the gap we were expecting was very big (especially with euro and yen pairs) but remember that gaps tend to be filled afterwards. So, if this alligns with my structure analysis i think the opportunity is good. The yellow box you see above represents a previous level of structure that acted as support and now could turn into resistance.
As we go on lower...
Price has touched the 0.8344 resistance level numerous times now. I have placed a Stop Entry Order just below the resistance level . At this entry, a breakout would be confirmed. If this happens, price should head towards the monthly support level , thus providing a good target (0.79815). I have placed a stop loss just above the resistance level at 0.8377, giving...
I was originally Short EG since January, but my perspective on the pair changed when I started to listen to my peers. I decided to delete my social media and reanalyse all my pairs and came across this beautiful swing. It has way more downside potential than this, but the target shown is my first target. I will post more charts later in the week.
SHORT EUR/GBP from .8757.
This pair has pushed deep into a well defined resistance zone and the TDI suggest we may head lower over the next few hours.
RSI on H4 is 83.57 which is well into overbought.
The pressure is building on EUR/GBP BULLS and this could be a good time to SHORT.
STOP is manual depending on price strength.
1. Generally in a Downwards Trend
2. 786 Retracement from previous highs indicates trend continuation
3. Head and Shoulders on the Weekly Timeframe as well as daily, again showing potential downtrend
3. I believe there has been a false breakout on Monthly Resistance
GBP over extended to the downside, hence why my last two trades have been Buy GBP at S/R.
EURGBP gave me the entry for a short and I have gone with Euro weakness rather than CHF over extension or any of the other crosses. Going to limit the two trades with a GBP and not add anymore GBP exposure.
Risk : Reward = 1:3
At the beginning of December it looked as if the reversal in this pair from mid October would accelerate as it dipped below the 200 on the H4 TF. Unfortunately for all BEARS the 200 held and has acted as support ever since. I still believe that this relief rally by the BULLS has limited scope and we shall soon see a move back south. I'm already in this trade but...
4.Pullback into the 618 fib; (the 2618 trade setup completed)
5.A rally above the 141 ext;
First target for the 2618 at 127% extension or an ab=cd pattern projection;
Second target above, at 161%, and there, we have confluence between fibs, retracement, and extensions, and the price is already...
I have a bearish bias but price might touch 2008/9 highs i don't know yet. Major uptrend and buying shows other wise. If 0.88400 level is broken which hasn't been done yet i would be careful, it did kiss that level yesterday and may be retested. I'll wait till next week but this is definitely on the watch list.