congratulations to those who decided to read the description on the previous EURGBP idea ahead of the UK elections (related idea) ... those who decided to enter via fibs, or via price on the Long side are already in from 0.867xx ... and are perfectly positioned to add here on any spikes below via exhaustion.
After forming a fakey bar on the daily time frame, this Forex pair took me out of my trade just to have another price rejection in which I did re-enter again a long trade. For four trading days, this pair has been going on sideways which was slightly tempting me to close the trade at Breakeven,.. not closing it was a good decision. Plus I also noticed the inside ...
Our preference: sales position below 0.8845 with targets at 0.8815 & 0.8800 in extension. Alternative Scenario: In excess of 0.8845, aim for a continuation of the increase with 0.8860 & 0.8880 in line of sight. Comment: the support sinking at 0.8845 triggered a bearish acceleration on the support at 0.8800.
Our preference: position bought above 0.8830 with targets at 0.8860 & 0.8880 in extension. Alternative scenario: in break of 0.8830, a continuation of the decrease will be envisageable with 0.8815 & 0.8800 in line of sight. Comment: A support base of 0.8830 was formed and allowed temporary stabilization
For the past several days, the EURGBP pair has been trading on a descending triangle. As what the formation suggests, a downside is imminent from this day forward despite the spike up. I actually had a long setup at 0.86020 wherein an inside bar pleasantly formed just about the 200sma along with a huge bullish pin bar as the mother bar. I've drawn a second ...
EURGBP found enough energy to break out of the triangle but it appears as if a 78.6% level may be putting a slight hold on the upward move. The anticipation is that the fib level will hold and that the move out of the triangle is a fakeout. Look for more downside order flow if price moves back into the triangle.
Hey Guys, Red or Blue? Watch for the last flag, we could brakeout and make the red move or reverse and complete the blue ABC structure before the big drop. - Hola Chicos, Rojo o Azul? Al tanto con la última bandera, podría haber ruptura y hacer el movimiento rojo o hacer reversión y completar la estructura ABC azul. Carlos