EURGBP - Short | Bearish Price Action From the Weekly
Updated
Hi,
The last Weekly candle gave us a pretty bearish sign for the upcoming days/weeks. So, considering that, we have to find an optimal trade entry to go short. I have an area which stays around 0.92000, it is pretty wide but there is a reason why it is like it is.
A possible reversal area consists of:
1. The round number 0.92000 should act as a resistance level
2. Previously worked resistance from 30. July which becomes support on 6. August and now it should start to act as a resistance level.
3. Fibonacci retracement 38% & 62%, pulled from the recent top to recent lo.
4. 1H timeframe AB=CD
5. The historical black trendline which matching almost equally with the round number should act as a resistance.
6. Weekly bearish candlestick pattern.
7. Tiny black dotted trendline from the top, which should act also as a resistance, runs through the possible reversal area.
8! This area is wide because you have to wait for a bearish candlestick formation to trigger the trade.
Do your own research and if this matching with mine then you are ready to go!
Best regards,
Vaido
The last Weekly candle gave us a pretty bearish sign for the upcoming days/weeks. So, considering that, we have to find an optimal trade entry to go short. I have an area which stays around 0.92000, it is pretty wide but there is a reason why it is like it is.
A possible reversal area consists of:
1. The round number 0.92000 should act as a resistance level
2. Previously worked resistance from 30. July which becomes support on 6. August and now it should start to act as a resistance level.
3. Fibonacci retracement 38% & 62%, pulled from the recent top to recent lo.
4. 1H timeframe AB=CD
5. The historical black trendline which matching almost equally with the round number should act as a resistance.
6. Weekly bearish candlestick pattern.
7. Tiny black dotted trendline from the top, which should act also as a resistance, runs through the possible reversal area.
8! This area is wide because you have to wait for a bearish candlestick formation to trigger the trade.
Do your own research and if this matching with mine then you are ready to go!
Best regards,
Vaido
Trade closed: target reached
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