EURGBP watch out for sells or break of structure to the upside
we are at the trendline now.
in red i show the impulse down.
in yellow a 5 wave correction.
now observe what happens.
plan a: price falls and you may enter with some bearish engulfing and stopploss above last high (or above your candlestick pattern for more aggressive trading)
plan b: price keeps going up and breaking out of the down-channeling structure. then you can buy after some bullish correction / flag.
i like the downside better, but who am i to know or tell...
trade with care, dont risk more than 1% of your account on a stopploss.
in red i show the impulse down.
in yellow a 5 wave correction.
now observe what happens.
plan a: price falls and you may enter with some bearish engulfing and stopploss above last high (or above your candlestick pattern for more aggressive trading)
plan b: price keeps going up and breaking out of the down-channeling structure. then you can buy after some bullish correction / flag.
i like the downside better, but who am i to know or tell...
trade with care, dont risk more than 1% of your account on a stopploss.
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SELL TRADE according to 2618 rules
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we have to watch carefully if now a correction starts for more upside or if prices falls back into / below the channel line and goes for one more down.