Categories: Technical Analysis

Sell rallies in EURGBP

I’m looking for the potential double wave up to complete itself and make a stop. If so, look for sell opportunities. The levels to follow are 0.7330 – 0.7350. This zone also coincides with Fibonacci Retracement level 50% and 61.8% which is another good confirmation.
In case this support is broken up and the pair continues its rally, it is very likely the pair will push higher and go to the weekly down trend line near 0.78.

Technical Analysis Bearish Scenario:

H4 – hidden bearish divergence, potential double wave duplication

Technical Analysis Bullish Scenario:

W1 – if the zone discussed above is broken i suspect that the pair will push higher

Entry:

H4 – Wait for double wave duplication up near the 0.7330 – 0.7350 zone and then look for a sell.
Target 1: 0.7230
Target 2: 0.7130
Stop Loss: above last high created

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.