Ascending trend line break/0.786 retest short trade on EUR/GBP
We sold the Euro and bought the Pound because we saw the break of an ascending trend line on the daily chart and multiple retests of the 0.786 level on the Fibonacci retracement tool.
We were below the 200 SMA line on the daily, the four hour, the one hour and the fifteen minute chart.
We were below the 50% line on the RSI indicator on the daily, the four hour, the one hour and the fifteen minute chart.
We had a steep descending trend line falling into our stop loss area, which should soon offer us extra protection from being stopped out of the trade.
We had a double top form on both the one hour and the fifteen minute chart and we saw RSI divergence on the four hour and the one hour chart.
We will reduce the broker's edge over us by earning money from selling a currency which offers a lower central bank interest rate and buying and holding a currency with a higher central bank interest rate by way of positive swap payments, due to the ECB offering a 0.0% base rate and the central bank of the United Kingdom offering a 0.75% base rate.
We were below the 200 SMA line on the daily, the four hour, the one hour and the fifteen minute chart.
We were below the 50% line on the RSI indicator on the daily, the four hour, the one hour and the fifteen minute chart.
We had a steep descending trend line falling into our stop loss area, which should soon offer us extra protection from being stopped out of the trade.
We had a double top form on both the one hour and the fifteen minute chart and we saw RSI divergence on the four hour and the one hour chart.
We will reduce the broker's edge over us by earning money from selling a currency which offers a lower central bank interest rate and buying and holding a currency with a higher central bank interest rate by way of positive swap payments, due to the ECB offering a 0.0% base rate and the central bank of the United Kingdom offering a 0.75% base rate.