As I promise before in my Twitter account, I will show you how I put a sell order on EURGBP. This trade hasn’t been triggered, but the signal is still valid.
I’ve discussed EURGBP here. From the daily chart below, we can see that price broke the support level then pullback higher and retest the old support level which now act as the new resistance level. On the 4-hour chart, price formed a Bearish Engulfing Bar, rejecting the resistance level and stick out compare to the previous chart. I decide to open 2 sell stop position below the Bearish Engulfing Bar, with stop loss few pips above the signal. The short signal is still valid since the price hasn’t broken the high of the Bearish Engulfing Bar.
OP: sell stop at 0.7699, SL: 0.7759, TP 1: 0.7650, TP 2: 0.7585
- Adjust stop loss to break even if the price reach first target.
- Cancel the trade if the price could break the high of the Bearish Engulfing Bar.
EURGBP daily chart
EURGBP 4-hour chart