0.8850
TP: 0.9000 (150)
SL: 0.8800 (50)
Scenario 2: Short @ E: 0.9050
TP: 0.8755 (295)
SL: 0.9130
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
Comment:
Flat correction in play...
Comment:
The correction in play is either a Running Flat and we will get the big move to the downside after a correction, or we are in a Descending Triangle and we have one more leg (e) before the big move. Whatever the case may be one big move to the downside remains which you don't want to miss
Comment:
prepping for the huge drop...? 2 months of correction almost coming at a close
Comment:
monster drop ready to go?