Wednesday, April 21, 2010

EUR/GBP Trade Idea

I think EUR/GBP is nearing completion of a massive triangle and will soon rise sharply. I have pictured an alternate bullish count which has the next move of the triangle being a C leg of D (see Alt. D) with an E down to come before another push to much higher levels. Either way I expect 0.86 to hold and for price to push higher from near current levels. The next big move up (green wave 5) will take several months to complete. I will be looking to get long from near the rising trend line support with an open target. Stops will be moved to cover profit when price has moved sufficiently higher, in case this is a B wave triangle [To see Vasan's bearish EUR/GBP count click here] or the triangle is not yet complete (see Alt. count). For all counts a bull move is expected in the short term making this a high probability and fairly safe trade.

2 comments:

  1. Good blog.
    You are researching well.
    Thank you.

    ...(I'd be pleased if you exchange reciprocal link with me.)
    my blog:
    http://forex-chart-analysis-and-a-cat.blogspot.com/

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  2. lil_saint9999 :
    now we just saw that it finished Wave C, Wave D has started today (I think) but I'm sure Ure about to make an update sooner or later about it
    Greetings

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