EUR/GBP Trading Report
Date: August 15, 2024
Instrument: EUR/GBP
Timeframe: 4 H
Trade Type: Long Position
1. Market Analysis:
Pattern Observed: A bullish flag has formed and completed on the EUR/GBP chart, signaling a potential continuation of the prior uptrend.
Pattern Characteristics: The bullish flag is a continuation pattern that typically follows a strong upward move, with the flag portion representing a brief consolidation before the trend resumes.
2. Trade Setup:
Long Position:
Entry: Planning to enter a long position at 0.85319 OR at the breakout above the flag's upper boundary, confirming the continuation of the uptrend.
Stop Loss: Placing a stop loss below the flag's lower boundary or recent low at 0.85092, to protect against a false breakout.
Take Profit: Targeting the next significant resistance level or measured move objective at 0.86374, based on the height of the flagpole.
3. Risk Management:
Position Size: Adjusting the position size to risk no more than 1-2% of trading capital.
Risk-Reward Ratio: Ensuring a risk-reward ratio of at least 1:4, providing a favorable potential outcome.
4. Outlook:
Bullish Bias: The completion of the bullish flag suggests strong bullish momentum, with the potential for further upside as the trend resumes.
Instrument: EUR/GBP
Timeframe: 4 H
Trade Type: Long Position
1. Market Analysis:
Pattern Observed: A bullish flag has formed and completed on the EUR/GBP chart, signaling a potential continuation of the prior uptrend.
Pattern Characteristics: The bullish flag is a continuation pattern that typically follows a strong upward move, with the flag portion representing a brief consolidation before the trend resumes.
2. Trade Setup:
Long Position:
Entry: Planning to enter a long position at 0.85319 OR at the breakout above the flag's upper boundary, confirming the continuation of the uptrend.
Stop Loss: Placing a stop loss below the flag's lower boundary or recent low at 0.85092, to protect against a false breakout.
Take Profit: Targeting the next significant resistance level or measured move objective at 0.86374, based on the height of the flagpole.
3. Risk Management:
Position Size: Adjusting the position size to risk no more than 1-2% of trading capital.
Risk-Reward Ratio: Ensuring a risk-reward ratio of at least 1:4, providing a favorable potential outcome.
4. Outlook:
Bullish Bias: The completion of the bullish flag suggests strong bullish momentum, with the potential for further upside as the trend resumes.
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.
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.