EURGBP Started Its Downtrend After Breaking Out of This Triangle
Make sure you enter this trade before the market closes. You only have 1 hour left!
The price has bounced three times off the horizontal support of the descending triangle. Each bounce was slightly less strong, which denotes the characteristic of the triangle.
The bounces were respectively ~4%, ~3%, and ~1.5%. Now that the triangle broke, we can see that bears are winning from the bulls.
I expect EURGBP to start a downtrend where bears will keep pushing the price down. The most logical first test will be around this support area.
To profit from this trend, we can place a short trade, with a stop loss slightly above the support of the descending triangle (S/R flip).
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- Trading Guru
--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
Recent success stories
![[LAST OPPORTUNITY] Before the market closes on EUR AUD](https://static.tradingview.com/static/images/svg/idea-image-placeholder.svg)
The price has bounced three times off the horizontal support of the descending triangle. Each bounce was slightly less strong, which denotes the characteristic of the triangle.
The bounces were respectively ~4%, ~3%, and ~1.5%. Now that the triangle broke, we can see that bears are winning from the bulls.
I expect EURGBP to start a downtrend where bears will keep pushing the price down. The most logical first test will be around this support area.
To profit from this trend, we can place a short trade, with a stop loss slightly above the support of the descending triangle (S/R flip).
Follow me for consistent high quality updates, with clear explanations and charts.
Please like this post to support me.
- Trading Guru
--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
Recent success stories
![[LAST OPPORTUNITY] Before the market closes on EUR AUD](https://s3.tradingview.com/u/U0WZAkk7_big.png)
![GBPAUD Just Confirmed A Support Zone [QUICK UPDATES]](https://s3.tradingview.com/8/8jEN4AFy_big.png)
![RSI Bullish Divergence Detected on QTUMBTC [QUICK UPDATES]](https://s3.tradingview.com/4/49YtLqjJ_big.png)
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The price dropped exactly according to the trend that I laid out in the idea, and then bounced off the support zone, and now staying around this area. I love it when a plan comes together.