EUR/GBP - What a great pair to trade!

Hi,

I have just recently started to trade this pair and I was wondering what you mean by critical prices?

Thanks heaps!

Hi LM,

On the marketscope chart, highlight the "period box" and manually insert the desired tf.

For example:

1. For a 10 minute chart you insert - m10
2. For a halfday chart you insert - h12
3. For a 3 day chart you insert - h36 or d3

hope that helps.

Okay sm.
As mentioned before, I could be tad early with this long, but I still reckon I got in at a good price. So much to gain, so little to lose kinda thingy for me. The other contributing factor to my bias shift is prolly because I am currently heavily short the gbpjpy & gbpusd.
Time will tell. Hope you are trading well sir

.8700 is a big number and previous weekly support. I will be looking for signs now, but not necessarily to go long - it might take a while to turn this truck round. Other pairs are interesting just now...

It's look like the 0.8700/0.8720 barrier resist pretty much well... as for now.

It's the first time since the 11th of January we have a bull candle H4 !!! (this candle it not close as from now and things could change fast !)

Price cannot go under 0.8700/0.8690, always rejected during all the asia session and currently the price is pushed up by the European session.

MPC Minutes iin 30min should help to define a clear direction.

GL !

Just Waiting For Closing Daily Candle To See If It's A Retracement Or Not...

Back to the daily low...

My BuyStop triggered this morning @ 0.8707 SL 0.8652 TP 0.8810

R:R = 2:1; probability (subjective) = 50%

After Breaking Major Support, EUR/GBP Looks Ready to Correct

Taking a look at the EUR/GBP, the downtrend is way over extended being in this first bearish wave for 7 days now. Using The Quarters Theory, when a wave is over extended, technically, retracement is imminent (and even welcome as it can reset the trend strength). Also, it is prudent to note that when a first wave is over extended, then a failure of the continuation second wave is more probable.
Given that, using Fibonacci levels, we see that a correction can take us as high as 0.8859, the 50% Fibonacci level on the daily chart, and the downtrend would still be intact. Resistance before that level can be found at 0.8750, 0.8800, and 0.8831. These levels were all major support levels on the way down and may provide resistance if price were to rally.
To me, what really makes the case for this bullish scenario is GBP’s reaction to news out of the UK this morning. The Bank of England (BoE) minutes were released and revealed that the central bank unanimously held rates and quantitative easing steady. This revelation failed to support the hawkish rhetoric coming from BoE officials last week and, therefore, the GBP has weakened. Unemployment came in lower-than-expected which is a good sign for the British economy but until GDP actually shows a positive number, good economic data will have a limited positive reaction on sterling.

source : http://fmfx.tumblr.com/post/34416519...bp-looks-ready

Free Fall time

I was about 9 pips away from getting my ass handed to me

Pivot: 0.9150
Our Preference: SHORT below 0.9150 with targets @ 0.86 & 0.84.
Alternative Scenario: Above 0.9150 aim @ 0.94.
Comment: The pair has broken below its strong support, the RSI is badly directed.
Trend: ST Ltd Downside; MT Range, we have been bearish since 21 OCT 2009 (0.9004).
Key levels Comment
0.9800 *** Horizontal resistance
0.9400 *** Horizontal resistance
0.9150 *** Pivot point
0.8694 Last
0.8600 ** Horizontal support
0.8400 *** Horizontal support
0.8200 ** Horizontal support

SOURCE : http://www.forexyard.com/analyzer/en....html?iframe=0

We are at the bottom of a neat channel. Not the best place to short, in my opinion, nor to long. I was expecting a slow down and maybe some consolidation. Instead it accelerated and I didn't bother to use the M5/M15 charts to get a shoehorn in.

HOURLY


On the weekly chart .8635 was tested last February 2009 before reversal. This is the second arrow. The blue S/R lines are set at .8650

WEEKLY


If anyone would be interested I'll post my views on the price action we are going to see soon, when it happens.

Daily is oversold.........



but weekly is got room to go......



carefull with longs.......

What are your views with price action? Thanks heaps for sharing.

So where do you guys think support will be??

0,86 og 0,84?


cheers

I'll let you know when I see something on which I can give an opinion. In the meantime, if I were short which I'm not, my stops would be somewhere above the upper trend line

As soon as we keep this S3 (0.86529) out of bears, i start to strongly believe, looking at the PA + some MA that the price start having strong bottom here... a break under 0.8630/40 will change my mind.... BUT it's look like we are near a small or big (?) correction.

I would NOT take a long now but really think to close my shorts....

Time will tell now.

Hey dswk at least you're still in, I closed my shorts a bit early.

ZZZzzzzzz. Gnite Don't let it do anything while I'm gone.