Hey traders,
Small disclaimer, this trade will not be taken in the account i trade with you guys, the reason is i have restricted myself to only patterns to help teach consistency in your trading plan. I do want to bring to your attention this structure Short on EURGBP simply to show how combining different key factors you can create a strong reason for entry. Descending Triangles typically tend to go to the downside, with price action breaking previous structure looking left, with a descending triangle, and price action coming back to previous resistance and confluence with 38.2 Retracement and 1.272 Ext we can increase our probabilities of success.
With this, I must add that all these factors combining together do not guarantee any measure of success. The only way to check for that, is to back test the theory. Like my old teacher used to say, " I do not look for just any trading opportunity, I look for the high probability trading opportunities"
Like always if you have any questions, comment below, follow us on social media !
Follow us on Instagram: @thealcovefx
Follow us on Periscope: @thealcovefx
Follow us on Youtube: www.youtube.com/chan...UTRjA4YqOQdu_MAY1afg
Small disclaimer, this trade will not be taken in the account i trade with you guys, the reason is i have restricted myself to only patterns to help teach consistency in your trading plan. I do want to bring to your attention this structure Short on EURGBP simply to show how combining different key factors you can create a strong reason for entry. Descending Triangles typically tend to go to the downside, with price action breaking previous structure looking left, with a descending triangle, and price action coming back to previous resistance and confluence with 38.2 Retracement and 1.272 Ext we can increase our probabilities of success.
With this, I must add that all these factors combining together do not guarantee any measure of success. The only way to check for that, is to back test the theory. Like my old teacher used to say, " I do not look for just any trading opportunity, I look for the high probability trading opportunities"
Like always if you have any questions, comment below, follow us on social media !
Follow us on Instagram: @thealcovefx
Follow us on Periscope: @thealcovefx
Follow us on Youtube: www.youtube.com/chan...UTRjA4YqOQdu_MAY1afg