Jenkins301

EURGBP Possible Movements on 1H

OANDA:EURGBP   Euro / British Pound
Looking an EURGBP we can see the chart moving downwards with several tests of a trendline formed at the last three heights.
If the trend keeps moving downwards, we can SHORT EURGBP around the 0.86912 mark (dotted red line).
If EURGBP continues moving towards the trendline, we have to see if it is closing above. If it does, we can LONG EURGBP and wait for it to end the downtrend at 0.87382 (dotted green line). If it can cross this level, we can expect more upwards movement.
Trade active: Now that the chart closed above the trendline, We can open a LONG position with a SL at around 0.86945 which is the highest low of the sub-uptrend that formed today.
Trade active: EURGBP gapped quite a bit after the weekeend and confirmes the sub-uptrend. Now we can move the SL higher and save some profits.
Trade closed: stop reached: The Chart hit our SL at the red dotted line leaving us with some saved profit.
But we can also see, that EURGBP bounced off from the trendline nicely. We can take this into consideration for our next trade.

Comments

Nice chart, I was watching the same thing. However, I'm currently short from .872 because it is a decent pivot point and the long wicks reaching up to the channel resistance, paired with lengthy consolidations at the bottom of the range, tells me we're looking for a move slightly lower to about .862, the 2018 low. Food for thought, nice to see someone with the same analysis.
+1 Reply