Euro / British PoundShort
EURGBP Short Analysis
EURGBP has broken resistance and is looking to test that support/resistance.
For me to place a trade, I am looking for a couple of confirmations.
I like to call this strategy the 1,2,3,4 strategy
( Look at blue numbers)
1 is a pullback that made a resistance from previous downtrend
2 is a downtrend that broke that resistance
3 is a pullback into the 1 zone which is now support
4 is the trade
For #4 to occur, I need the following:
1.) Doji or large wick in support zone on 1hr chart.
or
2.) A double top to form in the gold zone/ support zone/1 zone.
If one of these occurs, stops will be placed above gold zone, targeting 2.5 RR.
For me to place a trade, I am looking for a couple of confirmations.
I like to call this strategy the 1,2,3,4 strategy
( Look at blue numbers)
1 is a pullback that made a resistance from previous downtrend
2 is a downtrend that broke that resistance
3 is a pullback into the 1 zone which is now support
4 is the trade
For #4 to occur, I need the following:
1.) Doji or large wick in support zone on 1hr chart.
or
2.) A double top to form in the gold zone/ support zone/1 zone.
If one of these occurs, stops will be placed above gold zone, targeting 2.5 RR.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.