Short

EURGBP bearish wedge

Updated

Looks like a good bearish wedge, should break down here but could still make one more wave up. I am going in with half a pos and will increase if we move up to the upside of the wedge again or add those on the way down. Volume picture is also confirming the wedge.

Previous analysis:

Note

Broke the wedge, no we are finally dropping, if we drop a little bit more, i will start to lower my stop to around entry. We should just go down from here, but since there is still no acceleration, it could make another move up first.

Note

What looked like a textbook perfect play, is starting to turn around now. It's okay for a wedge to move a bit sideways after the breakout, but the current move seems to say something else might be going on.
I am going to close half of my position here which is still around break even of my first entry. Will use the original stop loss for the rest. If we do drop again i will increase if we break the support line of that triangle.

Note

First target has (almost) been reached. Looks like a bear flag in the making now. I am moving stops to that previous high and wil take some profit here just in case. I will keep half with a trailing stop, just in case this bear flag plays out.

Note

We touched that previous high resistance to the point and dropped again, looks like a solid bear flag now.
I would use 2 stops now, those 2 red zones. On the left i made it like it is a new trade with the target of the bear flag

botje11

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