Hi, today we are going to talk about EUR/GBP and in a Day Trade opportunity.
We observe a 30 min chart, some important points such as supports and resistances (and levels of strength) to the Day Trade. The details are highlighted above.
Thank you for reading and leave your comments if you like.
Join the Traders Heaven today, for more exclusive contents!
Here are the key factors to keep in mind today for Euro trades:
Italian Industrial New Orders and Industrial New Sales: Italian Industrial New Orders for July are predicted to increase by 1.9% monthly and to decrease by 2.6% annualized. Forex traders can compare this to Italian Industrial New Orders for June which decreased by 0.9% monthly and by 4.8% annualized....
EURGBP following a down-channel and now the price is showing a rejection at the top of the channel.
Strong red candle, following a strong green candle. It is a sign that the battle between buyers and sellers is on and sellers are trying to react and open their positions right at the top of this down-channel.
As price reached MPO of the H&S pattern, it is now showing intraday rejection of the 200SMA on a daily chart. Looks good for a long trade. Enter on smaller time frame as we make a pullback lower.
The price is fallinf with similar stages.
Every time it's react near Mirror Levels.
Wecan open Sell under Mirror Level 0.89036.
Before to trade my ideas make your own analyse.
Write your comments and questions here!
No need to write them in PM.
Thanks for your support!
Looking at the chart above, you can see the original daily structure break to the upside, shown in blue. Then you can see the H4 structure which is forming, shown in green. I have entered the long for wave two on the H4 structure.
We play with Smartmoney concepts, that means that we look mostly on PA to determine what will happen in future.
As we all know, price is moved by BIG players: Banks, Institutional traders, HFT bots (we call them all of them SM).
They can't play as we do, cause of a HUGE lot sizes, so cause of that they need to SELL to BUY and BUY to SELL for...
I call this the Backing Boris Strategy. If Boris manages an exit on the 31st, the people will see him as the person that got things done, got the queen involved and made the bold moves. Deal or not, the closure will add certainty and business can finally adapt to the new conditions.
That and EU just announced QE -
One of the downsides of QE policy is that it...
4H CHART EXPLANATION:
On this timeframe, we observe that price is making a consolidation or corrective structure in the actual level (Support Zone). If this zone is broken downwards, it will confirm the continuation of the trend. The next target of the movement is the Support Zone at 0.86750.