EURGBP SHORT / Potential rising wedge with fib rejection candle
EURGBP is showing good signs on its 4H chart of bearishness and here is why we believe that is so:
Price action on the 22nd of September created a potential bearish candlestick which tested the 38.2% fib of the recent high to low.
Price action is also potentially creating a lower high and I would not expect price to head above (close) the 30% fib, if it does, the trade idea is no longer valid.
On the other side, we have a wedge heading to the 38.2% of the fibonacci retracement..
All in all, this looks like a pretty solid setup because it has:
Thats it from us folks!
Remember, your trade can end in only one of four ways...
1. Big win
2, Small win
3. Breakeven
4. Small loss
If you leave the option for the 5th option... which no doubt is a BIG LOSS, you are doomed to fail!
Have fun trading!
Price action on the 22nd of September created a potential bearish candlestick which tested the 38.2% fib of the recent high to low.
Price action is also potentially creating a lower high and I would not expect price to head above (close) the 30% fib, if it does, the trade idea is no longer valid.
On the other side, we have a wedge heading to the 38.2% of the fibonacci retracement..
All in all, this looks like a pretty solid setup because it has:
- A potential lower high (indicating bearish movement)
A rejectio/reversal candle stick
A bearish wedge
and a rejection of the 38.2% fibonacci retracement
Thats it from us folks!
Remember, your trade can end in only one of four ways...
1. Big win
2, Small win
3. Breakeven
4. Small loss
If you leave the option for the 5th option... which no doubt is a BIG LOSS, you are doomed to fail!
Have fun trading!
Comment:
We got tagged into the trade. What a killer call!
Comment:
We began compounding this sell trade. (adding on to the trade)