Fxprotrader
Short

EURGBP: Bearish Divergence Shows Price Reversal

FX:EURGBP   Euro Fx/British Pound
537 11 23
2 months ago
Price has reached the upper parallel of an upsloping andrews pitchfork with a bearish divergence being present in MACD . In the lower timeframes we may see that after reaching the parallel, price dropped instantly forming an impulsive wave to te             down and now it's in a corrective structure. Selling the breakout of the correction is what i plan to do catching a potential sell off.

Pending setup:
snapshot
2 months ago
Comment: Price finally broke below the correction and i am already short. I post this a little late but for those who missed the breakout you may wait for another correction and sell the market
snapshot
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Hanu727
2 months ago
Hi, thanks for the EG short set up. Looks promising.

What is your initial profit target?

Thanks
Reply
Fxprotrader PRO Hanu727
2 months ago
You are welcome Hanu727.. A realistic tp would be the median line, but you may also trail your sl as it goes and aim for the lower parallel of the pitchfork.
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tudtoon1moo
2 months ago
Thx u. Good guide
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Fxprotrader PRO tudtoon1moo
2 months ago
You are welcome :)
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jorv2074
2 months ago
what MACD settings are you using - I don't see any div if you use standard (12,26,9) settings
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Fxprotrader PRO jorv2074
2 months ago
MACD 4C, standard settings
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Fxprotrader PRO Fxprotrader
2 months ago
12,26
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ForexLoveme
2 months ago
Thanks .
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Fxprotrader PRO ForexLoveme
2 months ago
You are welcome :)
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TAJIR_B
2 months ago
nice, targets ? i am considering the 38% fib of the last up move
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TAJIR_B TAJIR_B
2 months ago
snapshot
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