Shorting itshorting once again after a successful short on this pair earlier.
- Broken trendline in 4hr time frame
- Already partially retraced, ready to be sold.
-RSI heading down
- MACD cross over
- Great R:R
Eurgbpsell
EURGBP Potential reversalEURGBP could be facing a potential reversal, looking at all the signs. I have explained the crucial areas on the chart, but I will go over it in more detail.
On chart:
As we can see, the pair is closing in resistance at 0.8, which is working as a strong resistance, but due to it being a physiological level, but also because it has held multiple times throughout the charts timeperiod. However if the resistance is broken, then we have the TL from 2011 and Fibonacci 61.8 as the next two levels the price need to challenge. After that we have the TL from 2008, which is fairly strong.
The price is moving towards Fibonacci 61.8, which is a strong fibonacci level. Even though the price has broken fibonacci 50, it struggled a lot at this level.
The candle formed is an hanging man, which could be signaling a reversal.
Indicators:
RSI is close to where it was in January 2013, where the reversal from a new uptrend happened, continuing the longer term trend. RSI is also overbought, as well as struggling along the RSI resistance zone, where the price has reversed multiple times throughout the timeframe for this chart (1994-2016)
MACD is at the same level it was in March 2013, when it confirmed the continuation of the downtrend.
EMA 200 the price is struggling at this level, however if EMA 200 should be considered a strong resistance/support on this pair is up for question, as the pair tend to ignore the indicator.
Volume has been reduced significantly.
Position:
Entry 1, 0.7930
Entry 2, 0.7990
SL 0.82, above TL 2011
TP 0.7
Tips: Trail the stop loss, split up your planned position to reduce your risk. Increase as the pair moves in your direction.
EUR/GBP short setup with bearish engulfingMACD is showing bearish divergence and RSI is around the oversold. We have 1.272 extension, previous resistance area and a trendline, all pointing towards the downside
EURGBP SHORTFundamentally the euro is one of the weakest currencies out there and the recent rally is another excuse to go short. The GBP has got some potential as the next rate decision is likely to be an increase according to the BoE. tECHNICALLY WE CAN SEE THE PINBAR REJECTION OF THE 7800 LEVEL WHICH WAS OUR BUYING TARGET FROM A FEW WEEKS BACK AND A POTENTIAL REVERSAL PRICE. I will be placing a stop loss above the pinbar and looking to trade down to 7500 which is a unmissable risk reward potential. want to learn more about how I trade bankonadam.com
EURGBP Sell set up...* EURGBP R1 at monthly pivot point looking to hold and reverse.
* Defined sell zone
* Stochastic overbought and cross
