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EUR/GBP - What a great pair to trade!

  • #281
  • Jan 26, 2010 4:09am Jan 26, 2010 4:09am
My H4 bar closes in an hour. If it closes fairly solid I'll be taking a shot off the top, long with an initial TP the length of the bar. This is because it will be a bullish, engulfing bar. It may take a while to reach, I'm not sure.

I also see bullish divergence off the double bottom. I won't post a chart because this is not an A+ in my book. Others may see it differently. Also, if we get a solid break above .8800 then the double bottom gives us a target of .8920.

What does anyone else think?
Gone to a better place
  • #282
  • Jan 26, 2010 5:16am Jan 26, 2010 5:16am
FOREX VIDEO - European Outlook January 26th 2010

speak about eurgbp at the beginning.
  • #283
  • Jan 26, 2010 5:38am Jan 26, 2010 5:38am
Quoting dswk
FOREX VIDEO - European Outlook January 26th 2010

speak about eurgbp at the beginning.
Thanks - I watched that video and I rate that guy. EUR/GBP is not my favourite pair at the moment. I have buy stops sitting at .8752 but I don't have highest hopes for them. However, the EUR/USD continuation I do agree with - the flag break out which I traded but made a molloch of - everything.
Gone to a better place
  • #284
  • Jan 26, 2010 7:40am Jan 26, 2010 7:40am
EUR/GBP intraday: continuation of the rebound.

Pivot: 0.87
Our preference: Long positions above 0.87 with targets @ 0.878 & 0.88 in extension.
Alternative scenario: Below 0.87 look for further downside with 0.867 & 0.865 as targets.
Comment: the RSI is bullish and calls for further upside.
Key levels
0.8825
0.88
0.878
0.8748 last
0.87
0.867
0.865

if yes.... !
Attached Image
  • #285
  • Jan 26, 2010 9:18am Jan 26, 2010 9:18am
Quoting chonchy
" Heat Maps" could you please post a chart on this Heat Maps, thanks in advance, never heard of this before, sorry for my ignorance
hey no worries man is hard to keep track on things
Yeah sure heat map, the link i use is FXSTREET.COM gives you an over of the currencies helps for trading days really than the one day thou have used it for that before got 50 pips constantly. thou get into the trades around 10 an night british time.

heat map in in technicals, or goggle search it, but yeah fxstreet is the best.

what it is tells you monthly weekly day and 4 hourly

red for sell
green for buy colour system easy to understand
need help on it be happy to help
  • #286
  • Jan 26, 2010 9:46am Jan 26, 2010 9:46am
Hi:

I'm a new trader and saw your thread. This pair does seem to trend more than many other pairs. The market has been a bit choppy for me.

What do you suggest as a the initial stop when trading this pair? I don't like getting unnecessarily stopped out.

Markmania
All's fair in love and trading
  • #287
  • Jan 26, 2010 8:20pm Jan 26, 2010 8:20pm
Quoting swano
hey no worries man is hard to keep track on things
Yeah sure heat map, the link i use is FXSTREET.COM gives you an over of the currencies helps for trading days really than the one day thou have used it for that before got 50 pips constantly. thou get into the trades around 10 an night british time.

heat map in in technicals, or goggle search it, but yeah fxstreet is the best.

what it is tells you monthly weekly day and 4 hourly

red for sell
green for buy colour system easy to understand
need help on it be happy to help
thanks a lot swano, one more tool for my box, thanks a lot
The Chonchy
  • #288
  • Jan 26, 2010 8:26pm Jan 26, 2010 8:26pm
Quoting Markmania
Hi:

I'm a new trader and saw your thread. This pair does seem to trend more than many other pairs. The market has been a bit choppy for me.

What do you suggest as a the initial stop when trading this pair? I don't like getting unnecessarily stopped out.

Markmania
if you don't like to get stoped out get out while you can, looses are a comun thing in forex buddy until you become very, very good at it, after 15 or 20 years of practice, just think about an amount of money that you are willing to loose in a trade an adjust your stop to that, for example if I have 1000 dollars and I want to risk 20 dollars then I set my stop loss to 20 pips and I enter a one dollar a pip lot, hopefully I should make at least 20 pips with this risk, I hope this help but if you are new, you bether study a lot first on a demo and then after you learn then try small losts on the real but practice a lot and most of all read a lot first, there is a lot of good material in this treads that you can learn without waisting your hard earn money, read and practice a lot first and then think about a stop, my 2 cents
The Chonchy
  • #289
  • Jan 26, 2010 8:36pm Jan 26, 2010 8:36pm
Quoting dswk
EUR/GBP intraday: continuation of the rebound.

Pivot: 0.87
Our preference: Long positions above 0.87 with targets @ 0.878 & 0.88 in extension.
Alternative scenario: Below 0.87 look for further downside with 0.867 & 0.865 as targets.
Comment: the RSI is bullish and calls for further upside.
Key levels
0.8825
0.88
0.878
0.8748 last
0.87
0.867
0.865

if yes.... !
agree with this scenario dswk, lets see
The Chonchy
  • #290
  • Jan 26, 2010 8:53pm Jan 26, 2010 8:53pm
Quoting swano
hey no worries man is hard to keep track on things
Yeah sure heat map, the link i use is FXSTREET.COM gives you an over of the currencies helps for trading days really than the one day thou have used it for that before got 50 pips constantly. thou get into the trades around 10 an night british time.

heat map in in technicals, or goggle search it, but yeah fxstreet is the best.

what it is tells you monthly weekly day and 4 hourly

red for sell
green for buy colour system easy to understand
need help on it be happy to help


okz... if u dun mind...


if now we are looking at usd against other pairs... against gbp and cad it is red while others is green...

so does that say abt the overall usd?
  • #291
  • Jan 26, 2010 8:53pm Jan 26, 2010 8:53pm
Quoting swano
hey no worries man is hard to keep track on things
Yeah sure heat map, the link i use is FXSTREET.COM gives you an over of the currencies helps for trading days really than the one day thou have used it for that before got 50 pips constantly. thou get into the trades around 10 an night british time.

heat map in in technicals, or goggle search it, but yeah fxstreet is the best.

what it is tells you monthly weekly day and 4 hourly

red for sell
green for buy colour system easy to understand
need help on it be happy to help


okz... if u dun mind...


if now we are looking at usd daily against other pairs... against gbp and cad it is red while others is green...

so does that say abt the overall usd?
  • #292
  • Jan 26, 2010 9:22pm Jan 26, 2010 9:22pm
Quoting Blacknightz
okz... if u dun mind...


if now we are looking at usd daily against other pairs... against gbp and cad it is red while others is green...

so does that say abt the overall usd?
could be an implication of choppiness.
  • #293
  • Edited 5:53am Jan 27, 2010 2:51am | Edited 5:53am
This pair's ranging antics provided me with some interest this morning. In the grey box you can see a Donchian "squeeze" or "compression". The range is 16 pips and the ATR indicator reads about 10. If the range is less than ATR*3 then we are due for a break out. As soon as it broke out down (I was expecting up) I set 2 trades, each at the break out point with a stop loss of 16 pips. TP1 is 16 pips. TP2 is the trailing Donchian channel.

Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp100127m30.gif Size: 26 KB


When I saw the pin bar forming on the hourly this was a warning that my break out was false but I had plenty of time to close my trades and TP1 was reached. I have now set a Donchian break out trade in the other direction. and a market order on the hourly pin bar. This is my version of scalping.

Hope this is of interest...

P.S. The moving averages are 200sma and 30ema (Laguerre filter line equivelant)


Edit: The above longs cancelled shortly before news
Gone to a better place
  • #294
  • Jan 27, 2010 3:19am Jan 27, 2010 3:19am
Red news in just under two hours. The CBI estimates are expected to be down, but if they are even lower then this pair will shoot up. 11 am UK time.

I was watching interviews with retail traders on television last night and they were not happy people.

I am also seeing bullish divergence on EUR/USD H1
Gone to a better place
  • #295
  • Jan 27, 2010 4:08am Jan 27, 2010 4:08am
Quoting Markmania
Hi:

I'm a new trader and saw your thread. This pair does seem to trend more than many other pairs. The market has been a bit choppy for me.

What do you suggest as a the initial stop when trading this pair? I don't like getting unnecessarily stopped out.

Markmania
Just be aware of the position sizing on EUR/GBP. Indeed, this pair trends a lot, indeed, this pair moves "less" (lower ATR) than the rest, but the pip value is higher, so 30 pips SL in EUR/GBP is much more "expensive" than 30 pips SL in EUR/USD..

Cheers
Many share my views with me. But I don't share them with them...
  • #296
  • Jan 27, 2010 4:40am Jan 27, 2010 4:40am
Quoting Blacknightz
okz... if u dun mind...


if now we are looking at usd against other pairs... against gbp and cad it is red while others is green...

so does that say abt the overall usd?
well first you read the chart top then across

ok

4 hourly and dayly is in the red sign of weakness and the others are green

what you ve got to find is what is the best pair to trade

normal usd jpy are because they seem to do the opposite of each other

clear weakness is red in all charts monthly weekly dayly 4 hourly

what is somtimes good if you get monthly weekly dayly all red but green 4 hourly

so look at the chart do your studies and maybe you might be able to get a good price entry before the 4 hourly goes red to and bring in the pips

but saying that even when it has been red 4 hourly ive made 50 pips

avoid big candles and round numbers
thou rule of thumb

yeah but trade red again green sell
green against red buy
but look at a thing called trade weight index tells you the trading of each pair

like gbp strong with euro
usd cad
usd jpy
hope this helps
  • #297
  • Jan 27, 2010 4:53am Jan 27, 2010 4:53am
ok this is going to sound dumb but

trading usd jpy now selling

but have a question on fib retracement when the price is down?

do you start at the top of the higest candel to the lowest candel top( high price) or bottom( low price)?


or undernethe the top candel
to undnether the bottom candel

bit of a derh question
  • #298
  • Jan 27, 2010 5:12am Jan 27, 2010 5:12am
-8 CBI .. thought will force GBP down .. and E/G UP ... but no move ..
  • #299
  • Jan 27, 2010 5:14am Jan 27, 2010 5:14am
Yes ILoveFF.... I not really understand as for now ....
  • #300
  • Jan 27, 2010 5:38am Jan 27, 2010 5:38am
Quoting dswk
Yes ILoveFF.... I not really understand as for now ....
Might be Big Guys are waiting for
New Home Sales

Or we will see some action after NY open ...

I have a Pending Buy Order ... dont know what next ....
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