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Forex Signal EURGBP Double Top & Fractal Breakout

Forex Signal EURGBP Double Top & Fractal Breakout

Pattern /Reason: Bullish Bat / Double Top / Resistance Rejection / Fractal Breakout

We already have a short position. Price rejected the resistance and made the double top.

Time Frame: Daily Chart

Accuracy of the Pattern( How much it’s meeting the requirements of the said pattern): 89%

Setup No: EUGB260601

Recommended Lot: 0.30 at 10 K

Trade Period: Intraday / Midterm

Active/Pending: Active

Trade: Short

Entry: 0.89530

Stop Loss: 0.89750

TP1: 0.89340 – 0.89320 ( You can add short at the breakout of the trendline ) / Reached

TP2: 0.89200

TP 3: 0.89080

TP 4: 0.88900

Divergence/ Convergence Confirmation: RSI and MACD Divergence

Candle Pattern Confirmation: 3 Lines Down

Moving Average Confirmation:

The trend of the Timeframe: Bullish

The trend in the Daily Chart: Bullish

Update: TP1 Reached You may take partial profit

 

Warning and Things to Pay Attention:

  1. Harmonic Patterns are reversal patterns and mostly against the main trend on the chart they appear.
  2. Target levels are determined by MM Calculation as the pattern has not been completed yet. They may vary 3-5 pips according to the completion level of the predicted patterns.
  3. Pay attention to Time Frame, Trade Period and Estimated Completion Time, Accuracy and Recommended Lot Size clauses mentioned below.
  4. Do not risk more than 2% in one trade setup.
  5. We usually book partial profit at the first target and move our stop loss to entry or break-even level. Use your own risk/profit management to exit the trade.
  6. We are publishing potential opportunities. There are no certainties and traders bets on possibilities. Read the setup carefully before entering a trade and take your own decision.

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Forex Signal:  Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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