Categories: Technical Analysis

Anticipating a break in EURGBP

EURGBP is a very interesting opportunity from my point of view because of the H1 wedge, that has created. Ideally I want to see a break above the last high and the wedge with a strong move up, creating convergence on the MACD. Next we should follow for a double wave correction down on the lower time frames along with hidden bullish divergence to be formed and consider a buy order.

Technical Overview:
H1 – wedge

Entry:
M30/M15 – Once the convergence has been created, look for double wave correction down and hidden bullish divergence to form.
Target 1: 0.7230
Target 2: 0.7265
Stop Loss: below 0.7165

Video Explanation

Yours,
Vladimir

Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.