EURGBP Short Setup Short

EURO / BRITISH POUNDICE

Description

⋅ Feb 18, 2019 4:13 PM

The Euro British Pound has a Major Pivot Stack providing resistance to a move up.

Hence, look for the path of least resistance to the downside.

Enter on weakness through 0.8736 and shoot for a profit target at the swing low around 0.8626.

Place the stop loss at 0.8804.

Trade closed: target reached

⋅ Feb 26, 2019 5:04 PM

Comments

Johanes

⋅ Feb 19, 2019 1:36 AM

Is it not to early to short EURGBP since the GBPUSD is still underway to her lower ceiling ?.

chris333

⋅ Feb 19, 2019 2:51 AM

@Johanes, To clarify, are you asking if it is ok to go short now versus waiting for the price to drop to the entry point? If this is the case, then my answer is, you can enter early, however you must know This is more aggressive and could get you caught short in a rally. Hence, the more conservative approach is to wait for the price to confirm weakness through the support.

Johanes

⋅ Feb 19, 2019 8:11 AM

@chris333, too early to short from the current rate as the pair will still to upward to upper ceiling.