Last month I talked about the trade of the summer. The idea of only needing one trade to make it worth your time. But what goes up, must come down. And sure enough $EURGBP retraced almost a 100% of its move from the summer in one month. Lets take a look at this move and see if there was any opportunity for a high probability set up .
Here is a look at the chart on the Daily.
All the vertical lines are the alerts that came out over the summer alert me that the higher time frames are all bullish. Again you can see the bearish pullback all the way to a bearish cloud break. The question here is this break out a strong or weak break out on the bearish side? If you are student of Manesh’s, you should be able to answer this question.
Lets take a look at the lower time frames and see were there any great bearish set ups to capture this move for the month.
4hr
2hr
1hr
We can see here the best break out opportunity was on the 2hr. It was the only one that was able to trend and not get stopped out. I struggled in the start but once it broke loose, it went crashing down.
Now Let’s take a look at the higher time frames and understand this pull back.
Week
Month
We can see on the monthly, price pulled back to the Tekin-sen. Also matches the Kijen-sen on the weekly. {Price has hit this level and seems to be holding. Best way is to watch the break out on the 2hr that occurring and see if it passes or fails. This will give us the best clue for what price will want to do at this major support.
Keep an eye on $EURGBP. learn how to tell the story with the time frames so you can find the next trend. Only need one trade to make it worth your wild. Use the website and alert to help asset in this search.
If you would like to learn how to trade like an institutional trader or learn more about our multi-timeframe email alerts, go to www.ichimokutrade.com or email us at info@eiicapital.com
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