{"id":61584,"date":"2014-10-08T09:55:01","date_gmt":"2014-10-08T13:55:01","guid":{"rendered":"http:\/\/countingpips.com\/?p=61584"},"modified":"2014-10-08T09:39:12","modified_gmt":"2014-10-08T13:39:12","slug":"eurgbp-renko-technical-analysis-staying-short-from-0-7889","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/10\/eurgbp-renko-technical-analysis-staying-short-from-0-7889\/","title":{"rendered":"EURGBP Renko Technical Analysis, Staying Short from 0.7889"},"content":{"rendered":"<div id=\"inves-3832930816\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">October 8, 2014<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By RenkoTraders<\/strong><\/p>\n<p>EURGBP Renko chart below is of the 25pip fixed box Renko. The chart shows a bearish flag pattern that was formed, with price breaking below the flag pattern. The bearish flag was further confirmed by a double top pattern that was formed, indicative of a drop to the downside.<\/p>\n<p>While price did manage to break the bearish flag, it was done so without any retracements. Furthermore, price also cleared the main support level at 0.78891. The current rally with the bullish Renko bricks points me to the direction of a rally that could stall and reverse near 0.78891.<\/p>\n<p>One of the reasons that 0.78890 stands out is that down trend line plotted. It shows a good confluence with the .7889 level. Of course, the risk here a break out of this trend line which could shift the bias to the upside, probably to test the double bottom low at 0.7914.<\/p>\n<p><a href=\"http:\/\/renkotraders.com\/wp-content\/uploads\/2014\/10\/eurgbp-renko-technical-analysis.png\" rel=\"prettyphoto lightbox-0\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-256\" src=\"http:\/\/renkotraders.com\/wp-content\/uploads\/2014\/10\/eurgbp-renko-technical-analysis-600x265.png\" alt=\"EURGBP Renko Technical Analysis Chart\" width=\"600\" height=\"265\" \/><\/a><\/p>\n<p>To the downside, a successful reversal near 0.7889 or even 0.7914 could see a conservative target to 0.7529 levels. I call it conservative as it is a measured target of the bearish flag, from the point there was a small term reversal.<\/p>\n<p>Trading the EURGBP, I\u2019d prefer to place a small position at 0.7889 followed by another short order at 0.7914 with stops for both coming in at 0.80141, targeting 0.7539 lows.<\/p><div id=\"inves-3725502527\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>The post <a href=\"http:\/\/renkotraders.com\/renko-trade-signals\/eurgbp-renko-analysis-short\/\" rel=\"nofollow\">EURGBP Renko Technical Analysis, Staying Short from 0.7889<\/a> appeared first on <a href=\"http:\/\/renkotraders.com\" rel=\"nofollow\">Trading with Renko Charts<\/a>.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~r\/renkotechnicalanalysis\/~4\/bGOuhqqlhlw\" alt=\"\" width=\"1\" height=\"1\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By RenkoTraders EURGBP Renko chart below is of the 25pip fixed box Renko. The chart shows a bearish flag pattern that was formed, with price breaking below the flag pattern. The bearish flag was further confirmed by a double top pattern that was formed, indicative of a drop to the downside. While price did manage [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-61584","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/61584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=61584"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/61584\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=61584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=61584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=61584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}