WEEKLY on the left: touch of the trendline, expecting decline to key fib level + reversal zone, then rise from there.
12H on the right, evening star formation, also H4 bearish engulfing
Sell positions to kick in soon!
1. This profile is for educational purposes ONLY!
2. The setups given are my own perspective of the forex market and by no means...
Small counter trend opportunity on the lower time frames on the EurGbp, coming off a decent resistance level and massively overbought on the RSI we can see some relief, conservative targets taken as it is only a relief trade,
Here we have 2 key zones marked out that have been used as strong support and resistance before and WILL be used again.
What we might see here is a slight pullback in price to our lower zone after days of bullish movement before a final push higher to our upper resistance zone.
I'm currently watching Tyson Fury fight, he is going to smash Schwarz... just like me...
This setup is so damn simple it is unreal... yet most people wont see it as they have been taught to use all these rubbish indicators so they get blinded by the b#llshit!
People want you to feel like you don't know what you are doing in the markets so you think you need help and pay from there services, then when you do join they teach you completely the wrong...
Price is currently in consolidation ( moving sideward ) and is 40ish pips off our resistance zone, we think price will make a bullish run upto this zone and then bounce making bearish movement all the way down to our support zone.
Now we don't have an high impact news releases this week involving this pairing, but as we know around brexit anything can happen and...
Here we have a nice and very simple setup on EURGBP pair. This pair has recently created an excellent double top formation while RSI being overbought position and we have a nice bearish engulfing candle straight after the double top which suggests a reversal.
I have gone short on this one and I've marked the tp and sl for you as well.
Let me know...
Following the trend lines i see a potential opportunity for a small short which could be fulfilled very quickly.
If the upper trendline is broken then a small loss would be incurred but with no reports coming out to push the fundamental trading it would suggest to follow the trend.
Any advise/feeback is much appreciated as I'm only new to this.
EURGBP currently consolidating between 0.85000 & 0.87000 psychological levels.
Resistance at 0.618% weekly fibonacci retracement level.
Trading below the EMA 31, 50 & 200 on the daily timeframe, if EMA 800 is broken it may be further confluence suggesting bearish movement.
Ideal entry would be at 0.86100 support & resistance level.
If the 0.86000 psychological...
- Price to retest downtrend and break through purple monthly zone.
- Price to retest the same purple monthly zone as a resistance level
- Waiting for price action confirmation e.g. a bearish engulfing candle close on the 4hr TF, before entering short
- Price to make its way down to lower purple monthly zone.