EURGBP Short Trade

For me it looks like the bears have control here. Will be looking to sell this pair this week

The pair produced four consecutive bearish candles in the daily chart. Yesterday’s candle closed as a bullish candle, which should be considered as a corrective candle. A bearish reversal candle may attract the sellers to go short in the pair.

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How many candles would you normally have to have before you are happy its a corrective move and now back on trend?

Not sure if one candle in the opposite direction constitutes a correction , not a reversal but a pullback possibly

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It’s definitely moving according to the setup so far

The daily chart shows that the pair had its second rejection at a horizontal resistance. An up trending trend line is in play as well. Thus, traders are to wait for the price to make a breakout the triangle.

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I noticed that too. Its definitely a wait and see time for this pair. So hard to gauge where itll go next

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Hard work involved again. :clap:

The chart suggests that the pair has found its support. It has been having consolidation for quite a while. A bullish breakout should push the price towards the North.

Looks like a massive imbalance to the upside. Once again just so tough to tell and i only trade on high probability so i will be keeping an eye on this but from the sidelines

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The horizontal level of 0.86000 has been working as a level of resistance and the up trending trend line has been working as a level of support. Traders might as well wait for the price to make a breakout to find their next direction.

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A big resistance level indeed, would definately take profit here and wait for the next entry

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The price gets caught within a range. It may make a bearish breakout at the up trending trendline. If that happens, the sellers may get opportunity to go short in the pair. On the other hand, if the trendline works as a level of support, it may push the price towards the last swing high.

Thats such a wise move. There are always more entries and trades to take as long as taking profit is within your trading plan itll all work out in the end

The pair reached at the consolidation resistance. The sellers may wait for the price to produce a bearish reversal pattern to go short in the H4 chart. A bullish breakout above the level may push the price towards the North and opens the gate for the buyers again.

Good morning all, happy to report today that our patience has paid off on our EURGBP trade. The runner that was left open has now hit TP3 zone. It did take a little longer to come to fruition, but the trend was always being respected so that’s why we left the remainder of the trade open. If you managed to hold the entire original position then congratulations. Currently we are 400+ pips in profit! As you can see I have now moved up the SL on the position to the last swing low on this current trend. Let’s see how far we can take it!! If you want to take all profits then that is also fine, enjoy the pips. Will update again next week upon more movement. GLIYF

Might be time to rename the thread! :smiley:

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It looks bullish to me as far the daily chart is concerned. The pair may continue its bullish journey and make new higher high. The level of 0.87000 looks to be a strong resistance. If that gets broken, the pair may go towards the level of 0.89000 in a hurry.