EURGBP – Do we have a confirmed break of support !?!? – Compare Currency UK

Compare Currency UK

UK Compare Currency – Whilst going through my analysis recently I came across the EURGBP Pair. This one caught my eye earlier this week. The Pair has been negative recently however Price had consolidated at the Weekly fib level (38.2%) at .84100. My FXUltimate8 Template had been showing a negative trend – BUT with Price trading around the weekly fib – there was no clear break lower on the 4hr chart (very important time-frame). I use the 4hr time-frame for candlestick formations – especially around MAJOR SUPPORT & RESISTANCE LEVELS….

So what i was looking for was a GENUINE break lower or a bounce higher. The LT trend was negative and so all the indicators pointed for further lows HOWEVER Price was not playing ball as she keep bouncing along the weekly Fib. The saving grace I suppose was that Price failed to make a new high – instead made a lower low. When we did get a 4hr candle close lower – all the indicators in my indicator box on the right of the chart were in order – ALL RED & THE RSQ indicator was blue on all time-frames – genuine movement lower. Ensure your money management is in order and pull the trigger job done…

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The beauty of having a mechanical approach to your trading – No emotion…


4hr chart analysis for EURGBP - 13th September 2013 Compare Currency UK

4hr chart analysis for EURGBP – 13th September 2013

 UK Compare Currency

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