EURGBP has accelerated today off the back of a stronger euro and a weak pound. Price is now overextended above the upper BB band and has given us this shooting star before closing back just above the 0.236 level.
I would like a better R:R than this current setup, but the 4 touch resistance is likely to act as strong support.
See entry and exits on the chart....
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.
As reported in my previous post on this pair this is now coming close to resistance. The blue line indicates the lowest point of the old support which was obviously broken and now should act as resistance. I want to see this reach this price and rebound lower to the next target. Need to wait for the price to show it is reacting to this level before entering a...
Like a lot of pairings at the moment this did not make a retrace and continued straight to the next support/resistance level. This touched the next TP price I had set but without the retrace I could not enter the trade.
Now the plan is to wait for a retrace as this is very overbought. A retrace to around 0.5 Fibonacci would be good but we need to see the rebound...
This hit my TP yesterday, I now want to see this retrace so we can enter another short. When viewing on the weekly and daily timeframes you will see this has been on a big drop without a retrace and we are now at a support level. This is why I feel it is a good time to secure profits and wait for a better position to short again that will take us past the support....
There is no denying that this pair is creating stepping down structure, however, It is likely that selling traps will be in place.
I assume many would be selling from the break and re-test of the most recent structure, I will be waiting to get involved in sells from the order block just above it.
This is breaking through a big weekly support level. Best time to enter a short is on a retest of the support now acting as resistance. This will give the safest trade setup, for a SL the highest previous point is too high for a good risk/reward ratio so it can be just above 0.618 Fib. TP is at the next support level downwards.
As I said best entry is to wait...
The Alkaline Team took a trade-off the 4-hour order block after the support breakout, which landed us in smooth profits. We would like to see one final push up to target the liquidity above the resistance, let's see how things go at market open.
Short bias move to a key fib level.
You lot seem to be loving my trades lol, message me on here to let me know how much money you lot made (Y) would be good to see
30 pips SL
60 pips TP - Nice 2:1 ratio. (Well slightly higher than 2, but who's counting ;-)
Have a good trade
I used to waste time, explaining my trades but then people would get them taken down as I self promoted (I've been put on the naughty stairs lmao)
So now, I just publish trades without explaining myself, so good luck trying to figure it out. ;-)
30 pips stop loss.
(This isn't financial advise)