KVE
Short

EUR/GBP: Short from broken trendline

FX:EURGBP   Euro Fx/British Pound
159 0 7
Last long trade didn't work out, we went further down than expected and broke the trendline .

I am now looking to short this pair after a possible re-test of the trendline and/or S/R zone around 0.7333 (where I thought the bounce would come according to my previous idea).

My sell limit orders are set:
4 trades on chart with good R/R, SL above the last high, profit targets based on fib. and/or structure levels, final target is the higher timeframe "up" trendline seen below on the left chart (TP4 not fixed).

I will also set a sell stop below 0. 7300             with the same targets (still deciding on SL) in case we fail to re-test the S/R zone or trendline above.

The red arrow depicts the alternative scenario, i.e. back up to the 'down' trendline or the higher timeframe .50 fib level (where the up trend seems to have ended) for a possible double top formation. If the current setup fails I'll be looking to short there
Comment: TP1 reached! SL at BE
Comment: TP2 reached a while ago already... TP3 part not reached but profits booked anyway, TP4 very small part still open...
Looking for countertrades now.
United States
United Kingdom
India
Deutschland
España
France
Việt Nam
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
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 Support Priority Support Report Issue Ideas Published Followers Following Private Messages Chat Sign Out