Hey guys,
in front of you you see an hourly chart on EURGBP. The daily outlook of this pair brought me to such lower timeframes: we have a daily resistance here that could push price lower and we're moving in an overbought condition on RSI. This gave me reasons to believe it could be a reversal when i saw the retest failed at the first touch of that previous hourly resistance. Now, i know it's risky because we're against the trend, but my strategy tells me i can take this trade and aim for the lows for the first target and well below that level with my second target. Stops would go above recent highs.
If you have questions/ideas, share down below.
Otherwise, see you in the next chart!
in front of you you see an hourly chart on EURGBP. The daily outlook of this pair brought me to such lower timeframes: we have a daily resistance here that could push price lower and we're moving in an overbought condition on RSI. This gave me reasons to believe it could be a reversal when i saw the retest failed at the first touch of that previous hourly resistance. Now, i know it's risky because we're against the trend, but my strategy tells me i can take this trade and aim for the lows for the first target and well below that level with my second target. Stops would go above recent highs.
If you have questions/ideas, share down below.
Otherwise, see you in the next chart!
Trade closed: target reached:
First target hit! Stops to breakeven now.