EURGBP: The market is preparing for the NEXT IMPULSE! (setup)
Hello, everybody and welcome to Cybernetics Trading Lab, today we are going to analyse the EURGBP, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.[/I]
Top Down Technical Analysis:
Since the end of September, this market performed a really strong bearish impulsive phase, correcting and moving following the same bias for a while.
In mid of October, we could see a formation of a potential bearish structure, and we were able to take some profit form that movement.
Eventually, as expected, there was a possibility to see the general structure evolving in a bigger structure and currently, after a retest of the level 0.8800 and a formation of the rising channel, the price is nicely moving to the downside.
All the confluences are in line with the main HTF momentum and we will be looking to short the market targeting the bottom of the LTF structure, at around 0.85700.
When, where and why would we step into the market?
The price currently broke the LTF structure, and we are waiting for some correction before place a short position on this trade, whenever the correction will be completed.
It would be a clued of a potential market continuation and we believe in an interesting opportunity!
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.[/I]
Top Down Technical Analysis:
Since the end of September, this market performed a really strong bearish impulsive phase, correcting and moving following the same bias for a while.
In mid of October, we could see a formation of a potential bearish structure, and we were able to take some profit form that movement.
Eventually, as expected, there was a possibility to see the general structure evolving in a bigger structure and currently, after a retest of the level 0.8800 and a formation of the rising channel, the price is nicely moving to the downside.
All the confluences are in line with the main HTF momentum and we will be looking to short the market targeting the bottom of the LTF structure, at around 0.85700.
When, where and why would we step into the market?
The price currently broke the LTF structure, and we are waiting for some correction before place a short position on this trade, whenever the correction will be completed.
It would be a clued of a potential market continuation and we believe in an interesting opportunity!
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.[/I]
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Disclaimer
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