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Structuretrading

EURGBP: What Are You Anticipating With This Volatile Pair?I am a swing trader, as you can probably tell from the timeframes I use in my posts. However, I do believe that EURGBP lends itself better to day trades or position trades, if you can stomach the movement. Considering it has made, for me, surprising reverses just when you think it would push further, I offer a couple of scenarios for both a sell and buy possibility. I do see EURGBP selling further but this is a pair you want to be prepared for movement in the opposite direction as well. Game plan, ready! What would be your move?
by rhashedaw
1
Awaiting Shorting OpportunityThis week, I have been closely monitoring the movement on GBPUSD. While there are similarities to EURUSD, I am still waiting for an aggressive shorting opportunity. As of now, there is no iconic trading setup available, so I am patiently waiting for a retest at the key resistance level of 1.2368 before making any moves. For more conservative traders, it may be wise to wait for a double top with an RSI divergence as an additional confirmation before engaging in the trade. The initial stop is at 1.2462 (-94 pips) or 940 USD/lot, while the first target is seen at 1.2124 or 2,440 USD/lot. I cannot stress enough the importance of planning your trade and not blindly following anyone else. Keep this in mind when considering your options.
Short
by RaynLim