EURGBP has been trapped within a Horizontal range on the H4 chart. The pair produced a huge H4 Bearish Engulfing candle yesterday from the Resistance level. The pair seems to be Bearish after that move. Today’s first two H4 candles came out as corrective candles. If we get an H4 good-looking Bearish Engulfing Candle and then an H1 breakout towards the downside, then selling the pair would get us some green pips. Let us have a look at the H4 EURGBP chart.
EURGBP Price Action Analysis – 13th June 2018
Have a look at that huge H4 Bearish candle. The next candle came out as a Bearish candle too. Then, those two H4 Bullish candles’ price obeyed the level of 0.87900. If this level produces an H4 Bearish Engulfing Candle and an H1 candle breaks the level of 0.87690 afterwards, then the price would reach at the level of 0.87330. Let us have a look at the summary of the trade…
- Entry- H1 breakout at 0.87690
- Stop loss- Above 0.87900
- Take profit- 0.87330
- 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
We are in the middle of June. It means we are in the middle of the year 2018. For the last two weeks, the market has been quiet. We have not had that many breakouts, proper correction and the signal. We must not lose our patience during this period. June and July are the months that test the patience of traders. Let us not lose our patience, but be strong with our belief, strategies, and experience. Time will come where the market will start offering those great entries.
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