EURGBP
Updated
'This trade had sucj a great set up tp go short perfect confluences in the lower timeframes plus the tend confluence. but here is the thing with the area which is supporting the price.
in the monthly for what i saw there is an important bullish structure which some could say its broken but i would just say the the trendline was broket the price is still above or at the same level as the previous hl.
this is giving a huge importance to the level 0.84000 since the break through this zone would mean the beggining of a directional change in the monthly timeframe.
Going down the market is just showing bearish impulses mainly in the daily where it even has a double top formation, it seems tricky since the price is trapped currently between the the neck of the double top and thekey level 0.84100 which makes a short position a bit more risky even thought i would've have taken it since it had perfect confluences including fibb trend line structure EMA and MA .
The price could reach the level of tp below the key zone but i must focus since i didnt take the trade is in the reaction after it.
How is the market gonn close today and this week? what will be the oppening price for the next week?
ill be more expecntant to go short on it but it wouldn't surprise me if the price comes back to respect the 0.84100 area and gives the chance to catch some long positions
in the monthly for what i saw there is an important bullish structure which some could say its broken but i would just say the the trendline was broket the price is still above or at the same level as the previous hl.
this is giving a huge importance to the level 0.84000 since the break through this zone would mean the beggining of a directional change in the monthly timeframe.
Going down the market is just showing bearish impulses mainly in the daily where it even has a double top formation, it seems tricky since the price is trapped currently between the the neck of the double top and thekey level 0.84100 which makes a short position a bit more risky even thought i would've have taken it since it had perfect confluences including fibb trend line structure EMA and MA .
The price could reach the level of tp below the key zone but i must focus since i didnt take the trade is in the reaction after it.
How is the market gonn close today and this week? what will be the oppening price for the next week?
ill be more expecntant to go short on it but it wouldn't surprise me if the price comes back to respect the 0.84100 area and gives the chance to catch some long positions
Note
As expected the price isnt really showing strenght to surpass the zone of 0,84100so ill keep an eye on it this week i am really expecting to see which will be the pound reaction
Trade closed: stop reached
Note
i should have been wtching the daily closes so i it was very clear how it was heading and giving a good entry to the down side
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