EURGBP SELL SET UP -
EG has been on a huge bullish move since May with no sign of slow down.
Now the market is reaching a very strong resistance zone that has in the past held up very well and pushed the market down.
Sell zone is 20 pips, so within that zone looking for possibles wicks entering that zone.
Followed by a rejection in that zone. If the candle continues further into that zone. We will be looking for a potential slow down of the candle.
Or the next bearish candle formation to indicate for the sell to begin.
TP 1 - 110 pips
TP 2 - 230 pips
TP 3 - 330 pips
TP 4 - 450 pips.
I don't normally have a TP4 in place. But due to rejection in the past, the market has found support there. To be safe i have placed TP4.
Long term trade - 560 pips
Blue support trend line is daily.
EG has been on a huge bullish move since May with no sign of slow down.
Now the market is reaching a very strong resistance zone that has in the past held up very well and pushed the market down.
Sell zone is 20 pips, so within that zone looking for possibles wicks entering that zone.
Followed by a rejection in that zone. If the candle continues further into that zone. We will be looking for a potential slow down of the candle.
Or the next bearish candle formation to indicate for the sell to begin.
TP 1 - 110 pips
TP 2 - 230 pips
TP 3 - 330 pips
TP 4 - 450 pips.
I don't normally have a TP4 in place. But due to rejection in the past, the market has found support there. To be safe i have placed TP4.
Long term trade - 560 pips
Blue support trend line is daily.
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TP 1 reached