$EURGBP 24 Jan 2011

I have been looking at this chart since last Friday. Starting from 0.8540 will trigger my short. However, there's also a possibility of running into 86 level where another bearish harmonic setup is formed. In short, currently, I am looking at the zone that contains confluence of bearish harmonic pattern, Fib levels and price resistance level.

Let's see how it goes.

Original Setup 24 Jan 2011

Here is the....CHART!

EURGBP_24Jan2011_BeGartley — $EURGBP Bearish Harmonic Setup

Update 25 Jan 2011

After the weaker than expected British GDP data, EURGBP pierced through the reversal zone. The setup is now invalidated/failed/whatever you wanna call. Time to move on, and look for next opportunity.

Here is the updated... CHART!

EURGBP_24Jan2011_BeGartley_update — EURGBP Bearish Harmonic setup

Comments

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John Adams — Trackback2011-01-23 16:08:33 UTC

$EURGBP 24 Jan 2011: I have been looking at this chart since last Friday. Starting from 0.8540 will trigger my s... http://bit.ly/fQzTvd

Gav (Trader Gav) — Trackback2011-01-23 16:10:29 UTC

Have a look at $EURGBP 24 Jan 2011 http://bit.ly/g6OP7e

Easy Home Forex — Trackback2011-01-23 23:07:29 UTC

$EURGBP 24 Jan 2011 | Gav's trading blog: EURGBP 24 Jan 2011.Gav's trading blog - https://tradergav.com/ http://bit.ly/eUT8Gi

jopito2011-01-24 06:51:00 UTC

Nice chart, actually I was thinking in shorting EURGBP based on oscillators with far less ambititious targets, but will try to see with a trailing stop if the pair goes that down! Thanks for the info :)

$EURGBP 24 Jan 2011

Original Setup 24 Jan 2011

Update 25 Jan 2011

Comments

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