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Energyzone

EURGBP, more time needed...Price has created a solid support zone with multiple hits and is creating lower highs and lower lows. If price makes its way back to the trend line, we can look for signs of rejection with a reversal pattern and enter a sell on a lower time frame. However, if price decides to break through this support zone, wait for a retest and enter a sell on a lower time frame. Note: because price is in a down trend I do not feel comfortable entering "the possible" buy back to the trend line. I will wait to see what price does over the next few days and decide. If price comes back to the support zone again and I see signs of rejection, only then would I consider entering a bullish trade if price does not breakout of the support zone.
by iamarielle_868
EURJPY H4, possible short trade!Confirmations: - Possible Head and Shoulders pattern (right shoulder currently forming). - Price could possibly hit the H4 trend line for a 4th time before selling. - Break and possible retest in this same zone. - Multiple lower highs which could signal a change in trend. All of the above confirmations combined create an "energy zone" based on my trading strategy. Therefore, this seems like a high probability trade setup which can turn into a nice sell back to the green H4 support zone . If you look to the left of my chart you would see that price previously made two hits to this zone before skyrocketing into a beautiful buy. That is why I chose this area as my potential take-profit zone.
by iamarielle_868