The chart below is a picture perfect chart of a strong bullish uptrend. This is what EURGBP look like for the past 3weeks. This is one hell of a run and is really quite impressive. If you caught this early, this run is a solid 300 pips gain in less than 1 month. The big question now is if this uptrend will continue to run higher. After receiving quite a number of request to provide an analysis on this pair, we have decided to take a look and to see if there is a good opportunity in EURGBP in the coming weeks.
This is another trade idea generated by the Elite Swing Trader.
The chart above is on a H4 chart and if just looking at this time frame, we feel that the uptrend will continue. There are 2 ways to trade an uptrend and that is either to buy on breakouts or buy on pull backs. However, before you go rushing into this trade, it’s wise a zoom out and take a look at the D1 timeframe. The chart below is the D1 timeframe.
When we zoom out to the D1 time frame, the picture might look a little different now. The EURGBP pair is approaching a key resistance area and the Bears look poised to take over for now. The Bulls might also be ready to take the back seat after this powerful 3 weeks run. We won’t know for sure. If the Bulls break out above resistance, then the run might continue. However, if the resistance hold, then a temporary decline back to 0.86600 level might be in place.
So here’s our order, we feel that the resistance might just hold and the bulls are due for a rest. However, we want to be sure that the Bears are strong enough before we get in. We will place a sell stop at candle low.
- Sell Stop: 0.88010
- Stop Loss: 0.88519
- Take Profit: 0.86815
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With the Indicator, you can now have multiple charts open and wait for the Elite Swing Trader will highlight potential trades to your attention. Of course, without saying, you do not trade every signals. Instead, this is a massive time saver. You decide on the trades to take.
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