Euro / British PoundShort
Trade 0004 -EUR/GBP Short Setup: Targeting Lows
Good morning, Traders,
As we begin a new week, the EUR/GBP pair appears to be setting up for a short position. This will be trade number 4 in my journey towards completing 1,000 trades. On the daily and weekly Timeframe, the pair is forming clear lower lows and lower highs. Currently, we are observing a potential drop from 0.84250, with our target set at the recent lows. This trade offers a risk-to-reward ratio of 3.83, making it a worthwhile opportunity.
This setup involves a straightforward break and retest entry. While I have some hesitation around the 0.84200 level, I still expect the price to decline based on the higher timeframe market structure.
Best regards,
Renaldo Philander
As we begin a new week, the EUR/GBP pair appears to be setting up for a short position. This will be trade number 4 in my journey towards completing 1,000 trades. On the daily and weekly Timeframe, the pair is forming clear lower lows and lower highs. Currently, we are observing a potential drop from 0.84250, with our target set at the recent lows. This trade offers a risk-to-reward ratio of 3.83, making it a worthwhile opportunity.
This setup involves a straightforward break and retest entry. While I have some hesitation around the 0.84200 level, I still expect the price to decline based on the higher timeframe market structure.
Best regards,
Renaldo Philander
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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.