On W1, The EURGBP show a great down bar in the extreme of consolidation. It is clearly a short signal for me because I prefer to sell around upper band and buy around lower band of consolidation. Now you need to wait for the pullback with great R:R.
However, you need to be extremely patient to wait for this trade, so consider whether you can hold it for months with the uncertainty just like the case CADJPY in the related Idea.
However, you need to be extremely patient to wait for this trade, so consider whether you can hold it for months with the uncertainty just like the case CADJPY in the related Idea.
Comment:
Keep your trade till the price get around 0.848 which is lower band of this consolidation. Just do nothing, seems to be simple but will be one of the most difficult tasks if you are not be patient.
Comment:
Move the SL to entry. EURGBP seems will have a pullback soon, keep your trade patiently, no need to be panic, it will only go back to your entry with small losses (fee) or meet your initial TP of 0.848
Comment:
The pullback of the EURGBP would be stopped at the moment, however, it will take much time for it to reach our target. Just keep being patient and I think it would take at least 2 more months for this trade to reach our target.
Comment:
At current price of 0.862,the price would have another pullback soon so if you want to take TP at the point, the R:R is almost 1:3 so it is ok to TP. For me, I will wait for more price action at this critical level to have close the order if needed
Trade closed manually:
As the big news will come soon, I closed this order yesterday before the target to avoid any potential risk
