CHART ART: EUR/GBP JUICYYYY LEVEL FOR YOUR HUMP DAY!

GOOD EVENING STEEMIT!

Happy hump day everybody. I know some of us can have a hard time getting over the midweek hump but we're on the way down toward the weekend now and I'm here to tell you that things are going to be all good! :)

Something that makes everyone happy midweek is an opportunity to make some money and that's an opportunity that I've got lined up for us tonight, delving back into the world of forex.

This is a JUICY setup and after Tweeting it out from my @forexbrokr Twitter account, I am excited to write about my ideas around the levels I've drawn on the charts.

Lets delve straight into it guys!

EUR/GBP Daily

First up as always, I'm looking for a higher time frame level and right here on the daily we've got a clear horizontal line from last year's spike.

But where things get really good, is the daily candle that's formed on the level. Phworr, look at that sexy pin bar!

Now pin bars or doji candles like this don't necessarily mean a pending reversal. All that they signal is indecision.

But when you combine an indecision candle with a higher time frame resistance level like we have here, we definitely have a level that's in play.

EUR/GBP 15 Minute

With a higher time frame level in play, we can then zoom down into the intraday charts and start to look for price action that signals the level is holding.

Here on the 15 minute chart, it's just simply looking for previous short term support turning to resistance and giving us an entry level.

The first entry should see your stop above the higher time frame level and then each subsequent step that we get retesting short term support as resistance will see us add into our original position with a tighter stop.

This is where we can build BIG positions and get year defining trades out of what would normally just be another 1 to 3 risk reward trade.

See, hump day isn't so bad afterall, is it :)

Peace!

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Related @forexbrokr CHART ART Blogs

If chart setups that I've spoken about before are related out then I'll leave them here.

CHART ART: I've Jumped the Gun on USD Weakness. Check out the DXY!
CHART ART: EUR/USD Bull Flag Breaking Out?

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Blogging about markets is all about sharing ideas and making us see all possible angles. I look forward to having you follow along and reading what you throw at me.

Twitter: @forexbrokr
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