EG- Expect significant correction. Short Entry

FX:EURGBP   歐元 / 英鎊
19 0
I was early the first of this month expecting the correction and EG took another run up. Now their is further support of a significant correction. I'm currently short.

Minor support at .8485. More significant support around .84, strong support around .83, .825 and around .816-.814.

See charts below for further support of this trade.

1M: Key observations - Broke Dn Channel. July was pinbar reversal candle and it looks like August will close the same way. Reached 61.8% retracement from the start of the peak that started the Dn trend to the low following in July 2015.
Expect correction.

1W Bearish reversal price action. Could easily correct to .8100 - .8000 range.

1D Bearish RSI divergence


This trade is still active, however I have reduced my position size and took some early profits. Maybe I am over thinking this trade, but after going short, I observed that this is a really crowded trade. Everyone is seeing what I am seeing. I get a little cautious with overly crowded trades. When the trade is overly crowed and i am in with the crowd, I like to take a step back and make an argument for taking the opposite side. That's not to say I don't make the same decision, but I want to open my mind so I don't have blinders on.

See chart below. If Trend Support Line holds, price could easily make a new higher high. Price is close to that trend support now. I'm watching price action. If trend support is broken, there is still significant support around .84 & .83.

Bottom Line: It's very reasonable for price to make a new HH before a significant correction occurs.

My Trade Adjustments:
- I reduced position size by taking some of my profits early
- SL is at break even
- IF SL get's hit, I'm neutral and will evaluate at that time if I'll look for an opportunity to reenter short, go long, or stay on sidelines.
- Even if trend support breaks, I may reverse bias and look for long entry around .84. I am strongly leaning to go long around .83.


1H chart, RSI showing some bullish divergence. (It's easier to see on 4H). ST after breaking out of triangle we have had LL & LHs. Ideally, I'm looking for a 1H candle close ~.8465 or below to indicate that is still in tack. At current price, I would want a strong reversal candle close to support to enter long position.

Your comments are appreciated.
手動結束交易: Closed trade last week.

ZH 繁體中文
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
AR العربية
HE עברית
首頁 股票篩選器 外匯篩選器 加密貨幣篩選器 全球財經日曆 如何運作 圖表功能 網站規則 版主 網站 & 經紀商解決方案 小工具 圖表庫 功能請求 部落格 & 新聞 常見問題 幫助 & 維基 推特
概述 個人資料設定 帳戶和帳單 我的客服工單 聯絡客服 發表的想法 粉絲 正在關注 私人訊息 在線聊天 登出