Finding Trade on EURGBP

Finding Trade on EURGBP

EURGBP 4h has been trending in the downward direction (how did I plot blue channel trend-lines)
In these conditions, placing shorts having more odds to bring profits. Especially, if you open short around the top resistance line.

Let’s switch to a faster Timeframe in order to get confirmation and accurate low-risk setup.

1) If this high-volume bar represents the real strength activity, why did the price reverse down then? The AB down-move confirms the weakness behind high-volume up-bar
2) C – is the minor high, the maximum of 26/Nov session. Study the activity. It was a big activity without progress above 0.857. Note, rally stalled in the zone of Fibo Levels. So, this is typical for the culmination of an upward correction.
3) SLKT at the opening of the London session. Increase in volume, penetration of previous day’s high and reversing down. This is a setup for shorting.

What is next?

4) Big volume bar without bearish progress. This is a sign of support. Falling price encountered a Buy-Limit wall. Shorts should be covered at least partially as some sort of up-move could arrive.

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