Thursday, February 14, 2013

EURGBP looks bearish

EURGBP trades with the decreasing volatility last day. The volatility may increase soon and the support (last minimum) at 0.8572 will be punched. Let's put pending sell order 1 point lower the support level.
We can use 161.8, 261.8 and 423.6 Fibonacco levels as Take profits and the resistance (last maximum) level as Stop loss.

As we reach each Fibonacci level close the 1/3 of the order amount and move the Stop loss at the previous Fibo level. For example as we reach 161.8 Fibo level close 1/3 of the order amount and move Stop loss to 100 Fibo level (i.e. entry price level).


My entry price: 0.8571
My take profit 1: 0.8514
My take profit 2: 0.8420
My take profit 3: 0.8267
My stop loss: 0.8667

No comments:

Post a Comment