EURGBP – D1
On the daily chart we can spot bearish trend. We can identify lower and lower tops and bottoms, we can differ corrections from impulses, averages have good shape, what suggests us opening short positions. After setting new low there was bigger correction. Currently we can see another attack of bears on new low, if it will be successful we should look for opportunity to open short position. Let’s take a look at trading chart.
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EURGBP – H4
On the chart we can see that price formed support area. We can see realization of profit on the chart after price set new low. In the area of support we can spot two bases. If price will break this area we can add to confluency also trend line, it will be working as long as price won’t break it with strong candle. If price will break support area and test it from below we will be able to play conservative scenario. Conservative scenario predicts taking position after candle signal. You can start using Price Action and invest on Forex market using free XM broker account. Do not risk more than 2% of your capital. Calculate volume of position correctly. Remember about correlations with other pairs, if there will be at least one correlation higher than 0.7 (or lower than -0.7), do not open this position.
