EURGBP first step of bull trap confirmation. Part 2
Previous analysis:
Anyone willing to do a long term trade on EURGPB, now is the time. small confirmation of a possible bull trap move. Been watching it for weeks now, didn't dare to really short it earlier because it simply didnt want to drop . Drew the blue line 2/3 weeks ago, assuming they might do a final shake out. Well, maybe this is it now.
It should not get above the high anymore.
Break of the first green in the middle is a big step, break of the second green is the real confirmation. Now, for it to be real, doesnt mean a straight line drop , but it needs to happen relatively fast.
So far almost perfect, caught the high of this (still unconfirmed) bull trap and we can possibly sit on this one for quite some time. We need to break that green zone in the middle. It has the shape of an H&S, so if it breaks, think we can say the bull trap is confirmed and should drop towards that green zone on the left, target zone of the bearish wedge. Ideally we see a right shoulder form there so we can enjoy profits for a few more weeks/months. That red zone on the right should not break anymore. If that one breaks, the bulls might try to break the 0.90xx resistance. That is really a key level now to keep the bull trap alive.
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Previous analysis:
Anyone willing to do a long term trade on EURGPB, now is the time. small confirmation of a possible bull trap move. Been watching it for weeks now, didn't dare to really short it earlier because it simply didnt want to drop . Drew the blue line 2/3 weeks ago, assuming they might do a final shake out. Well, maybe this is it now.
It should not get above the high anymore.
Break of the first green in the middle is a big step, break of the second green is the real confirmation. Now, for it to be real, doesnt mean a straight line drop , but it needs to happen relatively fast.
So far almost perfect, caught the high of this (still unconfirmed) bull trap and we can possibly sit on this one for quite some time. We need to break that green zone in the middle. It has the shape of an H&S, so if it breaks, think we can say the bull trap is confirmed and should drop towards that green zone on the left, target zone of the bearish wedge. Ideally we see a right shoulder form there so we can enjoy profits for a few more weeks/months. That red zone on the right should not break anymore. If that one breaks, the bulls might try to break the 0.90xx resistance. That is really a key level now to keep the bull trap alive.
Don't forget to like if you appreciate this :)
Previous analysis:
Yorum:
Beauty, going perfect so far. Gave the double up yesterday in my public channel if the neckline would break. I suggest taking some profit now and wait and see. Still a lot of potential, but having increased, want to play it smart and not let greed make our decision. We can always short back at a better price or lower. Possible support here to make a right shoulder again.