EURGBP POTENTIAL LONG OPPORTUNITY (Short Term)
Updated
EURGBP POTENTIAL LONG
So after battling myself for a little while I decided to make a post on this EURGBP currency pair. I was battling myself on this due to the fact that the EUR pairs aren't having any great correlation at the moment and the GBP pairs aren't totally decisive either, BUT the momentum on this trade was displaying to me a decent trading opportunity on the short term so I thought I would share it. This pair on the 1D chart on September 21st had a very large and strong push to the upside by the buyers, which caught my attention. It had displayed to me that the buyer was very interested in purchasing this currency pair. Remember let the MARKET tell you what it wants to do rather than the other way around. So lets break this down and let me show you why the market is showing me to go long.
1D Chart:
*on this time frame there was very significant buyer momentum/interest on September 21st
*if you look at the pullback by the sellers compared to the push by the buyer it shows that the buyer is a lot stronger
*the strength shown by the buyer compared to seller weakness shows me the buyer is in control (which is good if looking to buy)
*watch for a higher high higher close (bullish engulfing) on the daily time frame
4H Chart:
*on this chart the momentum is very distinctly stronger for the buyer compared to seller pullback
*watch this chart for a more precise entry and use this chart for risk/reward ratio
*if price breaks the low on Sept. 21st with strength we will not be looking to buy this pair
Remember to always approach the market with a disciplined, consistent approach. Let the market tell you what it wants to do rather than you trying to tell the market, because at the end of the day if you let the market speak for itself, you will see it's trying to tell you something, which is what we as traders capitalize on. Keep an eye on this pair!
Please like and follow my page for more setups! Cheers!
p.s. I post quality over quantity
So after battling myself for a little while I decided to make a post on this EURGBP currency pair. I was battling myself on this due to the fact that the EUR pairs aren't having any great correlation at the moment and the GBP pairs aren't totally decisive either, BUT the momentum on this trade was displaying to me a decent trading opportunity on the short term so I thought I would share it. This pair on the 1D chart on September 21st had a very large and strong push to the upside by the buyers, which caught my attention. It had displayed to me that the buyer was very interested in purchasing this currency pair. Remember let the MARKET tell you what it wants to do rather than the other way around. So lets break this down and let me show you why the market is showing me to go long.
1D Chart:
*on this time frame there was very significant buyer momentum/interest on September 21st
*if you look at the pullback by the sellers compared to the push by the buyer it shows that the buyer is a lot stronger
*the strength shown by the buyer compared to seller weakness shows me the buyer is in control (which is good if looking to buy)
*watch for a higher high higher close (bullish engulfing) on the daily time frame
4H Chart:
*on this chart the momentum is very distinctly stronger for the buyer compared to seller pullback
*watch this chart for a more precise entry and use this chart for risk/reward ratio
*if price breaks the low on Sept. 21st with strength we will not be looking to buy this pair
Remember to always approach the market with a disciplined, consistent approach. Let the market tell you what it wants to do rather than you trying to tell the market, because at the end of the day if you let the market speak for itself, you will see it's trying to tell you something, which is what we as traders capitalize on. Keep an eye on this pair!
Please like and follow my page for more setups! Cheers!
p.s. I post quality over quantity
Note
Have not seen buyer interest yet at this point. Keep an eye out and if not on to the next one! Cheers!Note
Buyer interest wasn't displayed in this pair up to this point. Price is sitting below the .88500 handle which is where the buyer came in from. If this break holds then we will move to the next setup nothing lost, if there is a very strong buyer fakeout, we can approach it from there. Cheers!Note
This currency pair never displayed the buyer interest we were looking for to enter on this pair. On to the next one! This is why I always say to make sure we see that interest come back in from the party that shows the momentum. This trade wasn't a loss because we never entered due to the fact we never saw the interest. It's a really good approach to drop risk dramatically. Cheers!
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