Hi,
As I shared in my previous analysis on EUR/GBP I am long-term buyer on this pair, but I see a short opportunity on this one based on 2 inside bars and strong false breakout at area where the initial sell has begun.
Even though, this setup is usually strong, I am looking for quick targets because of the strong upside movement before that and my overall idea of being a buyer until 0.9100.
I will leave this as an opprtunity for tomorrow's London session.
Good luck :)
As I shared in my previous analysis on EUR/GBP I am long-term buyer on this pair, but I see a short opportunity on this one based on 2 inside bars and strong false breakout at area where the initial sell has begun.
Even though, this setup is usually strong, I am looking for quick targets because of the strong upside movement before that and my overall idea of being a buyer until 0.9100.
I will leave this as an opprtunity for tomorrow's London session.
Good luck :)
Note
This is how I read the price action at H4 chart.Note
Judging from the H4 it looks like we have a new lower low. The price is getting closer to the first target zone. I would close this trade manually in case the price goes back to 0.8930 and holds since this might turn into a range if we don't see a decent breach of this botm.Note
The entry here was after the first discount and I got in around 0.8930 (before the spike). So, my choice for a SL was a little bit higher than the first main high rather than above the fake one.
I booked some profit at 0.8890
Next target 0.8870 and stops to zero.
Trade closed: target reached
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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.