Top Trade Idea For April 3rd, 2014 – EURGBP

Top Trade Idea For April 3rd, 2014 – EURGBP

By Mircea Vasiu on Apr 3, 2014 11:34:35 GMT

  • Tweet
  • Email
  • Tweet
  • Email

This is the daily chart on the eurgbp and what we are looking here is a classical double three running correction for wave 2 green and the thing is that this pattern is always being followed by a third wave extension, so a clear impulsive move to the downside.

A double three running is, like the name suggests, a complex correction that actually it is formed by three different corrections, two of them going against the previous trend and one in the direction of the previous trend, making new lows in this case.

In our situation the first correction is called a double combination, then we have the correction that goes in the direction of the previous trend, and that one is a triple combination, and the second wave green should end with a contracting triangle, which, and attention here, should not end above the lows in previous wave 1 green.

From my point of view we are in the second leg of that contracting triangle on the daily chart and by taking the time it took the first correction to form and projecting it on the right side we have an educated about when this triangle should end.

Therefore, I would like to sell any strength above 0.8310-30 area having three different targets to the downside and booking one third when each target is reached: 0.8204, 0.8000 and 0.7750

Invalidation or stop loss should be 0.8460-80 area and the stop loss should be moved to break even by the time first target, 0.8204 is reached.

About Mircea Vasiu

Mircea Vasiu has an MBA in International Business from an American University, graduating Magna Cum Laudae. He has been a professional trader for the last 8 years and is involved in various educational projects for different financial companies. He also runs a trading signal for the currency markets at www.capitalpropertiesfx.com.

MORE LIVE RATES
Economic Calendar ForexNews.com News, Charts, Research & Video

Copyright © ForexNews.com | Privacy Policy

Market commentary and/or opinions presented do not necessarily represent the opinions of ForexNews. You are advised to conduct your own independent research before making a decision. This website is an information site only. Accordingly, ForexNews makes no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. You should obtain individual financial advice based on your own particular circumstances before making an investment decision on the basis of information on this website.

Будьте первым, кто решился написать!

Поделитесь своим мнением:

E-Mail адрес не будет опубликован.


*