Undertanding money distribution before sell-offs is crucial to becoming a profitable trader. This pair did a run on stops holding above the 'break & re-test' area before shifting trend, we should start to see strong bearish moves from here.
We tapped into a previous order block but the rejection has been small, I would like to see a strong rejection here/below before we get involved in buys to target the buy-side liquidity above the resistant area marked.
Long EURGBP @ 0.86
EURGBP has bounced nicely off the 0% fibbo level (0.85390) which suggests that the low is in place for now. Im looking for a correction or retracement that will take us up to the 50% fibbo resistance or 0.88 level. GBP has been very strong of late however I think it has run out of steam up here and we are starting to see...
A downtrend is likely to reverse now as it is having multiple touches in downtrend and now it touched the weekly trend line and a strong bullish candle is formed in 1H time frame , put a buy limit few pips above the small 1H structure amd then be patient 🙌
Bouncing off a very strong support level/Demand level, Stochastics is turning bullish and suggesting a reversal.
However, we are in uncertain times with the outcome of the US election to still be determined thus anything can happen.
EURGBP has taken a pounding over the last few months, seeing bears take over the market. They are still in control, even though we are having some short term relief, looking for price to come up to the 71 % fib to see rejection to take shorts from here down to the -61.8%.
The freak thought it was good and stood there watching us from behind the kitchen worktop... Now im not sure what he was doing viciously shaking a milkshake under the worktop for about 10 minutes... but he seemed to enjoy it so i left him. I know on most bottles it says " SHAKE WELL " but i think he went a little over the top.
We can see that we have a trend line...