Trade plan for E/G bears

4 HR Chart

The E/G is at a possible sell zone that has a potential for a 300+ pip drop. Price is currently @ a 61.8 fib off the Brexit high to the post decline low. There are multiple targets for a low should price decline from here. If the 61.8 holds then a psych target of 0.8100 is the 38.2 Ext target and also the April 7th high (not shown). This could take a couple of weeks to unfold if this plan works out so try to use the longer term stoch on the 4 HR. Watch for WM-1 this week. Note, if this pair falls then technically the GBP should be stronger than the EUR. When looking to trade other currencies refer to the E/G for a strength comparison. Ex. if the GBP is stronger here and the USD is weak then look to buy G/U.

15 Min

If the 61.8 fib holds then price could be at a zone to look for an entry to hold for a couple of weeks for about a 50+ stop loss-300+ pip target. There's a possible DT here. MACD has recently fallen below '0' line. We also just fell below the Daily 5 ma as the daily stoch is also over bought. It might be worth to get a few trades in when stoch cycles 'up' on the 15 min for reloads. Let's see how this plays out.

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