Short

EURGBP Short

Updated

Price has retraced to the 0.5 level and then clearly reverted back within the channel with a pin bar. I expect the price to go down to the previous high (or a bit lower), jump back up to resistance (neck line + long time resistance + top of the channel) then go for a huge run down.

Entry: 0.8712
Stop: 0.8785 (above previous high)
Target: <0.75
R/R: 16/1

Note

Now is a good time to start monitoring closely the price structure of this pair. As soon as the price goes back up (if it does), I'll be looking for the price to reverse to the forecast zone with an engulfing candle or a pin, then I'll enter short.

Trade active

We might see the 0.8715 level being reach. There is a lot of resistance there : perfect spot to enter short.

Note

Price has reached the entry level. Time to short.

Note

Price continued to move up. But until it is below 0.8765, this idea still holds.

However, we might a perfect 5 wave setup in the way :
-wave 1 = to wave 5
-an very impulsive wave 3
-awkward wave 4 touching the top of wave 1

Note

jbourgault

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