Here on the #EURGBP pair during 2015 price was mostly on the decline then was stuck in a range where price was at its lowest in 5+ years.
On the weekly price has formed an inverse H&S reversal pattern, broken a major descending TL and our MA's are turning to the upside all suggesting huge #bullish momentum.
However we have a great looking, high probability #short setup we are looking to take advantage off. Price formed a bearish pinbar at a key resistance level (0.775) which is also confluent with the 200ema.
We are anticipating a break and retest of the ascending TL and a short run down to our support zone(0.748),which is a potential C retracement 50% fib level. If this is indeed a trend reversal to the upside we will be looking to place our long entries here, in which we will be targeting the 0.805 level.
Long entries will still be warranted if we dont get our pullback and see a clear break of the resistance level at 0.775 and the pinbar high also targeting our 0.805 level.
Remember the higher timeframes rule all! So #build a case for the direction you want to trade in than zoom into the lower timeframes to confine your entries so you So you can milk as many pips as possible from the $5trillion+ forex market
On the weekly price has formed an inverse H&S reversal pattern, broken a major descending TL and our MA's are turning to the upside all suggesting huge #bullish momentum.
However we have a great looking, high probability #short setup we are looking to take advantage off. Price formed a bearish pinbar at a key resistance level (0.775) which is also confluent with the 200ema.
We are anticipating a break and retest of the ascending TL and a short run down to our support zone(0.748),which is a potential C retracement 50% fib level. If this is indeed a trend reversal to the upside we will be looking to place our long entries here, in which we will be targeting the 0.805 level.
Long entries will still be warranted if we dont get our pullback and see a clear break of the resistance level at 0.775 and the pinbar high also targeting our 0.805 level.
Remember the higher timeframes rule all! So #build a case for the direction you want to trade in than zoom into the lower timeframes to confine your entries so you So you can milk as many pips as possible from the $5trillion+ forex market