Wednesday, 10 August 2011

EUR/GBP Analysis

Nice bearish pinbar candle has formed on the daily timeframe. The support areas are pretty close so im looking for a good pullback to the 8845 support line before entering this trade. 4 hour chart below clearly shows 2 bounces off this area. Trend is down. A good pullback is required as the risk/reward would otherwise not work. Order to short placed as per below:

STOP: 8890
ENTRY: 8845
LIMIT: 8719

RISK\REWARD: 2/1



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