EURGBP has been up trending for some time now. Point 'C' of a Bat Continuation Pattern has taken shape and price is now headed toward 'D'. The last 1hr candle was red, posting a lower low and lower high than the previous candle, which was a nice pinbar at the top of recent price action. This is a nice bearish signal. I expect price action to continue to fall toward 'D', with a possible turn around at the Daily trend line. 'D' falls within range of the 0.382 retrace of the most recent upward price movement from 2017-05-10 to 2017-06-12.
My strategy, short (carefully) followed by a long.
This is not trading advice.
My strategy, short (carefully) followed by a long.
This is not trading advice.
Note
I wish I had taken that short yesterday...I won't be taking a position now, in either direction, until after Mark Carney has spoken in about 5.5 hrs.
Note
Price has touched the Daily trend line. I'm watching now to see if it wants to turn around here, or continue down toward 'D' to complete the Bat formation.Note
P.S. Mark Carney speech earlier was cancelled.
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.
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.