? Where do we go from here ?

FX:EURGBP   Euro / British Pound
After finally breaking the last high from september it seems to me that the price has reached a point where it losses momenutm. It broke through resistance and went up to the 127.4% Fibo-Level just to encounter new resistance. Will we get a new trading range between 0.81134 and 0.81661 - a rather narrow range - or will we break through this levels with the next movement ? Well, basically this scenario calls for a OCO-order on either side of that range, were it not that the trendline is in the way for the short side at the moment. It is only reasonable to expect a 3rd touch of this line and to expect that it will hold on such an important level. What makes me a bit suspicous about this trend is that the price was not able to reach the 'dotted' upper channel line. This is usually a sign of weakness. Anyway, it is still too early to tell. The obvious trend formation could instead turn into this rising wedge - which if prices follow the wedge - might provide us with a good opportunity for a short position once the 161.8% Fibo-Level has been reached. I stay neutral until I see a sign for a direction as mentioned above. I am willing to go short if I see a trendline break on a daily close and I will have a buystop order just above the last high at 0.81661


Thank you, by drawing lines on my chart I was thinking exactly in the same way. At the moment I will wait as well.
Next time I will write more about my thoughts (will try to learn explaining myself in better way) and because market did not reach dotted upper line on your chart, that is way I am more bearish than bullish. H&S on daily chart is possible, but not yet.
Thank for very much. Your daily chart helps me a lot as I conclude...if your idea turns into reality then a Head-and-Shoulder formation - with the right shoulder lower than the left one - will or has to materialize on your chart...very interesting...I also see a 5 wave pattern counted from the low in august, with the 5th wave in place...if my count is correct then we should get a ABC- correction...I like that exchange...hope you don't my comment...cheers
artaj68 tradersvision
I love your comments. Helps me to learn to explain myself in better way. Please comment whenever you have something to say. Always appreciated.
As always your posts are very interesting. And I just would like to show my Daily EURGBP chart :https://www.
It does not answer your question "Where do we go from here?", but I am looking to the south.
Thanks for posting.