EURGBP -updated on short opportunity - ending diagonal at an end
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EURGBP is at the moment in an ending diagonal , which should constitute the end of the up trend, for this pair. A great short opportunity, with an unchanged picture on the daily timeframe , with a "C" wave that should take the pair to the 0.8055 area, making this an outstanding trading opportunity (if we ever get to trade it).
As the pair should be burning it's final upside moments, we are getting ready to open our short positions. A more aggressive approach would indicate to open short positions on the coincidence of the upper trend line of the diagonal. However said approach requires a very flexible approach on the stop loss positioning. A more conservative approach (probably a better one too), would be to wait for a first impulse to happen on the 60min timeframe, towards the lower trend line of the aforementioned diagonal, wait for a small consolidation and sell the break of said consolidation, with a stop loss above it. Even better if the small consolidation happens around the lower trend line of the diagonal, like indicated by the arrows.
This trade, if it happens and we are able to take it, would have an approximate R/R ratio of 1/16 - 1/18 (according to where you take it), making it an outstanding trade not to be missed.
Trade with care and only with a backtested strategy that works for your trading style.
Please don’t forget to follow us, if you feel that our analyses and views may be a useful complement to your trading strategies.
Thank you for viewing.
As the pair should be burning it's final upside moments, we are getting ready to open our short positions. A more aggressive approach would indicate to open short positions on the coincidence of the upper trend line of the diagonal. However said approach requires a very flexible approach on the stop loss positioning. A more conservative approach (probably a better one too), would be to wait for a first impulse to happen on the 60min timeframe, towards the lower trend line of the aforementioned diagonal, wait for a small consolidation and sell the break of said consolidation, with a stop loss above it. Even better if the small consolidation happens around the lower trend line of the diagonal, like indicated by the arrows.
This trade, if it happens and we are able to take it, would have an approximate R/R ratio of 1/16 - 1/18 (according to where you take it), making it an outstanding trade not to be missed.
Trade with care and only with a backtested strategy that works for your trading style.
Please don’t forget to follow us, if you feel that our analyses and views may be a useful complement to your trading strategies.
Thank you for viewing.