EURGBP Short - Flashcard

FX:EURGBP   Euro / British Pound
Direction: - Approached the last level of a Bullish Cycle, so M ( Double Top ) formation pattern (or similar pattern that holds and indicates a high) expected to appear before reversing into a Bearish Cycle.

Entry: - M ( Double Top ) formation pattern appeared.
- Second leg of M formation crossed the 13 EMA , confirming the pair was going to drop.
- Divergence shown indicated a drop.
- RSI value was above 68 which means the pair was overbought, so it was due to short.
- TDI MBL (Market Base Line) was above the 68 and pointing down, which also showed that price was possibly going to start dropping.

Exit: - 26 pip SL @ 7 pips above high
- 38 pip TP 1 @ just above 200 EMA
- 71 pip TP 2 @ just above YL (Yesterday's Low)
Comment: Horizontal Yellow Line represents my Trade Open.


Good analysis
+1 Reply
Great analysis. Any recommendation where to learn TDI GM indicator?
+1 Reply
FotiosDimitriou Stethostrade
@Stethostrade, This is a great video to start. It is nice and basic, .
Stethostrade FotiosDimitriou
@FotiosDimitriou, thank you so much
. guy
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