EURGBP Short: Bearish Wolfe Wave

15 באוג׳ 2016

EURGBP has completed a bearish Wolfe Wave setup and may be ready to short toward the target line. Triangle is complete on the APRR oscillator as well. As always, it's a good idea to wait for confirmation before placing a trade. Close below the 1-3 extension would be a good indicator of continued bearish pressure in this case, with a tight stop above recent highs. This setup has two targets, one at point 3 and another at the 1-4 extension (traditional WW profit taking level).

15 באוג׳ 2016

הפקודה בוטלה

This exact setup is no longer valid. However, I am still bearish and am looking for bearish confirmation to short. I will update this idea if more signals present themselves.

15 באוג׳ 2016

הערה

Now that we've received a possible reversal signal, there are two difference scenarios for entry. The first, and bets R/R, is a sell limit about to pips north of current prices. However, if the pair closes below the 1-3 line further bearish movement can be expected and a tight stop can be placed above recent highs.

15 באוג׳ 2016

הערה

Also, we're seeing a similar setup on GBPUSD in the bullish direction. If the bullish GBPUSD Wolfe Wave holds valid we can expect some added bearish pressure to EURGBP as well

15 באוג׳ 2016

הערה

Scenario B active, SL tightly placed above highs

16 באוג׳ 2016

הערה

SL hit after EUR and GBP news volatility (smart to exit before these events). The GBPUSD WW is continuing to target.