SHORT - SELL EUR/GBP 1H

SHORT - SELL EUR/GBP 1H

Hi, my name is Andrea Russo and I am a Professional Trader specializing in Forex. The EUR/GBP pair has been in a recent downtrend. The decision to sell on an hourly chart (1H) is supported by technical indicators that suggest a continuation of the selling pressure.

Entry Point

Entry Level: 0.83367 This level represents a previous resistance zone that could now act as a starting point for a new bearish wave.

Stop Loss (SL)

SL Level: -0.26 Placing the Stop Loss at this level protects the position in case of unexpected market movements. It is always important to manage risk to avoid excessive losses.

Take Profit (TP)

TP Level: +0.78 The Take Profit was set based on technical analysis and price movement expectations. This level represents a significant profit potential if the price follows the expected direction.

Indicators Used

Alligator: This indicator, composed of three moving averages (lips, teeth and jaw), helps identify trends and consolidation phases. In this case, the moving averages indicate a probable bearish movement.

Wavetrend: Used to detect changes in momentum. A sell signal has been triggered, reinforcing the idea of ​​an impending downtrend.

RSI (Relative Strength Index): This relative strength indicator is useful for identifying overbought or oversold conditions. A high RSI value suggests that the price is in the overbought area, thus favoring a short position.

Trading Strategy

Confirm the trend with the above-mentioned indicators.

Wait for a reversal pattern to form or confirmation of continuation.

Constantly monitor the market for any reversal signals or fundamental news that could affect the EUR/GBP pair.

Adjust the SL and TP levels based on the market movement and volatility.

Conclusions Selling EUR/GBP at 0.83367 with a Stop Loss at -0.26 and a Take Profit at +0.78 is a thoughtful strategy based on current technical analysis. It is essential to follow a rigorous discipline and adapt quickly to market changes to maximize the chances of success.

Andrea Russo