Vladimir Ribakov breaks down a bullish EUR/GBP setup using Bollinger Bands, Fibonacci retracements at 38.2%, and a higher-highs/higher-lows structure on the 4-hour chart. He identifies psychological support at 0.8750 and recommends buying dips, watching for divergence on higher timeframes to signal an exit.
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Hello traders, how are you? Vladimir Ribakov here from Traders Academy Club and welcome to the Forex Day Trading Idea. Today we are, believe it or not, the first day of October 2019. So happy fall time to everyone. I hope you enjoy the period and I wish you a wonderful Uh, so first of all, thank you very much for, uh, watching and finding the time for that. In today's list is the euro versus the pound. For all those of you who are new to the, uh, day trading ideas, right now on the top right corner of the video you would find the direct link to the playlist of all the day trading ideas. So, um, you can follow up. And of course, if you are watching for the first time, welcome to our family, our community. Subscribe button is right below the video. Just remember to enable the notifications so you are notified when I upload a new video and new trading idea for you. And meanwhile, I invite you to join our live trading rooms and to enjoy all the trading ideas we discuss day after day. You can also follow our free Telegram channel for interesting ideas and educational materials. And if you enjoy the work I do for you and this kind of videos, let me know in the comments below the video. So what do we have on the euro versus the pound and why this is so interesting? Well, the rally already started. We discussed about that yesterday in the live trading room, but I believe it has More to offer. So we are in a double cycle of the euro pound Bollinger Band bend to bend movement with duplication area reached some massive supportive area in a psychological zone 087.50 bullish divergence appears in the play here. The bounce is expected if we drop Fibonacci numbers. We can figure out that we have some sexy areas to aim to. We have it one here around the 38.2 with this sort of double spike top on the move on the way down, maybe even slightly higher to the next resistance area, but definitely the rally seems having a room. Watching on a 4-hour chart, we are building up here a bullish structure of higher highs, higher lows. And as you can see, we are gaining some momentum here. The distances are getting bigger and bigger. And right now we are building here up some beautiful sort of a channel. So this, assuming this was the first leg We now expect the second leg to develop. Four-hour chart is only potential divergence, which will have to be approved on the one-hour chart. This one has nothing yet to offer, and the daily has nothing against. As discussed before, we have some clearance area on this area, on this zone. Very good assumption: the pair will try to go there. So the way to join that would be to look for retraces. By the way. If we check on the momentum or trending conditions on the short term, we will find out on the SRS, uh, you would find out that we are also in a bullish momentum structure right now. That was a very nice setup here during, uh, the day with this breakout inside this ranging pattern. And the reason I love such setups, because when we create higher highs, higher low structure that define a bullish trend, and then we are forming 2 waves or a range, uh, corrective cycle, with very high probability the next direction would be the break in the main direction. So buy retraces would be still the plan for this pair. Of course, we can drop, uh, from here lower, but basically you can see we have a very nice supportive area on this zone. We have this dynamic trend line, of course. Next supportive area zone is right here, and I do expect that retraces to these areas should provide us the next bullish continuation. The continuation up should continue, should go keep going until the 4-hour and the 1-hour would manage to go and create a divergence That's all for now. So my view is bullish. What is your view? Are you bullish? Are you bearish on this pair? What level are you trading and you expecting? Let me know in the comment section, and let's see where are we in agreement or disagreement in this one. Thank you very much for your time watching this video, and for more trading ideas on daily basis, I invite you to join our live trading room in Traders Academy Club. The links to do so are right below. The video in the description. So that's all for today. Thank you for watching. I'm Vladimir Ribakov of Traders Academy Club, and I'll see you soon with other videos.
