Categories: Technical Analysis

EURGBP reaching bottom, get ready to long it

EURGBP is respecting the support zone we are closely following. Now it is time to find a good buy opportunity and try to join the bullish move. Looking at the H4 chart we can expect the pair to either:

push lower one more time in order to complete bullish hidden divergence

go into a range (flag/triangle) and then break above it

Here is a reminder of the Monthly monster support ahead. So as long as the price is holding the last low we can expect it to push higher first of all to the daily 20 MA, then the opposite band of the bollinger bands.

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Entry:
Scenario 1
H4 – if price pushes lower to form bullish divergence we will attack from the bottom (see screenshot above)

Scenario 2
H1 – look for break of the down trend line as shown on the second screenshot above. It is possible that the pair will get inside a range and form some kind of continuation pattern such as flag or triangle. So once broken above together with the down trend line we will look for a buy trigger.

Target 1: D1 20 MA
Target 2: Opposite Bollinger Band on D1

Stop Loss Scenario 1: below last low created
Stop Loss Scenario 2: below the broken down trend line and most recent support

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.