Categories: Technical Analysis

Buy dips in EURGBP after a double wave correction

FOMC is behind us so we can expect the market to start moving a bit nicer at least until NFP next week. Today’s trading opportunity that i want to focus on and share with you is in EURGBP. Pair has broken the trend line and i think this time we are going to see the double wave cycle up well recognized on the H4 chart. This is way, the plan to go long is to buy dips after double wave correction. Technically the pair should reach the last high of the H4 chart around 0.7375 and then 0.7450 or so.

Technical Analysis:

H4 – potential wave duplication up, down trend line broken

H1: bearish divergence

Entry:
H1 – Everything comes in place. The down trend line was broken. We can see higher highs and bearish divergence. That means that there is bearish pressure and we should see dips soon. Follow the H1 chart for a double move correction to the down side, ideally with hidden bullish divergence to go long.
Target 1: 0.7375
Target 2: 0.7450
Stop Loss: below last low created

Video Explanation:

Yours,
Vlad

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.