Nakedforex
CONTINUATION PATTERN IN EURCADHere we have an INTRADAY trade with an ABCDE correction pattern for CONTINUATION.
ENTRY: (1.5410 - 20 pips)
STOP LOSS: (1.5430 - 20 pips)
BE: (1.5390 - 20 pips) 1:1
TP1: (1.5370 - 40 pips) 1:2
TP2: (1.5350 - 60 pips) 1:3
CONFIRMATIONS:
1) The market is in general downtrend (trade with the trend ).
2) ABCDE correction pattern for continuation.
3) 1H resistance at the entry point (reversed the previous 2 times at this level).
4) 50% Fibonacci retracement of the drop.
5) 150 EMA works as resistance.
*If the market breaks the TP2, you can extend your take profit target.
**We don't have a clear price action sign so enter with 1/2 risk and if the market drop aggressive in smaller timeframes add on the other 1/2 risk.
LETS GO LONG ON EURGBPNAKED ANALYSIS ! ! !
It's a risky trade so use 1/2 risk but the risk to reward is very good.
The market is in a critical area where it bounces up a lot of times in the past.
Also it's in Fibonacci 61,8 % retracement.
*If it breaks the top target extend the target!
HAVE FUN & HAPPY PROFITS :) ! ! !