EUR/GBP Trade Idea and Multi Timeframe Explanation
TRADE IDEA EXPLANATION:
- Referring to the 4H chart, what we will look for to get involved in this pair is what we indicated on the chart.
- After the break of the Ascending Channel, we expect a penetration of the Support Zone and a Corrective Pattern (Flag, Pennant, Zig-Zag, triangle).
- If this is formed, we will place our bearish position after the breakout of the structure, and the stop loss above it.
- The target of the movement will be the next Support zone (0.87000.)
CONTEXT EXPLANATION:
- The first step is to start with the a higher timeframe chart, in this case the Weekly Chart. Here we see that the price faced a resistance zone where it was rejected multiple times.
- After the last rejection, the price makes a correction of type A B C, which can be traced within a bullish channel. Within that movement there were no clear trends, so we did not execute any trade.
- Now, we can see that this channel has been broken to the downside with a strong move.
- The first target of the bearish movement is the Support zone at 0.87000.
- Then, if this zone is broken down, the next zone is the Support zone at 0.82000
- Referring to the 4H chart, what we will look for to get involved in this pair is what we indicated on the chart.
- After the break of the Ascending Channel, we expect a penetration of the Support Zone and a Corrective Pattern (Flag, Pennant, Zig-Zag, triangle).
- If this is formed, we will place our bearish position after the breakout of the structure, and the stop loss above it.
- The target of the movement will be the next Support zone (0.87000.)
CONTEXT EXPLANATION:
- The first step is to start with the a higher timeframe chart, in this case the Weekly Chart. Here we see that the price faced a resistance zone where it was rejected multiple times.
- After the last rejection, the price makes a correction of type A B C, which can be traced within a bullish channel. Within that movement there were no clear trends, so we did not execute any trade.
- Now, we can see that this channel has been broken to the downside with a strong move.
- The first target of the bearish movement is the Support zone at 0.87000.
- Then, if this zone is broken down, the next zone is the Support zone at 0.82000
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.