EURGBP | Some entry points with nice RRs
#EURGBP #4HR #FXCM
- FX likes parallel channels very much these days. I am waiting EUR/GBP to break the top of blue falling wedge which I find it very steep.
- The area that caused a sharp bounce today is the confluence zone where yellow channel and bottom of the wedge overlap.
- If we see another swing low, I am expecting to enter long position at the support at 0.83390~0.83530.
- This zone is where bottom of white channel, green trendline, bottom of the wedge, and 1.13 expansion level all exist and is only valid until 23:00 January 5th of 2022 in Korean time (UTC+9).
- Long trading setups can be designed as below:
Long
EP: 0.83530
SL: 0.83310 (-220Pips)
TP1: 0.83980 (+450Pips) RR: 2.05
TP2: 0.84490 (+960Pips) RR: 4.36
- FX likes parallel channels very much these days. I am waiting EUR/GBP to break the top of blue falling wedge which I find it very steep.
- The area that caused a sharp bounce today is the confluence zone where yellow channel and bottom of the wedge overlap.
- If we see another swing low, I am expecting to enter long position at the support at 0.83390~0.83530.
- This zone is where bottom of white channel, green trendline, bottom of the wedge, and 1.13 expansion level all exist and is only valid until 23:00 January 5th of 2022 in Korean time (UTC+9).
- Long trading setups can be designed as below:
Long
EP: 0.83530
SL: 0.83310 (-220Pips)
TP1: 0.83980 (+450Pips) RR: 2.05
TP2: 0.84490 (+960Pips) RR: 4.36
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