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EURGBP Long on 4HR - 80 pips - Now on the 1HR it is cooking for Short

Let's look at 4HR Long 1st:

  1. We have hit Support which was previous Resistance

  2. We have a Plutus Long pattern with SI Ratio 15.1/5.1 =2.9 which happened at Support Level which also happen to be the 50 EMA therefore we have a three factor confluence.

That was a high probability long trade esecially after the up break. After the up break we have a Plutus Reversal Long pattern, 80 pips move.

Now let's look at the current situation were we have almost hit the 61.8 Fib coming from the Daily chart. Looks like weakness came in on the 1HR chart.

  1. Highest volume at the top close to 61.8 Fib with any progress to break the Fib

  2. Plutus Short Pattern with SI ratio 14.4/4.8=3

Just entered Short despsite the general weakness of GBP. Risky let's see.

This is the magic of Speed Index.



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