EUR/GBP Rips off Support - Trade Walkthrough

in LeoFinance •  22 days ago 

Direct from the desk of Dane Williams.

With EUR/GBP support finally looking like holding, the pair is now in play to play from the long side.

Click the link in that paragraph above to see the daily zone if you missed it, but the premise was that while above higher time frame support, we were looking for intraday retests of short term resistance turned support to buy off:

Can you see the intraday retests of short term resistance turned support that have already played out this week?

The setups I look for and write about here on LeoFinance are always the same.

I'll let those of you who haven't traded it yet consider what I'm talking about and we'll go over it in tomorrow's blog.

Did you find the level I was talking about?

Here's a EUR/GBP hourly chart with the start of the week marked with the black bracket.

EUR/GBP Hourly:

So the main box is the higher time frame zone that you can see price had held in order for us to look for longs.

On Monday you can see price printed short term resistance and retested it as support for a beautiful entry.

That was the setup that I was referring to in the quote from yesterday's blog above, but I've also included another short term area of resistance that price retested as support on Friday.

You can see after retesting the zone, price continued to rip higher, once again with minimal drawdown on the entry.

Using these short term zones in the same direction as your higher time frame zone is an excellent way to manage your risk and often give entries like these that allow for huge risk:reward trades.

Best of probabilities to you,


Higher time frame market analysis.

Posted Using LeoFinance

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Congratulations @forexbrokr! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

You published more than 650 posts. Your next target is to reach 700 posts.

You can view your badges on your board and compare to others on the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Do not miss the last post from @hivebuzz:

The Hive Gamification Proposal
Hive Revolution - Mission 1 - Communication
Support the HiveBuzz project. Vote for our proposal!