double top

FX:EURGBP   Euro / British Pound
broken neckline, stop above prior high,watch the daily close, we need to see close below neckline. Starting with small trade, after daily close below neckline I will add something.


I am short from 0.7225 too . Good luck to both of us..
+2 Reply
@itaskar After the pair hits 0.7093, will it retrace back to 0.7165 and then go back all the way down to 0.7020 ?
+1 Reply
Just my humble thought,
GBP is selling off currently. This will cause EURGBP to consolidate (or even move higher) short term. Only a massive selloff of EUR during the coming and tomorrow NY market trading will cause this pair to go back down to 0.7020.
+1 Reply
PriceActionTrading PriceActionTrading
A target like that on your chart will take some time to hit. You have to be (extrememly) patient. Getting stopped out at breakeven or your usual SL is more likely than hitting your target as this pair is known to consolidate because of the EUR GBP correlation.
+1 Reply
itaskar anish_206
Hi anish, as PriceAction mention, it need patience to hit 0.7020. Primary target is the high of double top but it doesnt mean that you need to close your whole position there, you can always close partialy to secure some profit. I am usualy closing a part when 1:1 RR is achieved, second thing I am doing is moving stops, here for example is now my stop 20 pips above neckline(0.7250). It will be good to see how support become resistance for further decline.
+1 Reply
anish_206 itaskar
Thanks everyone for your support :) . I'll look into everything you've said.
daily close below neckline.. wish you lot of pips guys
+1 Reply
vikvlas itaskar
Thanks, itaskar. You've already added more?
itaskar vikvlas
yep pal. stop the same, target - lows 2015
Hi guys,
I'm short with you from 0.7216, needed a bit more confirmation.
Good luck everyone
+1 Reply
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