EURGBP looks to be in a range, and with the recent run-up and rejection, it looks like the market wants to keep it that way.
I entered a short position at the 50% retrace of the pin bar rejection on Friday. My entry was supported by:
- Multiple event areas
- Market swing point
- Resistance/supply zone
- 38.2 % retrace
- Moving average(s) are neutral
- Range bound market
- RSI and Full STC are curling down near extreme levels
Stop loss was placed at 0.88930 for a 1% portfolio risk, and target profit is 0.87267. This is a low-risk trade that is offering me a 4.5 to 1 R/R.
I entered a short position at the 50% retrace of the pin bar rejection on Friday. My entry was supported by:
- Multiple event areas
- Market swing point
- Resistance/supply zone
- 38.2 % retrace
- Moving average(s) are neutral
- Range bound market
- RSI and Full STC are curling down near extreme levels
Stop loss was placed at 0.88930 for a 1% portfolio risk, and target profit is 0.87267. This is a low-risk trade that is offering me a 4.5 to 1 R/R.