The bias of the bearish momentum is now back in motion. I have plotted all you need to know on the chart. head and shoulders. broken through a previous support region.
I recommend you [b]hawk the 4 hour chart and wait for a strong reversal candle once the price action reaches the baby blue ray i have plotted as that is what i will be doing.
Don't let greed...
descending trend line
hit the fib level of 61.8
over 4 types of resistance correlating at the entry price
stop loss over the next higher fib level
4h our bearish
nice easy drop do to most recent low
For me its better buystop, but on this entry open buy limi, because its tooo high for buy stop.
This trade not happen over night, we are going to wait 2 weeks :D
STOPLOSE: 20 PIPS
TAKEPROFIT: 600+ PIPS
This month we have seen major bearish moves on EURGBP of the 0.88062 Zone, with the pair taking away its bullish momentum the monthly candle is looking to close as an shooting star.
Anticipating a continuation of this bearish move this week if we manage to remain below 0.86 monthly resistance zone.
If daily resistance holds at 0.85361 i will be looking for shorts...
I expect a retracement on this pair to around 107.300, could go as low as 106.000. Just going to be patient and wait until this setup happens. I want a close below 109.800 for a short entry, but along with confluence for a trade to drop.