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EUR/GBP Trading Room

  • #61
  • Oct 30, 2007 6:18pm Oct 30, 2007 6:18pm
I'll throw my hat into the ring.....I hate this pair. This is reason enough to learn to trade it in my opinion.

Obviously, this is not a scalper's pair, and that's a good thing.

I could (possibly) learn some patience with this.

I can also see how nothing tends to trend like this pair. (Or bounce to exact levels.) I was looking at a weekly chart, and until recently, it was a perfect trend line up.

Could be worth trading, now that I have "stepped back" and reevaluated it.

Besides......my broker is now trading it with a 3 pip spread, instead of 4 like earlier.

However, I would have to say that this is a pair that probably won't givve me many signals, but I have always wanted to hold onto a trade for a few weeks. This one could be the opportunity I have been waiting for.

By the way, I have to agree - I can't stand Elliot Waves.....but I also have to agree - I LOVE Dave's Analysis. I read all of his posts.


Clockwork
  • #62
  • Oct 30, 2007 6:26pm Oct 30, 2007 6:26pm
This is a good scalping pair, it just doesn't work for you.

Quoting clockwork71
I'll throw my hat into the ring.....I hate this pair. This is reason enough to learn to trade it in my opinion.

Obviously, this is not a scalper's pair, and that's a good thing.

I could (possibly) learn some patience with this.

I can also see how nothing tends to trend like this pair. (Or bounce to exact levels.) I was looking at a weekly chart, and until recently, it was a perfect trend line up.

Could be worth trading, now that I have "stepped back" and reevaluated it.

Besides......my broker is now trading it with a 3 pip spread, instead of 4 like earlier.

However, I would have to say that this is a pair that probably won't givve me many signals, but I have always wanted to hold onto a trade for a few weeks. This one could be the opportunity I have been waiting for.

By the way, I have to agree - I can't stand Elliot Waves.....but I also have to agree - I LOVE Dave's Analysis. I read all of his posts.


Clockwork
  • #63
  • Nov 2, 2007 6:55pm Nov 2, 2007 6:55pm
Looking at the daily action here in the eur/gbp I see this guy is range bound and so neutral stance for me..

It had a nice thrust up and then simply lost momentum. So for now I personally don't see much to get excited about from a daily perspective..

http://img205.imageshack.us/img205/5480/eurgbplv6.png
Check Mate GAME OVER
  • #64
  • Nov 9, 2007 12:22am Nov 9, 2007 12:22am
...
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  • #65
  • Nov 9, 2007 12:32am Nov 9, 2007 12:32am
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  • #66
  • Nov 9, 2007 1:39am Nov 9, 2007 1:39am
i see that there are a few negative comments about this pair. i think for honing your trading skills it's probably one of the best around(!), not least because it teaches you patience and discipline.

it ranges a lot like most crosses tend to do but it has very strong price action once it trends and is very profitable.
  • #67
  • Nov 9, 2007 8:36am Nov 9, 2007 8:36am
Quoting Isotonic
i see that there are a few negative comments about this pair. i think for honing your trading skills it's probably one of the best around(!), not least because it teaches you patience and discipline.

it ranges a lot like most crosses tend to do but it has very strong price action once it trends and is very profitable.
I don't see the point of making trading harder than it already is by chasing a pair that rarely moves. This pair has a daily range of 35 pips. This summer it has a range of 25 pips per day! It also has one of the widest spreads of any pair. The fact that it has twice the pip value of other pairs is little consolation if it doesn't move.

Since the beginning of October this pair hasn't moved while most other crosses have moved between 200 and 600 pips.

If honing your trading skills means making a couple pips then yes, I agree. If trading means you actually pay your bills with profits then I think you have to look elsewhere.
  • #68
  • Edited 9:54am Nov 9, 2007 8:41am | Edited 9:54am
Quoting philmcgrew
I don't see the point of making trading harder than it already is by chasing a pair that rarely moves. This pair has a daily range of 35 pips. This summer it has a range of 25 pips per day! It also has one of the widest spreads of any pair. The fact that it has twice the pip value of other pairs is little consolation if it doesn't move.

Since the beginning of October this pair hasn't moved while most other crosses have moved between 200 and 600 pips.

If honing your trading skills means making a couple pips then yes, I agree. If trading means you actually pay your bills with profits then I think you have to look elsewhere.

Wow, I do not agree with any part of this statement.

I have been trading this pair live for a year and a half and have done extemely well with it. Because of it's ranging tendency, it offers very high probability trades. Can post stats if needed to back up my point of view.

Eidt, I do agree that it has a small range as stated in the previous post. Sorry, I guess I was wrong, I agree with part of your post... LOL

I think I may have been a little confrontational there and that was not my intent. What I mean is, for me it is not the number of pips available, it is the $$$$ I can make in profit that matters. I would definitely agree that if this were just a trend type trade, there are better opportunities elsewhere.
I just really click with the range(ness) of this pair and have a really good way of seeing setups in range bound markets. So this one is a great pair for me.

I can get carried away when I am passionate about something and Phil you deserve better. So, I am sorry to come across so arragont .
  • #69
  • Nov 9, 2007 11:03am Nov 9, 2007 11:03am
If this guy can get out of the daily range I think a play off a p/b might be possible.. Now the big word being IF
Check Mate GAME OVER
  • #70
  • Nov 9, 2007 11:20am Nov 9, 2007 11:20am
Quoting smjones
I think I may have been a little confrontational there and that was not my intent. What I mean is, for me it is not the number of pips available, it is the $$$$ I can make in profit that matters. I would definitely agree that if this were just a trend type trade, there are better opportunities elsewhere.
I just really click with the range(ness) of this pair and have a really good way of seeing setups in range bound markets. So this one is a great pair for me.

I can get carried away when I am passionate about something and Phil you deserve better. So, I am sorry to come across so arragont .
No worries Scott. We've disagreed before and both lived to tell about it. Regardless, I've always respected and enjoyed your opinions. If I thought everyone would agree with me I wouldn't have made my original comments. If you make pips off of the EURGBP I think that's swell.
  • #71
  • Nov 9, 2007 2:02pm Nov 9, 2007 2:02pm
i think the banter between you guys and phil & ST are probably some of the best exchanges in the TR.

Quoting philmcgrew
No worries Scott. We've disagreed before and both lived to tell about it. Regardless, I've always respected and enjoyed your opinions. If I thought everyone would agree with me I wouldn't have made my original comments. If you make pips off of the EURGBP I think that's swell.
  • #72
  • Nov 9, 2007 2:07pm Nov 9, 2007 2:07pm
it's certainly one for the higher tf's. i think the avg daily range for this pair has dropped over the past few years making it even harder still, so making the spread/volatility ratio less attractive.

i see it as a secondary pair to watch alongside the majors for additional S&R levels, along with the occasional trade.

Quoting philmcgrew
I don't see the point of making trading harder than it already is by chasing a pair that rarely moves. This pair has a daily range of 35 pips. This summer it has a range of 25 pips per day! It also has one of the widest spreads of any pair. The fact that it has twice the pip value of other pairs is little consolation if it doesn't move.

Since the beginning of October this pair hasn't moved while most other crosses have moved between 200 and 600 pips.

If honing your trading skills means making a couple pips then yes, I agree. If trading means you actually pay your bills with profits then I think you have to look elsewhere.
  • #73
  • Nov 12, 2007 8:30am Nov 12, 2007 8:30am
I'll respect the fact that she is trying to get out of the daily range..
Check Mate GAME OVER
  • #74
  • Edited Nov 14, 2007 7:17am Nov 13, 2007 11:48pm | Edited Nov 14, 2007 7:17am
While This pair broke out of daily range, and is still in an uptrend, she has started to throw off a few warning signs. Not of a Trend reversal, though maybe a false break. I'd not be a buyer at these levels, Though in the shorter terms, should an opp. present itself....I'd buy/scalp a break. Unless the pair moves sideways & gets out of OS area, it just may push higher. Than I'd be a buyer.

Did get a fill on the bounce out of Support area at .7020 for 40pips
( = to 80pips )
BTW...spread on this pair 1 during London/NY & 2 during Asian.

S/M/L term trends all up as of posting

UPDATE : Position - FLAT
Attached Image
Proper Prior Planning Prevents Piss Poor Performance
  • #75
  • Nov 14, 2007 8:59am Nov 14, 2007 8:59am
Quoting FxJarhead

This pair broke out of daily range, and is still in an uptrend S/M/L term trends all up as of posting

UPDATE : Position - FLAT
What would it take to make you go long then? A burning bush?
  • #76
  • Edited Nov 15, 2007 2:54am Nov 14, 2007 12:32pm | Edited Nov 15, 2007 2:54am
Quoting philmcgrew
What would it take to make you go long then? A burning bush?

Well Phil,

Nice you should ask!

The "Burning Bush" you refer too happened on the 15m chart ( see chart )

As of posting +50 on this last trade. Combined with the 40 pips x 2 Lots (200k) from the bounce.... +90 for the week on eur/gbp thus far as of posting.
Fxj

UPDATE TO TRADE: As of London Open ( 0300am edt ) Nov.15th/Trailing Stop Moved to .7136 /Also Liqudated 1 Lot ( 100K ) at .7144 = +68pips...... 1 lot remaining (100k)
UPDATE: With in minutes of my last update, Pair failed @ second attempt at .7145 area.....Trailing Stop at .7136 triggered on last remaining Lot ( 100k ) for +60 / Total for week =104pips x 2 lots
Attached Image
Proper Prior Planning Prevents Piss Poor Performance
  • #77
  • Nov 14, 2007 12:44pm Nov 14, 2007 12:44pm
Quoting FxJarhead
Well Phil,

Nice you should ask!

The "Burning Bush" you refer too happened on the 15m chart ( see chart )

As of posting +50 on this last trade. Combined with the 40 pips from the bounce.... +90 for the week on eur/gbp.
Fxj
Hey Jarhead, nice job with this little non moving rascal..hehe
Check Mate GAME OVER
  • #78
  • Nov 14, 2007 12:48pm Nov 14, 2007 12:48pm
Quoting FxJarhead
Well Phil,

Nice you should ask!

The "Burning Bush" you refer too happened on the 15m chart ( see chart )

As of posting +50 on this last trade. Combined with the 40 pips from the bounce.... +90 for the week on eur/gbp.
Fxj
Congrats! It seemed like all the stars were aligned for you, I jsut thought it was strange that you were flat after you made such a great case. Well played.
  • #79
  • Nov 15, 2007 3:14am Nov 15, 2007 3:14am
EurGbp Failed at another attempt at .7145.....Top in place??? Is the pair waiting on News from UK?
Fell hard....20 pips in about an hour.......

My 2 lots have been closed.... 1 at .7144 and the other at .7136 (trailing Stop) Updated the previous post.

Position Flat as of Posting.....will wait to see which way she wants to go.

Fxj

My apologies, The 15 minute chart is not showing the divergence ocurring by way of trend lines.
Attached Images
Proper Prior Planning Prevents Piss Poor Performance
  • #80
  • Nov 15, 2007 4:00am Nov 15, 2007 4:00am
Agreed. I personally think EUR has more room to fall against both USD and Yen than does the GBP, but sterling has been more eager to move so far in the past 2 days. In any case, lots of beautiful short opportunities happening now (actually perfect entry was a while ago) on the majors, yen crosses, AUDUSD..you name it. I see no reason whatsoever to look here atm.

Quoting FxJarhead
EurGbp Failed at another attempt at .7145.....Top in place??? Is the pair waiting on News from UK?
Fell hard....20 pips in about an hour.......

My 2 lots have been closed.... 1 at .7144 and the other at .7136 (trailing Stop) Updated the previous post.

Position Flat as of Posting.....will wait to see which way she wants to go.

Fxj

My apologies, The 15 minute chart is not showing the divergence ocurring by way of trend lines.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
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