EURGBP Short
Direction: - Approached the last level of a Bullish Cycle, so M (Double Top) formation pattern (or similar pattern that holds and indicates a high) expected to appear before reversing into a Bearish Cycle.
Entry: - M (Double Top) formation pattern appeared.
- Second leg of M formation crossed the 13 EMA, confirming the pair was going to drop.
- Divergence shown indicated a drop.
- RSI value was above 68 which means the pair was overbought, so it was due to short.
- TDI MBL (Market Base Line) was above the 68 and pointing down, which also showed that price was possibly going to start dropping.
Exit: - 26 pip SL @ 7 pips above high
- 38 pip TP 1 @ just above 200 EMA
- 71 pip TP 2 @ just above YL (Yesterday's Low)
Direction: - Approached the last level of a Bullish Cycle, so M (Double Top) formation pattern (or similar pattern that holds and indicates a high) expected to appear before reversing into a Bearish Cycle.
Entry: - M (Double Top) formation pattern appeared.
- Second leg of M formation crossed the 13 EMA, confirming the pair was going to drop.
- Divergence shown indicated a drop.
- RSI value was above 68 which means the pair was overbought, so it was due to short.
- TDI MBL (Market Base Line) was above the 68 and pointing down, which also showed that price was possibly going to start dropping.
Exit: - 26 pip SL @ 7 pips above high
- 38 pip TP 1 @ just above 200 EMA
- 71 pip TP 2 @ just above YL (Yesterday's Low)
Note
Horizontal Yellow Line represents my Trade Open.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.