Hi everyone:
Here is my view on EURGBP LONG, Any type of feedback is greatly appreciated it. Thank you
Trade: #7
Date: 12/06/2016
Time: 07:00 GMT
Forex Pair/Commodity: EURGBP
Position: LONG (BUY)
Reward/Risk: 3:1
Opportunity:
Weekly: in the area of 0.5 fibs retracement, forming a doji/low test candle
Daily: hit strong horizontal support line of 0.8350, 200 EMA, formed a bullish engulfing.
4 Hour: break above the resistance trend line, 20 EMA, now retracing, forming a low test
1 Hour: Break above short term resistance trend line and 50 EMA, now retested the main pivot point, 0.382 fibs retracement, and 50 EMA. The price action is forming the third peak of the inverse head and shoulder pattern.
Looking to take this pair to daily strong support resistance line of 0.8578 area, and 50 EMA, 0.382 fibs retracement
Thank you for your support
Here is my view on EURGBP LONG, Any type of feedback is greatly appreciated it. Thank you
Trade: #7
Date: 12/06/2016
Time: 07:00 GMT
Forex Pair/Commodity: EURGBP
Position: LONG (BUY)
Reward/Risk: 3:1
Opportunity:
Weekly: in the area of 0.5 fibs retracement, forming a doji/low test candle
Daily: hit strong horizontal support line of 0.8350, 200 EMA, formed a bullish engulfing.
4 Hour: break above the resistance trend line, 20 EMA, now retracing, forming a low test
1 Hour: Break above short term resistance trend line and 50 EMA, now retested the main pivot point, 0.382 fibs retracement, and 50 EMA. The price action is forming the third peak of the inverse head and shoulder pattern.
Looking to take this pair to daily strong support resistance line of 0.8578 area, and 50 EMA, 0.382 fibs retracement
Thank you for your support
Note
Note
Date: 12/07/2016Time: 08:00 GMT
Already hit 1% profit, move my stop loss to around 0.8428 for break even, still targeting the 0.382 fibs and 50 EMA on daily chart for 3:1 reward risk ratio.
Note
Date: 12/08/2016Time: 20:00 GMT
Now the price has hit more than 2% profit, move the stop loss to 1% profit @ 0.8478, and still looking for the target @ still targeting the 0.382 fibs and 50 EMA on daily chart.
Trade closed: target reached
Manually shut down the trade after some bearish price action on 1 hr chart making mini lower low and lower high. Secure a 2% profit on this trade, exit @ 0.8525
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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.