Categories: Technical Analysis

Buying dips in EURGBP preferred

After the pair made the down move which came in band-to-band move and duplication we can expect the price to reach the opposite band of the bollinger bands. There is also bullish divergence developing at the moment. Drop to the H1 chart and look for clear double wave correction down before going long.

Technical Analysis:
H4 – band-to-band move, duplication

H1 – potential double wave correction

Entry:
H1 – wait for double wave correction, protecting the last low and go long
Target 1: H4 20 MA
Target 2: H4 higher band of the bollinger bands
Stop Loss: below last low

Video Explanation

Yours,
Vladimir

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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.