Entry Price: 0.87011 Take Profit 1: 0.86896 Take Profit 2: 0.86843 Stop Loss: 0.87171 Technical Analysis:
Resistance Level: EUR/GBP has encountered strong resistance at the 0.8700 level multiple times, making it a key area to watch. Bearish Divergence: There is bearish divergence on the Relative Strength Index (RSI), indicating potential downward pressure. Reasoning:
The pair has faced rejection at the resistance level of 0.8700, signaling a possible downward movement. The 1:1 Risk-Reward Ratio suggests that you are aiming for a profit equal to your potential loss. Trade Management:
Entry: Place a sell limit order at 0.87011, which means you'll enter the trade when the price reaches this level. Take Profit 1: Set the first take profit at 0.86896 to capture initial profits. Take Profit 2: Place the second take profit at 0.86843 to capture additional profits. Stop-Loss: Set a stop-loss at 0.87171 to limit potential losses. Risk Management:
Ensure that your risk on this trade aligns with your overall risk tolerance. Avoid over-leveraging and use an appropriate position size to manage risk effectively. Monitoring and Adjustments:
Keep a close watch on the trade to make any necessary adjustments. Be aware of any market-moving events or news related to the Euro (EUR) or the British Pound (GBP) that could impact the trade. Please remember that trading carries inherent risks, and the 1:1 Risk-Reward Ratio in this trade signals a relatively balanced setup. Always conduct your own analysis and consider your individual risk tolerance before entering any trade. #ForexTrading #TradingSignals #CurrencyPair #ShortTrade #TechnicalAnalysis #RiskManagement #TradingStrategy #ForexAnalysis #Euro #BritishPound #MarketAnalysis #TradeSetup #StopLoss #TakeProfit #FinancialMarkets
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