EURGBP LONG 1 HR BREAK AND RETEST

Hi everyone:

Here is my view on EURGBP LONG, Any type of feedback is greatly appreciated it. Thank you

Trade: #7
Date: 12/06/2016
Time: 07:00 GMT
Forex Pair/Commodity: EURGBP
Position: LONG (BUY)
Reward/Risk: 3:1
Opportunity:

Weekly: in the area of 0.5 fibs retracement, forming a doji/low test candle

Daily: hit strong horizontal support line of 0.8350, 200 EMA, formed a bullish engulfing.

4 Hour: break above the resistance trend line, 20 EMA, now retracing, forming a low test

1 Hour: Break above short term resistance trend line and 50 EMA, now retested the main pivot point, 0.382 fibs retracement, and 50 EMA. The price action is forming the third peak of the inverse head and shoulder pattern.

Looking to take this pair to daily strong support resistance line of 0.8578 area, and 50 EMA, 0.382 fibs retracement

Thank you for your support

Comment:

Comment:

Date: 12/07/2016

Time: 08:00 GMT

Already hit 1% profit, move my stop loss to around 0.8428 for break even, still targeting the 0.382 fibs and 50 EMA on daily chart for 3:1 reward risk ratio.

Comment:

Date: 12/08/2016
Time: 20:00 GMT

Now the price has hit more than 2% profit, move the stop loss to 1% profit @ 0.8478, and still looking for the target @ still targeting the 0.382 fibs and 50 EMA on daily chart.

Trade closed: target reached:

Manually shut down the trade after some bearish price action on 1 hr chart making mini lower low and lower high. Secure a 2% profit on this trade, exit @ 0.8525