EURGBP, Long based on EMA, RSI, Fibonacci and MACD, 4h chart
EURGBP Has had a retracement form the current uptrend, and has seemed to flatten out, which is a sign of reversal. The point where the price has flattened out is at fibonacci 38,2, as well as between EMA 100 and EMA 200. The price has respected these EMAs multiple times earlier.
MACD are starting to show bullish signs, as well as RSI is struggling near oversold zone, on a support where it usually has been rejected.
Will be using Fibonacci 38.2 and 50 for entries, with previous top as TP. Level below EMA 200 will be SL.
Enter at market:
Entry: around 0.794
SL 0.785
TP 0.81
Order:
Entry: 0.789
SL: 0.785
TP: 0.81
MACD are starting to show bullish signs, as well as RSI is struggling near oversold zone, on a support where it usually has been rejected.
Will be using Fibonacci 38.2 and 50 for entries, with previous top as TP. Level below EMA 200 will be SL.
Enter at market:
Entry: around 0.794
SL 0.785
TP 0.81
Order:
Entry: 0.789
SL: 0.785
TP: 0.81
Trade active:
Split my positions into 4x, however not risking more than the planned size. Opened 2x short position for hedge, converting my long positions to naked. Potential DD reduced to 50% of previous potential DD. However this also reduced my potential TP by 34%.