pezz55
Sergeant
- Messages
- 204
EURGBP London set up idea
With EURGBP dropping down over the last few days we could be seeing a retrace from the bullish move last week back below the 50% area ready to move up again.
We have seen the strength in GBP with the interest rate rise pushing this pair back down.
I will be looking out for a mid week move and a break in lower TF structure to show some bullish momentum before I look to enter.
Bear in mind there is another level at the 79% on the fib that we could push on down to and then break to the upside from there longer term. with both ideas I am still looking for buys to come in to play by the end of the week.
Keep a close eye on market structure and remember key entry and price action will be needed.
Make sure you use proper risk management when trading.
Let me know how you get on.
With EURGBP dropping down over the last few days we could be seeing a retrace from the bullish move last week back below the 50% area ready to move up again.
We have seen the strength in GBP with the interest rate rise pushing this pair back down.
I will be looking out for a mid week move and a break in lower TF structure to show some bullish momentum before I look to enter.
Bear in mind there is another level at the 79% on the fib that we could push on down to and then break to the upside from there longer term. with both ideas I am still looking for buys to come in to play by the end of the week.
Keep a close eye on market structure and remember key entry and price action will be needed.
Make sure you use proper risk management when trading.
Let me know how you get on.