EUR/GBP getting ready for a fly?
Hi,
My idea on EUR/GBP:
At first glance, when the price collapsed to this level with approximately 350 pips weekly candle, this looked like it will go further down. It collapsed right at its recent support and started holding around for such a long time.
This means that this level is important. It could go lower but not yet I guess. So, now I see something called a descending channel. I am using this just for an overall understanding. I am not saying if it pulls back a little bit, enter with stop loss below the entire pattern (like 250 pips) and start praying. I will be using the recent supports for long opportunites on this pair in order to go higher above this level of hold. I will treat it like a trend trade - depends on the pullbacks. (this comes from the trend breakout).
Let's see how it goes.
Good luck :)
My idea on EUR/GBP:
At first glance, when the price collapsed to this level with approximately 350 pips weekly candle, this looked like it will go further down. It collapsed right at its recent support and started holding around for such a long time.
This means that this level is important. It could go lower but not yet I guess. So, now I see something called a descending channel. I am using this just for an overall understanding. I am not saying if it pulls back a little bit, enter with stop loss below the entire pattern (like 250 pips) and start praying. I will be using the recent supports for long opportunites on this pair in order to go higher above this level of hold. I will treat it like a trend trade - depends on the pullbacks. (this comes from the trend breakout).
Let's see how it goes.
Good luck :)
Note
We've got huge buy zone. So, we can keep watching between this area for a potential buy.Note
Just entered short on this one even though the analysis is for a long. Looks like this is not ready to go yet. I am trading the pullback. Looking for short-term targets around recent daily support. Note
This one is looking good.I wanna sell more here if I get decent prices next week. Stops from the intial entry will be moved around 0.8890 - closer to the entry price.Note
Managed to add a position here. Stops from the first position moved closer to the entry.Trade closed: target reached
Note
I will be looking for opportunities on smaller time frames based on the main idea towards the underlined target (daily).I am now waiting a H4/H1 pullback to the recent S/R for a potential long.
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