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EUR/GBP - What a great pair to trade!

  • #301
  • Edited 11:03am Jan 27, 2010 10:33am | Edited 11:03am
I'm waiting to see if this major support @0.8660/50 is broken or not.
If not, possibly aim 0.8850 as retrace before any other leg down.
If break ... hum ... how deep is this cave ?
  • #302
  • Jan 27, 2010 10:57am Jan 27, 2010 10:57am
This is my trade. Long at the break of this H2 pin. I don't expect too much of it but I do expect the Euro to outperform the Pound in the near future.

Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp100127h2.gif Size: 14 KB
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  • #303
  • Jan 27, 2010 11:49am Jan 27, 2010 11:49am
GU supposed to go down this morning on bad news for GU...but market ignored it in order to have short EG....I hope it will change and GU will go down where it belongs anyway.
The Market pays you to be disciplined
  • #304
  • Jan 27, 2010 2:10pm Jan 27, 2010 2:10pm
Quoting swano
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
at the top of the highest candle yes, to the bothom of the lowest if is a fall of course if is a move up, viseversa
The Chonchy
  • #305
  • Jan 28, 2010 12:07am Jan 28, 2010 12:07am
Hi,

I was just wondering what direction you guys think this pair is headed. I am getting mixed signals on my charts.

Thanks in advance.
  • #306
  • Jan 28, 2010 1:34am Jan 28, 2010 1:34am
The support at .8650 which we mentioned yesterday has survived the first test and therefore increased the chances of an extended consolidative bounce. Still quite bearish on this pair in the medium term but the risk reward in buying close to current .8670 levels with a stop loss below .8650 certainly looks interesting. Any substantial bounces towards .8850/75 are green-light selling opportunities.
  • #307
  • Jan 28, 2010 1:46am Jan 28, 2010 1:46am
Is the bullish Gartley still valid off this level?
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  • #308
  • Jan 28, 2010 2:26am Jan 28, 2010 2:26am
Quoting smikester
Is the bullish Gartley still valid off this level?
On the Daily and on the Weekly now we still have this pattern yes.
But as usual need to wait for the close of the current Daily and Weekly pattern to valid...

But as from now under 0.8650 it's extremly bearish... As i said yesterday... How Deep is this cave now ????
  • #309
  • Jan 28, 2010 3:09am Jan 28, 2010 3:09am
alert : seem i've got a valid Bullish Butterfly @ 0.8625 on H1 graph.

So i try a small long here SL 0.8620
  • #310
  • Jan 28, 2010 3:27am Jan 28, 2010 3:27am
Quoting dswk
alert : seem i've got a valid Bullish Butterfly @ 0.8625 on H1 graph.

So i try a small long here SL 0.8620

your TP?
  • #311
  • Jan 28, 2010 3:55am Jan 28, 2010 3:55am
Quoting dswk
alert : seem i've got a valid Bullish Butterfly @ 0.8625 on H1 graph.

So i try a small long here SL 0.8620
Forex does drive you crazy, doesn't it?

We are at the bottom of the daily channel, though:

Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp100128d1.gif Size: 26 KB
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  • #312
  • Jan 28, 2010 3:58am Jan 28, 2010 3:58am
Quoting smikester
Forex does drive you crazy, doesn't it?

We are at the bottom of the daily channel, though:

Attachment

Thanks for posting your chart. Just to make sure I am understanding (because I am pretty new to forex).....do you read your chart as saying we are due to have a "bounce" upward before heading down more?

I hope you do not mind my question. I feel like a sponge trying to soak up all the knowledge I can in this game.

Thanks!
  • #313
  • Jan 28, 2010 4:02am Jan 28, 2010 4:02am
Quoting el-dark
your TP?
Currently my tp is open... currently we are on a very huge DT... so 1st this trade is really risky (but 5p risks... so) and absolutly not with the trend... I'm bet.. based on my chart.
  • #314
  • Jan 28, 2010 4:08am Jan 28, 2010 4:08am
I'm in short, but on H1 there is a small inverted hammer, right? What do you think? Will it bounce back or containue bearish?
  • #315
  • Jan 28, 2010 4:09am Jan 28, 2010 4:09am
Welcome. I would expect a bounce here. However, I have taken and quickly closed two false signals already so there is no guarantee. I look for price action on the H1 chart in areas like this.
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  • #316
  • Jan 28, 2010 4:17am Jan 28, 2010 4:17am
Quoting dswk
On the Daily and on the Weekly now we still have this pattern yes.
But as usual need to wait for the close of the current Daily and Weekly pattern to valid...

But as from now under 0.8650 it's extremly bearish... As i said yesterday... How Deep is this cave now ????

Hi all, new to this thread...the EG bullish gartley/bat on Daily is very clear to me...best support and buy is at 8575 bcos of the following:_

1) perfect ABCD 566+pips (AB leg-CD leg)
2) also 1.618 expansion number
3) weekly S2 and Daily S3 is at 8571!
4) H1 1.27 butterfly abt to complete at 8614, however 1.618 butterfly is further dwn at 8570 area!
5) H4 1.618 butterfly had retraced long to 8800 (38%) reject dwn to invalidate that pattern....going for DAILY pattern!

Good luck guys....might wanna scale dwn to 8575

but a huge buy for me there


my 2 cents
it had seemed so obvious at the time
  • #317
  • Jan 28, 2010 4:23am Jan 28, 2010 4:23am
oh i forgot to mention.....on the weekly, 89ema is 8568 and pretty much 0.786 (maybe 0.854 pesavanto) from 21 Jun- 11 Oct '09 high

lets see how it goes from there.....up?
it had seemed so obvious at the time
  • #318
  • Jan 28, 2010 4:34am Jan 28, 2010 4:34am
Quoting archimede
oh i forgot to mention.....on the weekly, 89ema is 8568 and pretty much 0.786 (maybe 0.854 pesavanto) from 21 Jun- 11 Oct '09 high

lets see how it goes from there.....up?
Thanks for the analysis, archimede. Can we have a chart, please? How much have you got to spend at .7860? You're not with the DBS are you?
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  • #319
  • Jan 28, 2010 4:38am Jan 28, 2010 4:38am
ha....sorry i meant 78.6% retracemt and possible 85.4%

havent figured out how to post a chart yet...is it as simple as saving the screen gif and clicking the insert image icon?

will try in a sec
it had seemed so obvious at the time
  • #320
  • Jan 28, 2010 4:52am Jan 28, 2010 4:52am
You just click on the Attachments icon in the toolbar of your Reply to thread box. You can practise here: http://www.forexfactory.com/showthread.php?t=53366 and make as much mess as you want.
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