And there is also an AB = CD second-up-breaking-failure in 4H chart so I'll make my SL Price very close to point D, just around 0.7960.
If you are going to take short time trade, you can set your tp to 0.7866 and 0.7817.
EURGBP could be facing a potential reversal, looking at all the signs. I have explained the crucial areas on the chart, but I will go over it in more detail.
As we can see, the pair is closing in resistance at 0.8, which is working as a strong resistance, but due to it being a physiological level, but also because it has held multiple times throughout...
I like the larger shape here, the way the price action spilled out of the narrow channel and came back to rest up against it.
- Wave 4 left the narrow channel and
- wave 5 (if complete) only made a slight new high above wave 3
- Plus wave 5 appears to be ending in a Diagonal.
These are characteristics of very common Elliott wave structure.
Dopo alcuni mesi di ascesa, la coppia euro/ sterlina tentenna in prossimità 0,80 ... si vede abbastanza nitidamente la formazione delle onde di Elliot, la trend line rialzista è stata rotta e ritestata, se non dovessero esserci notizie macroeconomiche eclatanti, brexit ecc... potremmo vedere il prezzo di tale coppia scendere, primo target in prossimità del 61 % di...
First off we have resistance coming from the last swing up to this area. Secondly we finished 5th wave in 0.795 and we should see a correction wave, that lines up perfect with a AB=CD move down to fib resistance/extension
The 200m day simple moving average is a must on every chart and every time frame because it's frequently a line in the sand. If price reverses at the 200 sma then you have a convenient SHORT trade with an obvious STOP (above the line obviously) . If price breaks through the line and either leaves it behind or comes back to test it for support and then leaves it...
So was a little bit early on my entry as we moved almost 55 pips higher!
But what we have seen is the pair come back up into recent highs and form a Double top. This are is well into the oversold area of the RSI
How there are 2 possible outcomes we could come back down to the 0.77743 level and bounce
If we break structure there is a possible 2618 set up,...
So having watched this pair for a good couple of weeks, we have come back up into a previous area of support / ressistance
We are oversold on the RSI and because of this I feel we may see a drop back down to previous support.
I'm short at 0.78483 with a tp target of 0.77063
I entered this trade on Thursday around 11:30am an hour before GB budget news was released but I anticipated that it would make a downside turn after it failed to hold momentum when it aimed to make a second top.
Still time to enter to hit TP 1 as the RSI is at 51. possible bounce back up to 0.7778 expected before a continuation to the downside :)
On Friday selling EUR/GBP looked a good thing. Price had fallen out of the up channel it was in and had re-tested the channel and failed to break back.. With RSI overbought I was happy to SHORT this pair down to lower levels.
Mondays open saw GBP weaken quite dramatically and even with EUR/USD falling this was not enough to move this pair south - a clear...
EUR/GBP sits at a significant level. Price is slipping beneath a confluence of 200 sma 50 sma and 50.0 Fibonacci on H240.
This looks a significant move and a failure to hold .7740 could see this pair enter a long term down phase.
I'm in this market from .7751 and .7743 with a STOP at .7790.
Target for this trade is .7350 area (200 sma on Daily TF)
GBP is on a tear and EUR/GBP looks very vulnerable to further declines.
I'm SHORT this market at .7751 with a STOP above the previous high at .7790.
Target for this trade is the 200 day sma on D1 coming in at .7348 area
Pair remains uptrend, but it seems that a retracement will occur in the next hours. So it could be a good opportunity to trade short and long positions.
Bear divergence (double top) and reversal bar pattern present, so the trade is already active (Really small risk)