Categories: Technical Analysis

Sell rallies in EURGBP

Pair failed to break up the last consolidation zone and it actually broke it down. It is very possible that we are now going for another cycle down. This is why I switch my view to bearish. I will be looking to join the EURGBP on retraces as long as the pair remains below 0.7170. Here is the plan.

Technical Overview:

H4 – break down of the last important support

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H1 – bearish convergence, not a classical one but still convergence

Entry:

H1 – Look for double wave correction up. There is also a down trend line and horizontal support that we want the pair to respect. So once the double wave correction completes itself, preferably with hidden bearish divergence we can look for sell entries protecting the trend line and the broken support zone.
Target 1: last low created
Target 2: 0.7050
Stop Loss: above 0.7170

Video Explanation

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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.