EURGBP potentially bullish | Feb 2, 2022
Updated
Since 2021, EURGBP has been going up and down inside a descending channel. It has constantly created lower highs and lower lows, indicating bear is still in play.
On Jan 31, 2022, it reached the bottom of trendline where a demand zone is waiting. Then it formed a strong bullish candle in daily and 8H time frame, indicating the price has rejected the support and grab the buy order in the demand zone. Potentially, it will go upward before continuing the bearish trend.
We enter a long position on Jan 31, 2022 at 22:00 UTC. Buying price is at 0.83480, stop loss is at 50 pips, or just below the invalidation / latest swing low. Risk to Reward ratio is very good, 1:3.5.
On Jan 31, 2022, it reached the bottom of trendline where a demand zone is waiting. Then it formed a strong bullish candle in daily and 8H time frame, indicating the price has rejected the support and grab the buy order in the demand zone. Potentially, it will go upward before continuing the bearish trend.
We enter a long position on Jan 31, 2022 at 22:00 UTC. Buying price is at 0.83480, stop loss is at 50 pips, or just below the invalidation / latest swing low. Risk to Reward ratio is very good, 1:3.5.
Trade closed: stop reached
Hit stop loss, just to get back to our uptrend scenario. We can not control the market, but we can control our money management.
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