merakshi

EURGBP Why don't trade wave e of a Triangle

Long
FX:EURGBP   Euro / British Pound
Hi all,

I still expect that EURGBP is stuck within a triangle formation and we might expect a thurst from this triangle to the downside. Check my previous post.

Now let's look at the 1h Chart.
Wave A, B, and C are ready. Wave D might end soon ( abc correction) with wave c building "small" Ending Diagonal Triangle. This might lead to an impulsive wave e.
The "small" EDT is contracting and we see a bullish divergence . Good Risk reward Ratio.

Bear in mind: The following wave is expected to be impulsive and might finish the triangle. Be ready to sell afterwards since the sidewards movement will end and lower prices are expected.
So, I am LONG for the very short term.

Cheers,
Merakshi


Trade active: Resistance broken.

Comment: Looks very impulsive. I expect a setback and this might be an opportunity to invest in the next Impulse to the upside.
Comment: First Impulse accomplished. I expect a setback to the marked area. If the setback is corrective, expect another (stronger) Impulse to the upside. Could be an opp to go long.
Comment: Wave a is accomplished. Now we are waiting for a retracement in b.
I have raised the target of wave c which might be the end of the triangle.
Comment: Wave b might be accomplished.
Comment: Trade ongoing. Previous resistance might act like new support.
Trade closed manually

Comments

here is my overall point of view on this pair, very interesting pair
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Breakthrough resistance. You can buy the test of resistance (i.e. support).
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Trade active.
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