And here we are guys three days later trying to analyse the entry and managing the trade.
The plan was to trade the lower high which can also be seen as the right shoulder on the eurgbp on the daily chart.
Price has been moving sideways and the stochastic has crossed downwards.
Macd has not crossed the zero line upwards managing to stay below the zero line.
Todays candle will be important to see if our trade is driven into positive territory but it is nice to see that our lower high has not been taken out.
The more agressive trader could trail the stop loss a little bid more but if taken out over the swing high then I am definetely wrong and want to exit the trade fast.
I do not expect a big move in Asia but tomorrow morning when the manufacturing production data for the pound comes out there will be probably some volatility.
The number expected is 0.4 from a previous -1.1%.
If you manage to trade London then you may see the move live at 9.30 AM London Time.
Well we just have to wait and see. Always trade with a stop loss and do not risk more then 1 to 2 % per trade.
Trade safe and catch the BEST OF PIPS