EURGBP: Short At Range Resistance

FX:EURGBP   Euro / British Pound
2760 15
Update: Moved stop to entry
Update: closed half position ahead of first target, at 0.7915

Another bearish leg is possible, as price hit the descending resistance for the main sideways consolidation which might take the shape of triangle. Also the 200-days SMA is at that resistance area . Am looking for a retest of the 50-days SMA as an initial downside target.

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Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
5) If 90 percent of first target is reached I move stop loss to breakeven.
6) If 90 percent of first target is reached without triggering entry I cancel the trade.
7) Remember: Losing is a main part of the game
Update: closed half position ahead of first target, at 0.7915
+4 Reply
Update: Moved stop to entry
+1 Reply

taken profit for the first one little early :D but at least I caught the bottom of this one.
Awaiting bottom touch to close the other.
Thank you Tech for the Great Analysis as always.
I closed half of my position in order to go short again at 0.7950 area (With tight stop loss @ 0.8003)
Have a Great Weekend!
Good play. Turned out nicely. Cable corrected too.
obvious but GOLD setup,
%15 return alone from EUR/GBP

gbp/nzd, gbp/aud
Hi Technician : can you tell me why the stop loss is so wide, could be at 0,805, regarding the momentum ?
You took bar from 2014.09.10 as reference I see :)
Thanks technician, it's on its way
Best Of Luck, i am in the trade too :), thank you Technician for sharing your ideas.
Technician Malik1978
Thanks, hope it works...
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