$EURGBP Bearish Wolfe WaveHello Traders,
$EURGBP completed a bearish Wolfe Wave at 5'. I would look to enter the short on Monday and exit at the Geo Off-Set Rule.
Europound
EURGBP Short Sell Limit - Forming Head and Shoulders pattern Has broken weekly resistance, then broke the previous support and is now major resistance again. Has failed to create a new higher high on the daily and has retraced back to support level, looking to be a great head and shoulders leading to a great short opportunity with a good R/R of 3:1. Also has broken the daily trend line and is retracing and trying to test the previous resistance for a downward move.
A Fib retracement from A to B gives a C retracement of 161.8, also a major resistance level, paired with the new weekly resistance.
The ECB rate meeting is this Thursday, 10 March so remember to stay aware and move stops to BE anytime to stay on the safe side.
This is just a trading idea, meant to be used for educational purposes only and is in no way a trading signal. Proper risk management should always to used. I am not responsible for any loss made.
EUR/GBP drop baby dropConfluences:
1/ trend
2/ PA ( high test followed by inside bar )
3/ Monthly & Weekly resistance of 0.7060
4/ 50% fib retracement
additional info:
* H&S - pattern on intradays
* a lot of traders are already short since the 0.7135 resistance test
