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Sell
Trade view / 03 January 2018 at 9:03 GMT

EURGBP breaks bearish wedge

Analyst / PIA First
United Kingdom
Instrument: EURGBP
Price target: 0.8760
Market price: 0.8852
Background

I am looking at selling EURGBP but, with DeMark posting a 13 (exhaustion count) on the intraday chart, this will only be into rallies. 

Monthly: The Marabuzo level (mid-point from the open and close) from September is at 0.9013. This continues to cap buying. This Bearish Engulfing month offers a mild downward bias. 
EG M
 Source: Saxo Bank

Weekly: Mixed trading for the last 16 weeks. A full AB=CD formation would take the cross to 0.7915
EG W
 Source: Saxo Bank

Daily: Levels above the daily Ichimoku Cloud found sellers yesterday. Follow through momentum resulted in a bearish Outside being posted. This candle formation often highlights the top of a trend. 
EG D
 Source: Saxo Bank

Intraday (four hours): Broken out of the wedge formation to the downside. With a DeMark 13 exhaustion posted (this signal is a buy with a stop at 0.8837) we would only look to sell into rallies this morning. Bespoke resistance is seen at 0.8875 and is the prime short entry. The wedge has a measured move target of 0.8760
EG 4
 Source: Saxo Bank

Management and risk description

Parameters

Entry: Selling at 0.8875

Stop: 0.8905

Target: 0.8760

Time horizon: this week

— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here
03 January
usxau usxau
Hi Ian, not sure about this one, might be a false break down, I am still bullish on the pair to 0.9000!
I am looking at buying eurcad @ 1.5050, do you have any signals on that?
Wishing you and the crew a great day! Cheers :)
03 January
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
just 1.5023 support at mo
03 January
usxau usxau
Cheers my friend! ;) I am off this afternoon as we have FOMC minutes tonight, don't expect much but a good excuse for a long lunch! LOL
03 January
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
surprise surprise ... lol
03 January
HaythamSabry HaythamSabry
Hi Ian, happy new year. Are you still in favor of this trade?
03 January
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
yes ... at 0.8884 now. Taken a small long trade up to that level (I hope)
03 January
HaythamSabry HaythamSabry
Same stop loss?
03 January
HaythamSabry HaythamSabry
Thank you
04 January
Morten Olby Morten Olby
Is this still valid Ian? Looks like a double top in 0,89?
04 January
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
I am not in it ...... 0.8868 support here
04 January
Morten Olby Morten Olby
Thanks, I have to reconsider then :-)
04 January
HaythamSabry HaythamSabry
I’m in since yesterday at 0.88945. What’s a good TP Ian?
04 January
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
I have support at 0.8868

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