EURGBP - 2H - Gartley inside strong weekly resistance zone

Mar 17, 2016

We have beng ranging inside this resistance zone for quite abit now, which is understandable, since its a really high timeframe resistance.
With this Gartley we can find a nice reason to go short now, which is good because we have alot of potential room to the downside.

i will be using a lowertimeframe trendline to look for an indication of a reversal

Mar 17, 2016

Note

This is the most natural trendline to use for that purpose. a break and a consolidation below it would provide a good entryreason.
TG1 would be just before the 618 retracement of recent upmove
TG2 would be a retest of the lower areas of the range(inside this weekly resistance) we are currently sitting in
potential TG3(if you want one) could be designed to look for a break of that range. then you could look for the 618 rectrament of the recent weekly upmove for potentially something like 30:1)