ravaye27

EURGBP ELLIOT WAVE ANALYSIS

Long
FX:EURGBP   Euro / British Pound
VIEW:
EURGBP has been in down trend for a while ; now showing some symptoms in the lower time frame (2hr) as if its ready for a bounce as per Elliot Wave Analysis.

STRUCTURE/PATTERN/ Technical Event:
# Impulse(1-2-3-4-5)+ correction sequence;
# Trendline breakout possibility near invalidation point or near demand zone
# Accumulation symptoms near Demand Zone .

Trading plan:
#for seasoned traders:
Entry with breakout confirmation with SL below "Invalidation point".
one can exit if trades single lot @ first target; multiple lots can be exited 70% at the 1st target and the remaining @ the 2nd target

Risk Management:
never risk more than 2% of one's trading capital....for the entire trading portfolio....

Good luck

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.