So as we wait for our EURGBP trade to unfold, There is something else on the radar that we can be taking advantage of. This is a structure trade using some simple tools to validate and confirm the trade. The trading opportunity comes from the outlook on the trading timeframe, and recent sentiment on the + the correlation of USDCAD and black crack( oil ) adds it to my bias, we start looking for opportunities.
(BTW we do this everyday inside of Forex TV our live trading room)
In this one, its pretty simple, price broke levels of support, and now its coming back up to retest and resistance. We put in a 1 to 1 measured move, we have with s/r and if price is able to give a valid which its forming right now, we might have our entry technique to get in the trade(just waiting on that divergence from the ).
The targets for this trade are going to be at the previous support and then we are also predicting a longer move to the downside atleast up till the 1.618 which lands right above a previous support look alllll the way left.
Like always, if you have any questions feel free to comment below