double top

FX:EURGBP   Euro / British Pound
949 24 20
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.
@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.
Are you still holding?
Should be fine as long as 0.7250 - 0.7300 holds. Just my humble thought.


Technician PriceActionTrading
I hope so, i am still short. gl
Im looking to short at 0.7250. Its greedy but its optimal risk reward. gl.
Technician PriceActionTrading
The pair has been really slow moving nowhere.. lots of patience required :D
+1 Reply
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