Recommendation: BUY EURGBP/THEN SELL SHORT AFTER NEXT RALLY
Current Trend: Short-term sideways. Med-term down. Long-term up (for euro).
Strategy: Buy EURGBP at current levels.
Chart Setup: The EURGBP has moved sideways since early October. Right now it’s heading towards a resistance zone at line/s 2. Thereafter, I'm looking for a shortable pullback.
Strategy Details: Go long at current levels. Take profit at line/s 2 (0.9013-0.9033). Then sell short a reversal day/candle down from there.
Target: Up to 0.9013-0.9033 in the very short-term (lines 3). Then for shorting a reversal down, the target will be to 0.8925. So, two short-term trades are lining up/available here.
Stop-loss: For the long trade, stop is a close below 0.8878 (line 3). From 0.9000 raise it to a breaking of its prior one day low.
When shorting a reversal down, the stop will be a close above 0.9050 or above the high of the reversal day down (whichever is higher). From 0.8955 lower stop to a breaking of its prior one day low.To subscribe to more research by Colin please go to his website www.themarket.co.za
COPYRIGHT:
THIS NEWSLETTER IS TO BE READ ONLY BY CLIENTS OF GLOBAL TRADER. UNDER NO CIRCUMSTANCES IS IT TO BE SHOWN (OR GIVEN) IN PHYSICAL OR ELECTRONIC FORM TO ANY OTHER PERSON, WITHOUT THE PRIOR CONSENT OF THEMARKET.CO.ZA. FURTHERMORE, ELECTRONIC TRANSMISSION (EMAIL), REPRODUCING, AND/OR DISSEMINATING THIS DOCUMENT (OR PART THEREOF) IN ANY OTHER MANNER WITHOUT THE WRITTEN CONSENT OF THEMARKET.CO.ZA IS A VIOLATION OF THE COPYRIGHT LAW - AND IS ILLEGAL.
