EUR/GBP is hitting high over the past few days. Looking for the correction now before we continue up higher. These levels look pretty solid for the short term as we did just break and retest the trendline we have bounced off of multiple times so far.
On top of the break of the trend we have also set up a nice double top formation signaling for a strong potential for the correction to be coming shortly. The big question here is how big of a correction will we look for?
I will trail stops into profit as we progress deeper into the trade. I am taking this trade even though I am bullish overall on the pair for a more long term approach. I am more the less hedging my long position to allow me to not enter drawdown and also secure some additional profits through the coming correction
Let me know your thoughts here. Lets make some bread!
On top of the break of the trend we have also set up a nice double top formation signaling for a strong potential for the correction to be coming shortly. The big question here is how big of a correction will we look for?
I will trail stops into profit as we progress deeper into the trade. I am taking this trade even though I am bullish overall on the pair for a more long term approach. I am more the less hedging my long position to allow me to not enter drawdown and also secure some additional profits through the coming correction
Let me know your thoughts here. Lets make some bread!
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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.