Massive Swing Trade Opportunity - EUR/GBP Ichimoku Sell
Price is starting to stall out quite a bit here and we've been stymied with resistance as the fundamentals of the EU and Britain play out. I am waiting for a break down below price structure resistance and the kumo to look to enter a sell. With the massive bullish run this pair has been on, the GBP may try and fight to take back some territory. If we can break and hold below that .8955ish level, I think we may be able to establish a long term bearish trend that we can trade down to some major price structure support. This is further confirmed using multi-time frame analysis looking at the daily and weekly for me as well with the wicks that have been presented.
There seems to be some confusion on how I have my charts drawn so I want to make things a bit clearer. I set long term targets, but I do not hold my whole position until I get there. It is not an all or nothing trade on any of my setups. I take a position, then only have a few outcomes of the trade. Either I get stopped out, or if price moves my way I take profit at my partial levels along the way and hold the position open as long as the trend is valid. One of the biggest struggles new traders have is doing the opposite, and holding positions open that work against them. That's not how I trade and not how I suggest anyone trades.
So, if this progresses my way, I will be taking partial profit at each of the levels I've drawn, also looking for new entries that are treated as their own idea and trades along the way, assuming the trend stays valid. This is the exact method I use day in and day out. If you want to learn more about how I trade, don't hesitate to reach out. I love discussing trading and finance in general.
If we fail to get the breakout I am looking for, this setup may become invalidated. I think it's important to note that I don't care about being right, I care about being on the right side of the trade. If this switches up and holds support and looks poised to break price structure resistance to the upside, then my bias will switch with it and I'll look to get long.
Let's keep an eagle eye on price structure ,trade the breakout if it presents itself, and grab some pips along the way!
-The808Trader
There seems to be some confusion on how I have my charts drawn so I want to make things a bit clearer. I set long term targets, but I do not hold my whole position until I get there. It is not an all or nothing trade on any of my setups. I take a position, then only have a few outcomes of the trade. Either I get stopped out, or if price moves my way I take profit at my partial levels along the way and hold the position open as long as the trend is valid. One of the biggest struggles new traders have is doing the opposite, and holding positions open that work against them. That's not how I trade and not how I suggest anyone trades.
So, if this progresses my way, I will be taking partial profit at each of the levels I've drawn, also looking for new entries that are treated as their own idea and trades along the way, assuming the trend stays valid. This is the exact method I use day in and day out. If you want to learn more about how I trade, don't hesitate to reach out. I love discussing trading and finance in general.
If we fail to get the breakout I am looking for, this setup may become invalidated. I think it's important to note that I don't care about being right, I care about being on the right side of the trade. If this switches up and holds support and looks poised to break price structure resistance to the upside, then my bias will switch with it and I'll look to get long.
Let's keep an eagle eye on price structure ,trade the breakout if it presents itself, and grab some pips along the way!
-The808Trader
Comment:
Price held support and did not get the bearish move, setup is invalidated for now and not entered.