Euro / British PoundShort
EURGBP Trade Plan
Updated
EURGBP
Weekly:
Market Structure - Last weeks bar engulfed the previous and rejected a strong weekly level.
Daily:
Market structure - Price sold off heavily at the top of a rising channel last week, however last two bars are indecision doji bars now sitting at a strong daily support level (0.90)
Trend - Trend is up, however a fall below 0.90 would indicate reversal in play.
4HR:
Price is going sideways, bar range is very small with lots of wicks (indecision between buyers and sellers).
Entry Plan:
Wait for price to move impulsively to downside and break 0.90.
Sell entry on re-test.
Target 1: 0.89483
Target 2: 0.8889
Weekly:
Market Structure - Last weeks bar engulfed the previous and rejected a strong weekly level.
Daily:
Market structure - Price sold off heavily at the top of a rising channel last week, however last two bars are indecision doji bars now sitting at a strong daily support level (0.90)
Trend - Trend is up, however a fall below 0.90 would indicate reversal in play.
4HR:
Price is going sideways, bar range is very small with lots of wicks (indecision between buyers and sellers).
Entry Plan:
Wait for price to move impulsively to downside and break 0.90.
Sell entry on re-test.
Target 1: 0.89483
Target 2: 0.8889
Note
Price moved higher on Monday, waiting to for confirmation of right shoulder and see if original trade idea plays out with break and retest lower below neckline...Trade active
2 positions running:
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.