EURGBP - Bearish Crab Pattern on H4
EURGBP Analysis
Bearish Crab Pattern spotted on H4.
PRZ : 15 pips
Good potential to sell because :
1) Price is close to the top of the equidistant channel
2) RSI is at overbought level
3) Hourly candles seem to be consolidating, strong resistance at 0.8807
Risk to reward is good : 1.9 (TP1) and 3.2 (TP2).
The Fib Time Zone is represented by the blue vertical lines.
Good indication for entry points (1.618 and 2).
Invalid if pattern goes beyond 3.
I will observe the next hour candle for retracement and RSI for bearish divergence.
Bearish Crab Pattern spotted on H4.
PRZ : 15 pips
Good potential to sell because :
1) Price is close to the top of the equidistant channel
2) RSI is at overbought level
3) Hourly candles seem to be consolidating, strong resistance at 0.8807
Risk to reward is good : 1.9 (TP1) and 3.2 (TP2).
The Fib Time Zone is represented by the blue vertical lines.
Good indication for entry points (1.618 and 2).
Invalid if pattern goes beyond 3.
I will observe the next hour candle for retracement and RSI for bearish divergence.
Trade active
Entered at 0.88035, let's see how it goes.Note
It seems like market is still very bearish on GBP despite the good Services PMI results.I am not positive on this trade now, looking to close at break even or a few pip loss.
Trade active
Price has gone in my favour, shifted my stop loss to break even.Trade closed: stop reached
Stopped out at break even, will be avoiding GBP pairs for now.
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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.