EURGBP Long Setup - Wave 5 Play

8 дек. 2018 г.

Daily and Weekly bull candles
Triangle Pattern looks completed
clear impulse up from 8660 level which is wave 1 followed by a correction to 8813
now we're getting another impulse up which is likely start of wave 3 of wave 5 up
I entered into the close today at .8953 which goes against my strategy of waiting for at least a .38% retrace from high which would have been .8938 but I figured it might gap up over the weekend and didnt want to miss the trade

Next level to keep an eye on is .9030 because that is where the upper triangle trendline is. If it breaks through then minimum target is 9620 which is the distance travelled in the triangle extrapolated to the end of wave e of the triangle. once we get there, there should be another strong move down

Entry .8952
Stop .8875
Take profit .9620 (or if it spikes down at .9030 then get out)

Possible news that will move the GBP is the brexit vote on Tuesday. Either it breaks up out of triangle or it hits 9030 and reverses