GBP/USD:
Date: 8 March, 2017
H4 Graph: Long Term Trend
Price broke below the next horizontal support at $1.22. Price Action is forming a diagonal resistance also. If the price continue to respect the diagonal resistance with break below horizontal support, this may suggest that the short move is to continue down. Price is below 50 and 200 EMA's.
DEM: Indicator is already in the oversold zone and its not helping us in this setup
Alternative scenario: If the price moves up above the previous high and above the diagonal resistance this will likely cancel the bearish call.
Price for Entry short around: 1.27700
SL: 1.22300
Trader - S. Fuchedzhiev
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.