Pottential short on EURGBP
Updated
Right now we can see one of the harmonic patterns forming on H4 TF.
This opportunity has more confirmation from Fibonacci extension and also local resistance level.
So the price level around 0.8475 - 0.848 is also the place where we can see a cluster of 0.786 Fibonacci retracements and FE 127.2 of internal measurement and FE 100 of external measurement.
Personally I placed sell limit on 0.848 level, but I'll be watching also lower TF for any bearish strength.
Technically SL should be placed above X point from the formation so mine would be on 0.854
About TP technically will be in point C and then A, so TP1: 0.834 TP2: 0.829.
Enter: 0.848
SL: 0.854
TP1: 0.834
TP2: 0.829
R/R1 = 2.33
R/R2 = 3.17
This opportunity has more confirmation from Fibonacci extension and also local resistance level.
So the price level around 0.8475 - 0.848 is also the place where we can see a cluster of 0.786 Fibonacci retracements and FE 127.2 of internal measurement and FE 100 of external measurement.
Personally I placed sell limit on 0.848 level, but I'll be watching also lower TF for any bearish strength.
Technically SL should be placed above X point from the formation so mine would be on 0.854
About TP technically will be in point C and then A, so TP1: 0.834 TP2: 0.829.
Enter: 0.848
SL: 0.854
TP1: 0.834
TP2: 0.829
R/R1 = 2.33
R/R2 = 3.17
Trade active
Comment
If more bullish strength will show up, then I consider placing another sell limit on the next Fibonacci retracement 0.868 and also cluster FE 127.2 internal measurement.That would be a 0.8506 price level.
Trade active
Second sell limit activeEntry: 0.8506
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