Fxprotrader
Short

EURGBP: Bearish Divergence Shows Price Reversal

FX:EURGBP   Euro / British Pound
545 11 24
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:
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
nice, targets ? i am considering the 38% fib of the last up move
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TAJIR_B TAJIR_B
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Thanks .
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Fxprotrader ForexLoveme
You are welcome :)
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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 jorv2074
MACD 4C, standard settings
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Fxprotrader Fxprotrader
12,26
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Thx u. Good guide
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Fxprotrader tudtoon1moo
You are welcome :)
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Hi, thanks for the EG short set up. Looks promising.

What is your initial profit target?

Thanks
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