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LeeThompson97
Feb 23, 2017 4:48 PM

GBP/EUR Short at Channel Resistance Short

BRITISH POUND / EUROICE

Description

We are approaching the top of an upward channel, this key area of resistance is a good area for a sell opportunity. This is supported by divergence, that suggests that the next peak will be lower than the last - which would fall at the top of the trend line. Before placing a trade wait until the candle closes, if the candle closes outside of the trend line the set up is invalid. Finally, this upward trend has a bias to break to the upside, so this opportunity needs to be considered thoroughly.

Trade closed: target reached

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