Before you continue, we want to make sure you understand that this is a past trade idea found inside The Price Action Club which is a premium Price Action trade signal service. This post is 1 week delayed and this idea is no longer valid but the lesson is still valid. We post this to show you what is inside the Price Action Club. It would be awesome if you join us to learn and to trade our trade ideas. We hope to see you inside the Price Action Club soon. Click here to join us…
Join The Price Action Club Here…
EURGBP Price Action Analysis – 4th Sept 2017
EURGBP has been bearish on the H1 chart. Today’s price has been bullish so far. However, the price is reacting at a level, where a Down Trending line’s resistance is right there. Moreover, the level has the potential to be a flip over horizontal resistance. This means this could be a dynamic resistance, which always attract more sellers to sell off a pair. Let us have a look at the H1 EURGBP chart.
EURGBP Price Action Analysis – 4th Sept 2017
See the price has been down trending by obeying the Down Trending Trend Line. The level of 0.91950 has been held so far. If this level is held and an Engulfing H1 candle is produced right there, then a breakout at the down side would take the price further down with a good amount of liquidity as far as this trade setup is concerned.
Let us have a look at the summary of the trade
- Sell Limit Order: 0.91620
- Stop Loss Level: 0.92200
- Take Profit Target: 0.91100
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
The last release of “Unemployment Data” made most of the pairs move with huge liquidity. Thus, the price has been having long correction on most of the pairs today. Among them, EURGBP’s correction seems to be over. Thus, this pair has been chosen to keep our eyes on to take an entry. The lesson that we have to learn from here is the longer the move, the longer the correction. In many cases, a big correction often changes the trend or makes traders wait longer to be able to take an entry.
- Validity: 72 hours
- Whenever possible, move the stop loss to the entry price and whenever you want, you can take profit anytime as long as you feel comfortable
Today the USD is going to have one of the biggest news events for a month. Thus, the pair might get into its extreme volatility. Ideally, this setup would need about 6/7 candles to get at the Resistance level and to produce the trading signal. However, it might be different today since “Unemployment Rate” to be declared at 12.30 GMT. Thus, it might not take as long as it would usually take. The worst thing would be if the level is not held because of the extreme volatility. Then, this setup would be a void setup. Whether the level is held or not held, we have to make sure one thing that we wait for the trade signal after the news event hour. This means H4 candle, which ends at 13.00 GMT that should be the signal candle.
You can also take a look at our previous (and most likely profitable) Free Forex Trading Signals Here.
We hope that you enjoy our Free Forex Trading Signal today: EURGBP Price Action Analysis – 4th Sept 2017
Join The Price Action Club Here…
The post EURGBP Price Action Analysis – 4th Sept 2017 appeared first on Advanced Forex Strategies.
from Advanced Forex Strategies
No comments:
Post a Comment