SharifAzadeh
Long

EURGBP; Time To Go Long

FX_IDC:EURGBP   Euro / British Pound
This pair have fallen in a 5 wave structure and it seems that the bearish carnage is over, at least temporarily. There are many reasons to go long here:

- A huge Bullish Inverted AB=CD pattern, starting from 9/6 high
- A huge Bullish Shark pattern starting from 16/7 low
- Bottom area of a 50%-pitchfork
- Projected End-Of-Wave 5 area

Since the decline has been in 5 waves, a sustained rise above 13/10 high is ruled out, at least for now. But since the major swing low is just a few pips below us, going long from here hoping to catch a decent upward retracement looks attractive.

Being far away from the recent swing high, using a 1-Bar-High Breakout tactic for entry is recommended. For now, this level is 0.7080 which is 16/11 high.

As long as price trades above 0.6936, this scenario and the related entry tactic remains valid.

Good luck,

Ali             Sharif Azadeh, CFTe
Comment: Adjust the entry point. Break up of yesterday's high at 0.7033 is the new entry point.
Comment: This was the mother of all breakouts.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out