EUR/GBP Short on H1 Timeframe
Currently looking to execute a short position on EUR/GBP on H1 Timeframe.
Reasons:
- RSI overbought on M30 and heading to overbought on H1.
- Anticipating rebound off historic downward trend line and EMA 50.
Looking to take profit towards S1 and SL above previous high.
Not an opportunity yet - looking for confirmation on closure of hour candle, current candle is too bullish to execute.
Reasons:
- RSI overbought on M30 and heading to overbought on H1.
- Anticipating rebound off historic downward trend line and EMA 50.
Looking to take profit towards S1 and SL above previous high.
Not an opportunity yet - looking for confirmation on closure of hour candle, current candle is too bullish to execute.
Trade active
Live into this position now with clear rejection of EMA50 and trend. Watching M30 closely to see if EMA50 is rebroken downwards, if not will close out the trade.Note
Holding the trade for now despite M30 moving against. If clear M30 candle above trend will manually close the trade for small loss.Note
Entered this trade slightly early but M30 is showing signs of reversal now, so still in the trade.Trade closed manually
M30 continued to move against. Suspect we are seeing an upwards breakout past trend, will look for retrace towards previous resistance as support then place a long position.Note
Low and behold - rebound off resistance as support..
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