Currently looking to execute a short position on EUR/GBP on H1 Timeframe.
Reasons:
- RSI overbought on M30 and heading to overbought on H1.
- Anticipating rebound off historic downward trend line and EMA 50.
Looking to take profit towards S1 and SL above previous high.
Not an opportunity yet - looking for confirmation on closure of hour candle, current candle is too bullish to execute.
Reasons:
- RSI overbought on M30 and heading to overbought on H1.
- Anticipating rebound off historic downward trend line and EMA 50.
Looking to take profit towards S1 and SL above previous high.
Not an opportunity yet - looking for confirmation on closure of hour candle, current candle is too bullish to execute.
Trade active:
Live into this position now with clear rejection of EMA50 and trend. Watching M30 closely to see if EMA50 is rebroken downwards, if not will close out the trade.
Comment:
Holding the trade for now despite M30 moving against. If clear M30 candle above trend will manually close the trade for small loss.
Comment:
Entered this trade slightly early but M30 is showing signs of reversal now, so still in the trade.
Trade closed manually:
M30 continued to move against. Suspect we are seeing an upwards breakout past trend, will look for retrace towards previous resistance as support then place a long position.
Comment:
Low and behold - rebound off resistance as support..