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Fxprotrader
Oct 13, 2016 4:43 AM

EURGBP: Bearish Divergence Shows Price Reversal Short

Euro Fx/British PoundFXCM

Description

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
Comments
TAJIR_B
nice, targets ? i am considering the 38% fib of the last up move
TAJIR_B
ForexLoveme
Thanks .
Fxprotrader
You are welcome :)
UnknownUnicorn638634
what MACD settings are you using - I don't see any div if you use standard (12,26,9) settings
Fxprotrader
MACD 4C, standard settings
Fxprotrader
12,26
tudtoon1moo
Thx u. Good guide
Fxprotrader
You are welcome :)
Hanu727
Hi, thanks for the EG short set up. Looks promising.

What is your initial profit target?

Thanks
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