EURGBP is in an up trend in the H4 chart. Price has broken the down trend line (white line) and currently trading in a nice looking up trend channel. Price is trading above the ichimoku cloud which portrays a strong up trend. However, if you have missed today's massive move to the up side, you may still take a short corrective trade tomorrow. Look for the reaction as soon as the price touches the channel resistance. A strong supply move may take the price all the way to the channel support. Al least this is what it is doing inside the channel. If the channel is broken to the upside, then wait for a pullback to the channel resistance which then becomes support.
Disclaimer: All my trade ideas are for educational / research purpose only and are now investment advice. Forex is a high risk high reward business. Please trade at your own risk.
Disclaimer: All my trade ideas are for educational / research purpose only and are now investment advice. Forex is a high risk high reward business. Please trade at your own risk.
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So we have reached the channel resistance. The first red candle closed below resistance will confirm the short move. Early entry recommended.
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No short signal yet. Standing by.
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Time to go short.
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The trade worked perfectly as we expected. Now look for reaction at channel support. A break of the support means go short, and if takes support from channel then long again. Have a good trading day.