EURGBP Sell Trade Setup Update and Follow Up

2
39
EURGBP Bearish Flag Provides Sell Opportunity

Click To Join Our Community Telegram Group

Hi traders!

Another successful trade idea from the weekly forecast plan is the EURGBP. We were looking for further continuation down, for the price to reach the coinciding points of the fibonacci expansion levels.

Looking for quality forex education?

Join the Traders Academy Club.

Let’s quickly review the idea:

EURGBP D1 chart – Multiple Fibonacci Expansion Levels

The critical supportive zone created by the two fibonacci expansion tools gives us the zone between 0.8475 (fibonacci expansion 100% from the first measurement) down to 0.8400 (fibonacci expansion 61.8% from the second leg that was measured).

Looking left we would also notice a distinguishable supportive zone, marked by the previous daily lows. The support meets the beginning of the fibonacci zone we mentioned above, making the 0.8470 area a key level.

The first scenario we discussed in the weekly forecast article suggested that if we get a breakout below the most recent trend line a push lower towards the critical supportive zone should follow:

The pair broke, re-tested the trend line and made a nice push lower providing good profits.

Chart EURGBP, H4, 2019.11.28 22:18 UTC, FxPro Financial Services Ltd, MetaTrader 4, Demo

Yours to success,

Vladimir Ribakov

Advertisement

Click To Join Our Community Telegram Group

2
Leave a Reply

avatar
2 Comment threads
0 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
1 Comment authors
SteveBenny Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
Steve
Guest
Steve

A great blog and with useful trade ideas

0
Benny
Guest
Benny

Thank you Vlad, will follow it

0