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$EURGBP 24 Jan 2011

by Gav Leave a Comment

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.

[tab: Original Setup 24 Jan 2011]

Here is the….CHART!

$EURGBP Bearish Harmonic Setup

[tab: 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 Bearish Harmonic setup

Filed Under: Harmonic setups, Trading Journal Tagged With: ABCD, Bearish Gartley, EURGBP, FX, Trading Journal

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Comments

  1. jopito says

    at 6:51 am

    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 🙂

    Reply

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I am a Father, Husband, Trader, And Blogger. A serious coffee addict. I started training since 2005, mainly on FX and Futures.

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