Hi all,
I still expect that EURGBP is stuck within a triangle formation and we might expect a thurst from this triangle to the downside. Check my previous post.
Now let's look at the 1h Chart.
Wave A, B, and C are ready. Wave D might end soon (abc correction) with wave c building "small" Ending Diagonal Triangle. This might lead to an impulsive wave e.
The "small" EDT is contracting and we see a bullish divergence. Good Risk reward Ratio.
Bear in mind: The following wave is expected to be impulsive and might finish the triangle. Be ready to sell afterwards since the sidewards movement will end and lower prices are expected.
So, I am LONG for the very short term.
Cheers,
Merakshi
I still expect that EURGBP is stuck within a triangle formation and we might expect a thurst from this triangle to the downside. Check my previous post.
Now let's look at the 1h Chart.
Wave A, B, and C are ready. Wave D might end soon (abc correction) with wave c building "small" Ending Diagonal Triangle. This might lead to an impulsive wave e.
The "small" EDT is contracting and we see a bullish divergence. Good Risk reward Ratio.
Bear in mind: The following wave is expected to be impulsive and might finish the triangle. Be ready to sell afterwards since the sidewards movement will end and lower prices are expected.
So, I am LONG for the very short term.
Cheers,
Merakshi
Trade active
Resistance broken. Note
Looks very impulsive. I expect a setback and this might be an opportunity to invest in the next Impulse to the upside. Note
First Impulse accomplished. I expect a setback to the marked area. If the setback is corrective, expect another (stronger) Impulse to the upside. Could be an opp to go long. Note
Wave a is accomplished. Now we are waiting for a retracement in b. I have raised the target of wave c which might be the end of the triangle.
Note
Wave b might be accomplished. Note
Trade ongoing. Previous resistance might act like new support. Trade closed manually
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Related publications
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.