Categories: Forex Education

Sell rallies in EURGBP

After the strong move down since last week i think the pair should continue lower to around 0.69 zone. This is why I prefer to look for sell opportunities. There are a few ways we can join this potential trade. One way is to wait for double wave correction up on the H1 chart, hidden bearish divergence on the H4 chart confirmed on the H1 chart or simply follow the triangle formation on the H4 chart and once broken go short.

Technical Analysis:

H4 – bearish convergence, triangle, bearish hidden divergence (unconfirmed yet)

H1 – potential double wave cycle up

Entry:
Scenario 1 – H1 chart double wave correction up and look for a short

Scenario 2 – H4 chart hidden divergence is being formed, once confirmed on the H1 chart with regular bearish divergence we can go for a sell

Scenario 3 – H4 breakout of the triangle

Aiming 0.69, cover last high created in the first 2 scenarios, for the third one cover the resistance zone and the lower band of the triangle.

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.