AMMT
Short

EURBGP - Going long?

FX:EURGBP   Euro Fx/British Pound
40 0 1
6 months ago
The weekly long-term GMMA (orange) of this pair is starting to expand in the upwards direction indicating that it is likely that an new uptrend is in place and gaining momentum . Meanwhile the weekly short-term GMMA (blue), that tracks the behaviour of traders, shows a bit of compression, indicating that traders took profits from the price move from the low of November of 2015. The later provides a nice opportunity to join the trend. However, there is other scenario that must be considered: if price closes below the purple line, then price makes a Head and Shoulders pattern (H&S) with downside target around the 0.7350 level, which can not be ignore, since this pair is in a young new uptrend and in this stage the trend may not be completely supported by investors and thus is still a bit unstable.

Scenario 1:

Order 1:

Entered @ 0.7917
SL @ 0.773
TG @ 0.829
Trade management: boxes in units of risk-to-reward ratio.


Order 2:

Entered @ 0.7917
SL @ 0.773
TG open
Trade management: boxes in units of risk-to-reward ratio. Move stoploss to break-even as soon as Order 1 hits target.

-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Scenario 2:
If price closes below purple line, trade according with H&S pattern rules.
SL @ 0.7945 area with full downside target @ 0.7350
Trade management: boxes in units of risk-to-reward ratio. Move stoploss of Order 2 to break-even as soon as Order 1 hits target.

6 months ago
Trade closed: stop reached

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