TheSupportResistanceTrader

SHORTING EURGBP AT RESISTANCE, FIBONACCI LEVEL AND "BROKEN FANG"

Short
FX:EURGBP   Euro / British Pound
The EURGBP0.18% has multiple times had trouble with the dashed blue line (both now and in the past, go the the 4hr chart!) but has recently broken through it and is now coming back up. We look to short it when it comes back into the 0.7155s again as we then get what i call the "broken fang" setup meaning that price prints lower lows but equal highs.

We are also in an obvious downtrend on this pair as can be seen on the pink lines indicating lower highs.

Our stops go above the resistance level and I'm hoping to catch a 1:3 on this one as price should come back down to at least 0.7126. Moving my stops to breakeven when price hits 2/3 of profit.

Good luck everyone and as usual, hold your thumbs!
Comment: Haha oh boy, my stop was hit on the pip, but i reopened as soon as it came down into our initial entry level!
Comment: Stop moved to breakeven
Trade closed: target reached: Profit is taken, good job guys!

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