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EURGBP

  • Post #1
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  • First Post: Dec 1, 2008 8:31am Dec 1, 2008 8:31am
I have set SELL PO just below Fib 76.4 - Hope she can arrive there to pick up my PO targetting retest FIb 50.0 to 76.4 down..

High TL will act as resistance and hopefully tough one..
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PO hit last night but unfortunately my SL as well and burnt -40pips.
Price did reached High TL and bounce from there. Open another position @ 0.85XX with SL few pips above yesterday high - TP will be yesterday low..

I may tempted to open another position if price did retest mentioned TL.

I still believe we will go down and give my green pips ..
But if High TL breached - and so are me..

Pls Trade at Your Own Risk
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  • Post #3
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  • Edited 9:48am Dec 2, 2008 4:57am | Edited 9:48am
Your sellimit should have been set @ the UTL, not @ the fibo level you have there. Stop should have been 15 pips above the UTL, and you would have caught a few pips on the down move. This looks like a possible bullish flag to me and the upper border is retested once more. We might get another leg down to the LTL. Im not trading EUR/GBP as its too slow for me. Just keep it simple

edit : no breakout as price failed to close above the upper border. price still inside the possible bullish flag
last 2 bars still not managed to close above upper TL.
current bar are trying again.

my last 2 day trade resulting 100++ -ve pips..
I will consider open position once current bar close in next 100minutes.
breakout - I will BUY targetting Nov 95 high
bounce - I will SELL targetting yesterday low ..

Pls Trade at Your Own Risk
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Redraw upper TL..
I think bounce we are for retracement..

Now will wait to enter SELL at highest price I can get and hope for few pips

So, Trade at Your Own Risk
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Price still just below upper TL..
Me just SELL with very tight SL just above recent high 0.8549 with TP Fib 50.0 Down..

Pls Trade AT Your Own Risk
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Your UTL is drawn incorrect and makes no sense at all meaning its not technically significant. I think you should go thru the basic steps one more time
My short burnt with -15pips

I think break-out to UP now.

Now me long exactly at upper TL targetting Nov 95 high
SL few pips below today low

So, pls Trade at Your Own Risk
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I have redraw my upper TL and now price just above it..
If next 4HR bar close above it I may just BUY it..
But I think we may retrace first before further UP.

My BUY yesterday still on and already in Green few pips

So, pls Trade at Your Own Risk
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You should stop trading if your doing this on live account. The bullish flag was broken long time ago and your TL's are not significant.
Quoting belekas
You should stop trading if your doing this on live account. The bullish flag was broken long time ago and your TL's are not significant.
OK - It is my Live account I trade base on this setup..
Why should I Stop when It give me my few green pips I need to?
I know the word bullish flag but I don't really know what that is ..

Should I know in details this Bullish Flag ? Your word are scary , make me nervous ..

Thank you sir...
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I went BUY again when current BAR retrace to my projected upper TL..
SL few pips below my projected TL..
My projected TP , I will use FE - so I will set both my position TP at FE 61.8 @ 0.876X ..

So, pls do what others do best ..
Trade At Your Own Risk
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This has been posted by a very good trader in another thread. So heres the link to the post. Click here
I haved draw few lines I believe will be resistance from this pair further going UP..

I believe last night high are the highest she can go for time being ..And if she still want to go further UP before retrace , the next level would be @ FE 61.8 @ 0.876X and retrace we are after that..

After that or before - I'm looking retracement down to Fib 61.8 and along Higher Low TL and bouncing back UP.I will re-draw Fib level if she decided to go FE 61.8

I have closed one of my position at 0.87XX level and let the other RUN till my projected TP FE 61.8 with SL already on green almost hundreds pips..

Pls note , this is just my novice analysis purely base on TA only.
So, Pls Trade At Your Own Risk .
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Look like we are going for retrace but with big fundies news tonight I really don't know which way will she go..

As per earlier - me still looking for retracement down to Fib 61.8..
I got a feeling we might see Low TL (orange) maybe next week whenever Higher Low TL give away..

I haved closed my Long with reosonable green pips . Thought wanna short when she fail to breach yesterday high but I will pass it for today..

So Pls Trade At Your Own Risk
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Can't stop staring at the chart and me face the consequences by shorting @ 0.869X with believe she will go for retrace..

TP set for Fib 61.8 ... with SL few pips above recent high..

I will be very nervous trading during NFP - normally prematurely I will close my position.. Let see what pips color she give me ...

So pls Trade At Your Own Risk
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hi there

Looking in at the hourly chart, the GBPUSD rally from 1.4554 is clearly corrective. While this could be the beginning of a flat or triangle, it may also be a completed correction at 1.5539 that will lead to new lows. Further, the decline from 1.5539 counts well as an impulse." I had been looking for a rally back to the 1.50/52 zone in order to get bearish, but 1.4819 is all the bulls could muster. Staying below there keeps bears firmly in control.

Regards
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Quoting ForexJam
hi there

Looking in at the hourly chart, the GBPUSD rally from 1.4554 is clearly corrective. While this could be the beginning of a flat or triangle, it may also be a completed correction at 1.5539 that will lead to new lows. Further, the decline from 1.5539 counts well as an impulse." I had been looking for a rally back to the 1.50/52 zone in order to get bearish, but 1.4819 is all the bulls could muster. Staying below there keeps bears firmly in control.

Regards
I agree - cable just retrace.. I'm looking at 4HR and the highest she could go would be Fib 50.0 exactly at 1.5 & Lower High TL lies then drop we are , who knows we might see 1.4 soon..So if I'm gonna trade cable next week , I would SELL from bounce at those projected level.

This only novice view , pls don't take,follow or believe blindly.

Pls Trade At Your Own Risk
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Quoting ForexJam
hi there

Looking in at the hourly chart, the GBPUSD rally from 1.4554 is clearly corrective. While this could be the beginning of a flat or triangle, it may also be a completed correction at 1.5539 that will lead to new lows. Further, the decline from 1.5539 counts well as an impulse." I had been looking for a rally back to the 1.50/52 zone in order to get bearish, but 1.4819 is all the bulls could muster. Staying below there keeps bears firmly in control.

Regards
A close look at EurGbp will reveal that a top is forming and a bull rally might be on the way for the Pound.
trying my luck again by shorting with SL 15pips only(just above today high)...Still believe will go down...
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