Technician
Short

EURGBP: Short At Range Resistance

FX:EURGBP   Euro / British Pound
2760 views
41
2760 15
Update: Moved stop to entry
Update: closed half position ahead of first target, at 0.7915

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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.

Best of luck. Join me at https://twitter.com/thefxchannel
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My best regards,
Technician

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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
Notes:
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.
Reply
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!
Reply
Good play. Turned out nicely. Cable corrected too.
Reply
obvious but GOLD setup,
%15 return alone from EUR/GBP

others:
gbp/nzd, gbp/aud
Reply
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 :)
Reply
Thanks technician, it's on its way
Reply
Best Of Luck, i am in the trade too :), thank you Technician for sharing your ideas.
Reply
Technician Malik1978
Thanks, hope it works...
Reply
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