EURGBP Short
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)
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.