EURGBP possible reversal scenario
Hello traders
EURGBP has been in this higher timeframe structure and formed lower timeframe descending structures that gave around 150-200 pips each time.
From the chart, you can see that every time the price bounced it took some time for people to be on the wrong side. You already know that even if a support level breaks a lot of people are selling without considering structure and confluence. This is mass psychology at its finest.
In this scenario, I'm looking at the lows which might be taken out before we see a reversal. But the market can also go from here.
Keep your eyes for a 1hr Impulse or wait for the price to hit the lows before entering. If the lows are taken out that is even better.
Thank you.
EURGBP has been in this higher timeframe structure and formed lower timeframe descending structures that gave around 150-200 pips each time.
From the chart, you can see that every time the price bounced it took some time for people to be on the wrong side. You already know that even if a support level breaks a lot of people are selling without considering structure and confluence. This is mass psychology at its finest.
In this scenario, I'm looking at the lows which might be taken out before we see a reversal. But the market can also go from here.
Keep your eyes for a 1hr Impulse or wait for the price to hit the lows before entering. If the lows are taken out that is even better.
Thank you.
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.