[FOREX TIP] EURGBP Past Trade Idea – 15th May 2017

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EURGBP had rather been choppy on the Daily chart. However, on the last Friday, the pair made a bullish move. On its way, the price broke an important level of resistance as well. If this level produces an H4 reversal candle, then buying EURGBP would get us some green pips. Let us have a look at the H1 chart of EURGBP…

EURGBP Trade Idea – 15th May 2017

See how the level of 0.84500 worked as a level of resistance. Then, the price broke it and went up to 0.84870. It has been on correction. Ideally, buyers would wait for the price to come at 0.84500 and to get an H4 reversal candle. The best reversal candle here would be an Engulfing or a Pinbar. Let us have a look at the summary of the trade…

• Buy Limit Order: 0.84500
• Stop Loss Level: 0.84200
• Take Profit Target: 0.85100

When we trade on an ABC pattern, there is an anti trend to consider before taking an entry. The corrective wave often comes down to the confirmation level with a trend on smaller time frames. Most of the time, H4 reversal candle itself breaks that anti trend line. However, in some cases, the H4 reversal candle might not break the trend line of the anti trend. To be sure, about it, what we could flip over to 30M chart of the trade setup and draw the trend line of that anti trend.

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We hope that you enjoy our Free Forex Trading Signal today: EURGBP Past Trade Idea – 15th May 2017

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