Long EUR/GBP Three Drives Pattern + Uptrendline
Long above trend resistance should be a nice trade :)
I am looking to short the EG next week to the confluence area of my .618 fib and the bottom trend line. This is due to my upward trend line being broken.
Price is creating a good structure for a nice bull move after the ascending triangle has formed.
bullish bat on eurgbp TP1 AT 38%; TP2 at 61% AD LEG
3-Drive pattern completed. A Wolfe wave pattern is at sight. I’ll try to go short for the 61.8 – 78.6 Fibo retracements as a first target, keeping an eye on the ABCD pattern projection on D1 chart (green). View on H1 chart:
We have an AB=CD pattern. there is also a confluence of a resistance, divergence on CCI. D point falls between 1,27 and 1,41 BA and 1,41 and 1,61 BC stop loss 20 pips above resistance. TP1 and TP2 38% and 61% AD movement
Upside favored as brexit-prevention talks seem to be fragile. Plus "save-heaven" appeal of EUR when equity slide resumes.
I think I have missed this rebounce on a support. I hope in a second chance