Can I expect EUR/GBP to go back down?

Yes, but I don't have any margin to play with anyway, so getting out would just be giving up to gain no money anyway. So might as well hold on and prey

How far does it need to go down?

Remember that in a ranging market, things usually work in reverse. Most of the advice that traders banter around applies to trending markets. Maybe that's why the majority of traders lose money, since the market ranges most of the time.

This particular pair, as Scott said, is rangebound.

In a ranging market:

1. You buy weakness and sell strength.

2. Fade breakouts.

3. Adding to a loser is often a good strategy and will work out fine if the market continues to range.

4. Holding onto a loser is not a problem if the market continues to range. It will come back.

In a trending market:

1. You sell weakness and buy strength.
2. Trade breakouts.
3. Adding to a loser will increase losses assuming it keeps on going.
4. A losing trade will only get worse so you get out as soon as you see it's going against you.

If the pair EUR/GBP breakes the level 0.7020, it will denotes a long term buy. Sorry, man, but it seems to me, you'll have some problems

Maybe that'll teach him to use stop losses!

We're only talking 80 pips to get him back in shape.

He's waited this long.

I need it to go back down to 0.6760 since the beginning of September before it decided to go up. Damn, it's been that long
A few months already. Well, January 07 it was around 0.6534, maybe this January will be there again

oooo Ouch. You are patient, I'll give you that.

How'd you manage to do that? Did you maybe read "Bird Watching in Lion Country?" It's been awhile since I read that, but I believe his strategy would have put you exactly where you are right now. Trade a range grid with no stop.

I'm sure you can guess how I know this. Chalk it up as a lesson. ALWAYS use a stop loss.

Attached is a clever spreadsheet, I don't know who did it, but it's better than the one I did. You may need to go to column O and plug in more recent fudge factors. It will help you calculate your stop or position size.

You shorted it just before the NR crisis? Bummer! But... there's a good lesson it for you which might be missed if the pair returns back to where you want it. Of course it will feel good, but prolly in the long run it isn't.

Come on, you can do it Now 0.6920