Trade Idea: Can The Bulls Continue This Strong Run On The EURGBP?
Important note on charts:
It’s imperative to your trading success, you are trading with a broker that offers “New York Close Forex Charts” where each daily candle opens and closes at 5 pm EST. This is essential with trading price action correctly.
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All my trade setups provided, is not advice or a recommendation to trade or invest. It is solely for educational and general information only.
Don’t blindly buy or sell the Forex markets discussed in this trade setup. Do your own research and always be aware of the risks and rewards.
Potential Trade Setup: Can The Bulls Continue This Strong Run On The EURGBP?
All charts I provide are of the Daily time frame unless stated otherwise.
Trend: Very Bullish
Key Levels: Broken resistance key level 0.8931 with next resistance at the 0.9059
Price Action Signal: Awaiting a retest of the broken key level for a price action signal
Chart Notes: The EURGBP pair broke out in momentum at the resistance level of 0.8931 after a strong bullish impulsive move.
With a strong bullish bias that remains intact, I am watching for future bullish movement.
Potential Trade Idea:
I am considering buying this pair again if the broken key level of 0.8931 now holds as a new support.
I will be looking for a strong bounce of this key level with a nice bullish reversal candlestick pattern.
(On this setup also may provide a 4-hour entry with a quick test of this key level)
This setup will have plenty of free space, giving the trade idea room to head higher to the next key level of resistance.
I can’t stress enough here, that patient and discipline is the key to any successful trader.
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Now is your turn:
How are you planning this setup? What are you looking for to catch the next bullish move with this pair? Just leave any question or comments below.