EURGBP Trade Set Up Forex Signal September 5th

Technical Analysis

Last week the UK manufacturing PMI beat expectations, rising to 56.9 against a prior month’s 55.3 and expectations of a fall to 55.

Current EURGBP price is 0.91500.

DAILY CHART

EURGBP Price is below MA12 and trying to hold on the lower channel of Bolinger Bands. RSI indicates a downward movement.

EURGBP price is at oversold area. There may be some corrections towards 0.91650. Price is below MA100 and MA200. Break above 0.91300 will carry the price 0.90850 of MA200 support.

I will enter short trade as :

TRADE: SHORT

ENTRY: 0.91500

TP1: 0.90900

TP2: 0.90150

TP3: 0.89400

UPDATE: 

TP1: REACHED ( 09/11/2017)

PROFIT SO FAR: 60 PIPS

STRATEGY: CLOSE 20% OF THE POSITIONS MOVE SL TO ENTRY  WAIT FOR THE SECOND TARGET.

UPDATE: 

TP2: REACHED ( 09/12/2017)

PROFIT SO FAR 135 PIPS

STRATEGY: MOVE SL TO TP 2 AND WAIT FOR THE TP:3

UPDATE:

TP 3: REACHED

PROFIT SO FAR: 210 PIPS

STRATEGY: CLOSE 30% OF THE POSITIONS.MOVE SL TO TP 2 AND WAIT FOR THE NEW TARGET: TP4 0.88800

UPDATE: 

TP4: REACHED  (09/15/2017)

PROFIT SO FAR: 310 PIPS

NEW TARGET: 0.88000

 

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