In my view, It is a good set up. I am planning to go long at parity. (0.8000)
Friends,
I am back with my first trade for the month. This time I am risking on EURGBP at Parity by going long.
See…
Pair is at the bottom of a rising channel and the stochastic has just left the oversold territory. Formation of some long wicked candles at the channel bottom make me brave enough to take this trade.
Trade details.
Entry: 0.8000, SL: 0.7950, TP: 0.8150, Risk 2.1%, RR 1:3
Wish me Success…guys…
BIJOY
i wish you all success 
I would agree with the entry! Soon if this trigger a trade from my system 
Using a counting to multiplies of 4, TL, candlestick break method that I developed for the 4HR chart.
Stop will be 1 x ATR, T/P can either be those drawn on chart or use multiples of ATR and scale into the trade.
Good luck with the trade! To support your analysis the 4 hour chart looks like a double bottom or inverse head and shoulder could be forming! I’m gonna jump in on the action!
Regards
I am short AUD/USD currently (might have been stopped out but I am disciplining myself to only check charts once every 4 hrs so I don’t know yet)
My time horizon for the trade is about 1-3 days.
The triangle formation looks sweet!
Let Mr. Market be with us.
RBA rate decision tonight should help influence the wedge. RSI looks like its ready for a bull run, and may form a double bottom but I reckon a break and a retest either way would provide a strong trade with stop loss at the other end of the wedge
Bijoy, wishing you a good start and success with the new month. Cheers!
Merrymaker
Well can consider the fact that now is usually the seasonal rally for metals and given that AUD/USD is strongly positively correlated to GOLD, we wld likely see an upside move…
hi friend…nice set up…i am also looking at this…but my entry is little bit higher than u…i need 1 big bullish candle to close above that 0.8000 level…
any how we r in same direction…and one more point is…
there is a bullish divergence also… :33: :7:
Yes… the 4 hour divergence is also favoring a bullish movement.
I like Bijoy’s set up on the EURGBP at 80.00. I believe it is a high probability trade to go long. My entry will be confirmed once the price move above the 21 EMA (on the 4 Hourly) and 100 EMA (on the 1 Hourly) which is likely to coincide at the same time.
Thanks for allowing me to share my thoughts.
All the best to all our friends here.
Cheers
Merrymaker
#AUDUSDbroke H4 triangle but there are 2 of them and the other one is just outside of the first one. Assuming the outer one should be a solid resistance i believe around @1.050 we will get a decent short opportunities. cheers:
#EURGBP and there she goes. Congratz to everyone who took it.
hay…thank u…as i wanted…i have a nice pin bar formed…and i entered…thank u.