Mikoxl.
Short

Shark 113 extension with a potential 5-0 pattern

FX:EURGBP   Euro Fx/British Pound
Reading the chart
After a failed push (B) of only 113% extension of O to X, price almost immediately reversed to the other direction, breaking the secondary bearish trendline. Now the 88.6% retracement of O to B could not bring any relief from the bullish pressure.

Prediction
The second level to watch for is the 113% extension of B to O, which could lead to a completion of a bearish Shark pattern at 0.7183. It is also possible that the primary trendline could deliver resistance. If this level holds, there is a good chance that the pair will make a reciprocal AB=CD and therefore a the 5-0 pattern is almost certain.

Setup
entry: 0.7183
minimum stoploss: 0.7216
target 1: 0.7094 (risk:reward 1:1.48)
target 2: 0.7039 (risk:reward 1:2.4

(stop&reverse)
SmartTradingFX
a year ago
Cool! Nice work! Im currently short from around 0.7135's structure looking left...
EURGBP: Potential Structure Based Short Opportunity
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Mikoxl. PRO
a year ago
Trading notes

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