FullTimeTrader
Long

EURGBP-D1-Potential bullish shark at key area

FX:EURGBP   Euro / British Pound
1493 14 37
The EUR is still weak and not ready for a rally against other pairs. We could expect a slow further decline, if this happens this pair could give us a good setup for a long entry at a key level.

At W1 chart we have:
- potential inverse head and shoulders pattern
- first convergence (higher high) confirmed by oscillator
- strond psycho number 0.7000

snapshot

Here on D1 chart:

- Previous ending diagonal suggest this pair already bottomed
- Perfect bullish shark
- EW wave B (see below)

snapshot

I will place buy limit orders near 0.7000.
SL and targets shown on chart.

Best regards.

*****************DISCLAMER********************************************************************
Always do your own analysis before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).
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Comment: First target hit, moving sl to be
Comment: second target hit
work great
Reply
Yes!, at that time was difficult to think the EUR will recover. Regards.
Reply
BLKS FullTimeTrader
ya, gbp is falling as well.
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Adjusted levels for targets:
snapshot
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dinesh26 FullTimeTrader
Can I still get in on this trade? or is it not worth the R/R at this point? you have great analysis btw! keep up the great work.
Thank you.
Reply
Hello; I'm not so good in patterns but must the last ending point not be beneath/under the startingpoint to be a shark?Otherwise great job..Greetings ,Johan
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FullTimeTrader johan.verm
The last point could be in the range 0.8860 - 1.13. This time i prefer the 0.700 because its the 0.8860 fib and round number 0.7000 is a reaction level. Im using also my Elliot Wave count to choose a more specific entry point. Regards.
Reply
johan.verm FullTimeTrader
Thanks.Have a nice tradingday..
Reply
Agree, an ab=cd is forming as well and target to completed at 0.70000 then will start rise.
It might also rise to 0.79300 due to a potential bat is forming as well in daily chart. :)
Reply
Nice, looks like a great setup! I will adjust my last target on my short based on this and try to enter long now!

My short:
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