EURGBP Short: Bearish Wolfe Wave

EURGBP has completed a bearish Wolfe Wave setup and may be ready to short toward the target line. Triangle is complete on the APRR oscillator as well. As always, it's a good idea to wait for confirmation before placing a trade. Close below the 1-3 extension would be a good indicator of continued bearish pressure in this case, with a tight stop above recent highs. This setup has two targets, one at point 3 and another at the 1-4 extension (traditional WW profit taking level).

Ordine annullato:

This exact setup is no longer valid. However, I am still bearish and am looking for bearish confirmation to short. I will update this idea if more signals present themselves.

Commento:

Now that we've received a possible reversal signal, there are two difference scenarios for entry. The first, and bets R/R, is a sell limit about to pips north of current prices. However, if the pair closes below the 1-3 line further bearish movement can be expected and a tight stop can be placed above recent highs.

Commento:

Also, we're seeing a similar setup on GBPUSD in the bullish direction. If the bullish GBPUSD Wolfe Wave holds valid we can expect some added bearish pressure to EURGBP as well

Commento:

Scenario B active, SL tightly placed above highs

Commento:

SL hit after EUR and GBP news volatility (smart to exit before these events). The GBPUSD WW is continuing to target.