EURGBP - 4H Short In Trend Bearish Engulfing Setup
EURGBP has formed an in trend engulfing setup on the 4H time frame. The engulfing candle nearly engulfed 6 previous candles but didn't quite clear the previous candle high but the daily and weekly time frames supported this setup. Also, nearly all other EUR pairs are very bearish.
The daily candle closed below a previous strong bullish engulfing. The weekly time frame has been bearish for the past 6 weeks.
The 4am EUR retail sales high impact news event set up this trade.
The engulfing candle closed @8am (CST) on Wednesday.
Entry at 50% retracement level.
SL set above engulfing candle high. TP set at 3X risk.
The daily candle closed below a previous strong bullish engulfing. The weekly time frame has been bearish for the past 6 weeks.
The 4am EUR retail sales high impact news event set up this trade.
The engulfing candle closed @8am (CST) on Wednesday.
Entry at 50% retracement level.
SL set above engulfing candle high. TP set at 3X risk.
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