EURGBP - Bullish trendline break at 50% retracement
Updated
The price for EURGBP has retraced to the 50% level of the upward move starting late May. This could set up to be a great risk reward opportunity. With the rejection of this key Fibonacci level and a trend line break for this retrace, I will wait one more day before making an entry decision.
The criteria for a buy entry here will be as follows:
If everything looks good end of day tomorrow, an entry order will be place a few pips above the today's high.
The criteria for a buy entry here will be as follows:
- [1.]Today's heiken ashi candle must stay green
[2.]There should be little or no lower wick on today's candle
[3.]The fast Laguerre should stay above 0.15.
[4.]The slow Laguerre should raise up above 0.0 (optional but would build confidence)
If everything looks good end of day tomorrow, an entry order will be place a few pips above the today's high.
Note
I'm not impressed by the lower wick on yesterday's candle. Price moved towards resistance near 0.8600 and reacted adversely. Time will tell if this support will hold but for now all we can do is wait.
Note
As suggested by the unimpressive candle formed on 12/8, price failed to move higher today and is retesting support. Next week may produce a valid entry setup but EURGBP may just as well venture lower to test the 0.618 retracement level.Order cancelled
Price has moved too far away and I'll wait for new setup.
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