A trade signal this morning on EURGBP
Waiting for bullish pressure on EURGBP.
My EURUSD trade got stopped out on a retrace, but the EURGBP is looking ok, I’ll consider trailing the stop soon.
A trade setup has formed on EURGBP. Good upward trend, RSI has been retracing and is now up, EMA is sloping up, stop loss at previous fractal. Go long.
On EURGBP wait for breakout and retest to go long and play with the prevailing market condition. Only take a short on the retrace from resistance if clear downward pressure shows up.
Lots of trade signals tonight. Am going short EUR/GBP. Keep risk low at 1 to 1,5%. Three open positions now so I’ll add no more. One trade at risk zero.
A follow-up on this morning’s setup, I’ve just been stopped out of my EUR/GBP trade. My stop level was at the fractal indicating most recent low. The trade looked good for quite some time (reaching at least R1) but quite a sharp reversal started mid-morning (actually it is voting day in the UK and the latest surveys starting giving conservatives the lead so that boosted the GBP) but I didn’t move, let the trade play. I coul dhave taken the decision to exit at the break of Kijun but wasn’t in front on my screen at that time. Anyway, rule of thumb is to keep losses small, as I mentionned in my strategy section my risk is at 1,5% most of the time so I’m perfectly fine with these lossses.