Hello fellow traders. Another instrument that we have been trading lately is EURGBP. In this technical blog we’re going to take a quick look at the Elliott Wave charts of EURGBP, published in members area of the website. As our members know, EURGBP has incomplete bearish sequences in the cycle from the 08/12 peak . Consequently, we advised members to avoid buying the pair and keep on selling the rallies in the sequences of 3,7,or 11 swings whenever get chance. In further text we’re going to explain Elliott Wave Forecast and Trading strategy.
EURGBP 4 Hour Elliott Wave Analysis 9.7.2019
Break of 08/27 low made the pair bearish against the 0.9149 peak . Cycle from the August 12th peak (0.93303) looks incomplete now, calling for further weakness. We don’t recommend buying the pair in any proposed recovery. Strategy is waiting for the clear 3 waves bounce and then sell the pair in 3,7,11 swings when get chance.
EURGBP 1 Hour Elliott Wave Analysis 9.7.2019
The pair is correcting the cycle from the 0.9149 peak. We expect to see 3 waves bounce in proposed X red recovery that can see 0.8999-0.9029 sellers area. At the marked blue box sellers should ideally appear for proposed decline or 3 wave pull back alternatively. We don’t recommend buying the pair in proposed leg up, and favor the short side – selling the pair in the blue box.
As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a bounce. H1 Trend is bearish and we expect to see sellers in the blue box for further decline or 3 waves pull back at least. As soon as the pull back reaches 50 fibs against the ((x)) black low, we will make short positions risk free. Invalidation level for sellers is break above 1.618 fib extension: 0.9029.
EURGBP 1 Hour London Elliott Wave Analysis 9.9.2019
The pair made leg up and reached ((w))-((x)) equal selling area at 0.8999-0.9029. Sellers appeared right at the blue box and the price is already showing nice reaction from there. We are calling X red recovery completed at 0.90149 high. The pull back has already reached 50 fibs against the ((x)) black low. So members who took short positions from the blue box should be already risk free.
It’s crucial to fully understand our official strategy: trading the equal legs and sequences in 3,7,11 swings. Combined with Trend Trading it gives you very powerful system that protects your account and makes you profit. If not already familiar with this strategy, all you have to do is to sign up for 14 days Free Trial and watch our Free Educational Video in membership area. If still having some questions after watching it, feel free to let us know and we will help. You can ask questions in 24 Hour Chat Room and in Live Analysis Sessions.
EURGBP 1 Hour New York Elliott Wave Analysis 9.9.2019
The pair has given us nice decline from the blue box as we expected. We got new short term low, confirming next leg down is in progress. As a result members are now enjoying profits in risk free positions.
We also presented EURGBP trading setup in Live Trading Room on September 9th. We took the trade from 0.9 and close it at 0.884 for 160 pips profit. You can check trading setup in the video below.
Elliott Wave Forecast
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