Very new to trading here, but here is my very basic analysis of the EURGBP. If anyone can offer any feedback/criticisms on my analysis I would be most grateful for the input!
Summary of Analysis:
-Price is above the 200MA and also appears to currently be in an upward trend so I am looking at a long position on this pair.
-Price has broken through 1 relatively recent resistance zone which has now turned support.
-Price has broken through the next resistance which I am hoping will turn support and propel the price up to around the 0.91653 level.
-The price has gone towards the support zone and appears to be a bit of indecision in the market which is illustrated by the two most recent doji candles so the support appears to be holding for now.
-Anticipating that the price will now go up towards the upper bracket of the channel its currently in which is where I have set the TP.
My Trade:
-I had a buy limit set on this pair that took me into the trade this morning at 0.90077.
-My take profit is set at just below the upper bracket of the channel at 0.91592
-I have my stop loss set at 0.89663. I try to utilise a 3:1 risk ratio in my trades and this trade is approx 3.46.
-Currently 10 pips in the green but still a long way to go.
Would be most grateful for any thoughts, ideas and feeback on my analysis and trade. Also if anyone could take a look at the support/resistance zones I have plotted and give me any feedback on those I would be most grateful as I still find it quite difficult to have confidence in where I am placing these zones.
Many Thanks and happy trading.
Summary of Analysis:
-Price is above the 200MA and also appears to currently be in an upward trend so I am looking at a long position on this pair.
-Price has broken through 1 relatively recent resistance zone which has now turned support.
-Price has broken through the next resistance which I am hoping will turn support and propel the price up to around the 0.91653 level.
-The price has gone towards the support zone and appears to be a bit of indecision in the market which is illustrated by the two most recent doji candles so the support appears to be holding for now.
-Anticipating that the price will now go up towards the upper bracket of the channel its currently in which is where I have set the TP.
My Trade:
-I had a buy limit set on this pair that took me into the trade this morning at 0.90077.
-My take profit is set at just below the upper bracket of the channel at 0.91592
-I have my stop loss set at 0.89663. I try to utilise a 3:1 risk ratio in my trades and this trade is approx 3.46.
-Currently 10 pips in the green but still a long way to go.
Would be most grateful for any thoughts, ideas and feeback on my analysis and trade. Also if anyone could take a look at the support/resistance zones I have plotted and give me any feedback on those I would be most grateful as I still find it quite difficult to have confidence in where I am placing these zones.
Many Thanks and happy trading.