EUR/GBP Long at Support Plan

FX:EURGBP   Euro / British Pound
135 1 3
Looking at the 1H chart, we can see the pair seems to be consolidating after a highly impulsive bull move. We're looking to find an entry point with a tight enough stop, so that we may benefit if the pair ends up continuing the bull move with another impulsive move. Our current plan is to enter the market at the established support zone around 0.7955, with a 30 pip stop just below the previous consolidation zone at around 0.7925. The general plan with this kind of trade is to trail our stop while keeping an eye out for fading momentum indications, so that we may capitalize on the majority of the next bullish impulsive wave.
GBP is weak, EUR is also weak.

Any news from EUR zone, and the SL will be hit,
R:R on the short side seems better.

An ideal entry would be on 21th of November, Friday after/before the Draghi speech. (spreads would also be higher though)
+1 Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
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