Since the start of May 2020 we at ElliottWave-Forecast have been advising our members that the EURGBP pair was going to rally higher. I published an article in May 2020 and another article start of June 2020 calling for the EURGBP move higher.
On June 9 2020 I posted on social media Stocktwits/Twitter @AidanFX “Added 2nd LONG EURGBP at 0.8908 with Stop Loss at 0.8863“.
The chart below was also posted on social media StockTwits/Twitter @AidanFX June 9 2020 showing that a bullish market pattern (blue) formed and triggered buyers to get in the market at the BC 0.50% Fib. retracement level. A bullish divergence pattern (pink) also formed and was clearly visible which also signalled for the move higher. Dynamic (light blue) and static (dark blue) support/resistance confluence added more confirmation the pair would rally higher. Momentum indicator also crossed above the 100 level confirming the BUY. I called for traders to BUY EURGBP June 9 2020 and only a move below the point D of the blue bullish market pattern would invalidate the BUY trade setup. Stop loss was set below the blue point D targeting the minimum purple 1:4 RR target and higher targets.
EURGBP 4 Hour Chart June 9 2020
EURGBP continues higher and on June 29 2020 price reaches the 1:5 RR target at 0.9133 from 0.8908 2nd BUY entry for +225 pips. For now as long as wave (2) holds we expect the pair to continue higher and hit more targets above. If you followed me on Twitter/Stocktwits @AidanFX you too could have caught the EURGBP move higher.
EURGBP 4 Hour Chart June 29 2020
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on Twitter for updates and questions> @AidanFX or chat me on Skype > EWF Aidan Chan
Always use proper risk/money management according to your account size
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