**11/04/19 EUR/GBP LONG TRADE [FR61.8] **
The EUR/GBP has broken an intraday inner trend line after a 3-point RSI Divergence. However, at the same time it was unable to take out the last low of the up trend, attempting 3 times. At this time also showed a RSI Possitive Divergence.
In the past, I used to be unable to “decide” which side to join. Mainly because I used to give more weight to the fact that the market had broken a Trend Line meaning it would be in the “Sell Zone”. However, after months of reviewing trades, I realised that my confusion was caused by “drawing a baby trend line and giving it too much weight”. I had to draw these baby trend lines mainly to highlight a “possible gartley” coming up but NOT to confuse me when the market doesn’t take the swing low (in this case) specially after 3 attempts.
Of course, a portion of those trades will, in this case, go south. Still I need to keep an eye for a possible “Bear Crown/Gartley” despite the fact that it didnt take the “last low”…
Having said the above, and based on “Prevailing Swings Lows” I have to favour the Bull side for now. The TP is at the Fib 161.8 extension.
Now, let’s wait and see…
REVERSED SHORT ON BEAR GARTLEY: It appears that now the EUR/GBP has formed a Gartley. Despite of not quite had taken out the last low, it has now formed a 2h Evening Star at the 786% of the last downswing, also on the other side of the trend line. This would change my view. I have exit/reverse and I am now short
however, only 1/2 unit.
S/L Hit.…not a good move swaping views against my first analysis. Luckily I minimised my entry to only 1/2 unit