EURGBP is on an overall downtrend and has been in one for a while. at the moment i'm looking for an opportunity to short.
First off i measured the height of the last range. cloned that height to get a potential retracement area, highlighted in pink. Now i'll be looking for an engulfing bearish candle around 0.73805 area. If i don't get one I will simple not short or force to take a position
My idea, once I enter a short, is to look at 3 potential target areas.
1. the bottom of the range ( 0.70591)
2.If candle breaks 0.70591 market my next target is (0.68924) *the middle of the new range
3. The bottom of the new range at (0.67375
First off i measured the height of the last range. cloned that height to get a potential retracement area, highlighted in pink. Now i'll be looking for an engulfing bearish candle around 0.73805 area. If i don't get one I will simple not short or force to take a position
My idea, once I enter a short, is to look at 3 potential target areas.
1. the bottom of the range ( 0.70591)
2.If candle breaks 0.70591 market my next target is (0.68924) *the middle of the new range
3. The bottom of the new range at (0.67375