EURGBP 1 HOUR BREAK AND RETEST TRADE SETUP

Hi everyone:

Here is my view on EURGBP LONG, Any type of feedback is greatly appreciated it. Thank you

Trade: #4

Date: 11/29/2016

Time: 08:00 GMT

Forex Pair/Commodity: EURGBP

Position: LONG (BUY)

Reward/Risk: 3+:1

Opportunity:

Daily: break down 0.8700 horizontal support and resistance line, now over extended, need a pull back
4 Hour: break above 20 EMA and resistance trend line, MACD divergence
1 Hour: break above 50 EMA, resistance trend line, retested back at main pivot point, and 50 EMA, MACD convergence
5 Min: Price breaks up short term resistance trend line after bounced up from main pivot point

Looking to take this pair to previous strong horizontal support and resistance line of 0.870 and daily 50 EMA and 0.382 fibs retracement

Thank you for your support

Trade closed: stop reached:

Price dropped down, passed support of 50 EMA, previous resistance trend line, and 0.618 fibs retracement for 1% loss.