hi all,
I see an ABC correction at EURGBP on its last legs.
We might be in a triangle formation. Price is moving sidewards and consolidating. This is a nice situation for me as an impulse trader. Since the next move will be an impulse.
The last leg "e" might be missing. If this comes true we might see a thrust to the downside to about 0.86.
Stop-loss above wave c which leads all in all to a nice risk reward ratio.
Keep in mind: Triangles might signal the end of a trend (i.e. downward). So the direction of EURGBP might (quickly) change after this thrust. (Long)
But let's wait and see how wave e unfolds. I will monitor this pair and give you an update soon.
Cheers,
Merakshi
I see an ABC correction at EURGBP on its last legs.
We might be in a triangle formation. Price is moving sidewards and consolidating. This is a nice situation for me as an impulse trader. Since the next move will be an impulse.
The last leg "e" might be missing. If this comes true we might see a thrust to the downside to about 0.86.
Stop-loss above wave c which leads all in all to a nice risk reward ratio.
Keep in mind: Triangles might signal the end of a trend (i.e. downward). So the direction of EURGBP might (quickly) change after this thrust. (Long)
But let's wait and see how wave e unfolds. I will monitor this pair and give you an update soon.
Cheers,
Merakshi
