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EUR/GBP - What a great pair to trade!

  • #341
  • Jan 28, 2010 9:39am Jan 28, 2010 9:39am
Quoting dswk
i don't understand the current move

Long Short ... What ?? EUR/GBP
  • #342
  • Jan 28, 2010 9:44am Jan 28, 2010 9:44am
I see H4 compression on cable.
Gone to a better place
  • #343
  • Jan 28, 2010 9:48am Jan 28, 2010 9:48am
Quoting smikester
I see H4 compression on cable.
What are u planning to do?
  • #344
  • Jan 28, 2010 9:56am Jan 28, 2010 9:56am
Well, I have already set a sell stop at 1.6095 but I think soon we could see Eur/Usd going up (H4 pin and divergence) , and Gbp/Usd going down (compression H4 in a down trend. So I am waiting to see if I'm right. Then I will long Eur/Gbp. Carefully, because on the Eur/Gbp we see resistance just here at .8650.
Gone to a better place
  • #345
  • Jan 28, 2010 10:49am Jan 28, 2010 10:49am
Quoting smikester
Well, I have already set a sell stop at 1.6095 but I think soon we could see Eur/Usd going up (H4 pin and divergence) , and Gbp/Usd going down (compression H4 in a down trend. So I am waiting to see if I'm right. Then I will long Eur/Gbp. Carefully, because on the Eur/Gbp we see resistance just here at .8650.
Thanks .. what about going LONG after closing of H1 ... with SL 20
  • #346
  • Jan 28, 2010 11:17am Jan 28, 2010 11:17am
Quoting ILoveFF
Thanks .. what about going LONG after closing of H1 ... with SL 20
It's a bit late in the day for me to set a trade. I have already been trading other pairs. I probably would only be interested in something that might run for a few days so I will wait to see how the daily finishes and look for a long entry (maybe) tomorrow. You see we are not in a good position to short, but we might want to enter long after some kind of a pull back, if we see the trend has changed.

What do you think?
Gone to a better place
  • #347
  • Jan 28, 2010 11:25am Jan 28, 2010 11:25am
Quoting smikester
It's a bit late in the day for me to set a trade. I have already been trading other pairs. I probably would only be interested in something that might run for a few days so I will wait to see how the daily finishes and look for a long entry (maybe) tomorrow. You see we are not in a good position to short, but we might want to enter long after some kind of a pull back, if we see the trend has changed.

What do you think?
Waiting ..... Thought to go for but will wait for Daily Close .... Its always better to Wait then to trade ....
Attached Image (click to enlarge)
Click to Enlarge Name: EG.jpg Size: 143 KB


Looking at USD/CAD .. USD/CHF .. both Daily looks to me overshold ... What you say Sir ...
  • #348
  • Jan 28, 2010 11:45am Jan 28, 2010 11:45am
Generally i am still bearish on EURGBP, will be looking at opportunities to short. 30 mins ago i just took a short order at 0.8654 and if price breaks upside, i may consider taking another short entry around the blue zone (0.8740~0.8720). aint sure what the price will react there. Will observe how the price develops. My little opinion on EURGBP. Cheers.
Attached Image (click to enlarge)
Click to Enlarge Name: EURGBP JAN.jpg Size: 46 KB
  • #349
  • Jan 28, 2010 12:11pm Jan 28, 2010 12:11pm
Still some time to go.... but nice D1 PB forming.... let's WAIT...
Attached Image (click to enlarge)
Click to Enlarge Name: EGBP.jpg Size: 155 KB
Many share my views with me. But I don't share them with them...
  • #350
  • Jan 28, 2010 12:19pm Jan 28, 2010 12:19pm
Quoting HouseTrader
Still some time to go.... but nice D1 PB forming.... let's WAIT...
Housetrader,
Great minds think alike. I was waiting for some sort of signal to develop over the daily chart, and behold ... the PinBar.

I'm waiting!!!
  • #351
  • Jan 28, 2010 9:53pm Jan 28, 2010 9:53pm
Quoting HouseTrader
Still some time to go.... but nice D1 PB forming.... let's WAIT...
The Chonchy
  • #352
  • Jan 28, 2010 9:59pm Jan 28, 2010 9:59pm
For the waiters:

Monthly S2 @ 0.8651.

  • #353
  • Jan 28, 2010 10:44pm Jan 28, 2010 10:44pm
I am still bearish on EURGBP, however, there might be a retrace to the upside. Just took a short order at 0.8640 around 30 mins ago as i expect the probability to the downside is higher.

My little opinion. Cheers.
  • #354
  • Jan 28, 2010 11:48pm Jan 28, 2010 11:48pm
Quoting smikester
I see H4 compression on cable.
hi smikester....could u help explain compression in brief? thks a bunch

the train abt to leave the station? 8657 resistance then 8675? GU at TL and swissy hovering
it had seemed so obvious at the time
  • #355
  • Jan 29, 2010 12:09am Jan 29, 2010 12:09am
http://www.cnbc.com/id/35129399

thought this article was interesting....commodities and dollar outcome

also agree with the EG daily close being key today, even early nxt week to cfm a reversal....loads of data out later
it had seemed so obvious at the time
  • #356
  • Jan 29, 2010 12:59am Jan 29, 2010 12:59am
That's what I'd call almost a pin bar, on my feed. It might go but I won't be trading it. The pin does pierce the support level and we are in a downtrend. Somebody should post this on the J16 thread so they can tear it to bits...
Gone to a better place
  • #357
  • Jan 29, 2010 1:36am Jan 29, 2010 1:36am
Quoting archimede
hi smikester....could u help explain compression in brief? thks a bunch

the train abt to leave the station? 8657 resistance then 8675? GU at TL and swissy hovering
It's just when the price is ranging and the ATR (average true range) also falls. It's a common phenomenon and often will give useful break outs. Do a search on "Bollinger Squeeze" to learn more. If you want to see the beginnings of my studies (I use Donchian channels) you could look here: http://www.forexfactory.com/showthread.php?t=171552
Gone to a better place
  • #358
  • Jan 29, 2010 2:08am Jan 29, 2010 2:08am
thks smikester....will read up on it.....u can take off your shades now
it had seemed so obvious at the time
  • #359
  • Jan 29, 2010 2:27am Jan 29, 2010 2:27am
Quoting smikester
That's what I'd call almost a pin bar, on my feed. It might go but I won't be trading it. The pin does pierce the support level and we are in a downtrend. Somebody should post this on the J16 thread so they can tear it to bits...

Hi,

Can you explain what you mean by the pin bar? I am still learning so I hope I do not sound daft.

Also, would we still be looking for a retracement up before heading lower?

Thanks!
  • #360
  • Jan 29, 2010 3:37am Jan 29, 2010 3:37am
I believe it is a form of candlestick, aint sure... check doji star or morning doji star, something along that name. A easier way for you to visualize, stick your middle finger out lol, you can see the tail which is your finger and below is the body of the candlestick. Meaning a long upper shadow/tail/wick with a small body below.
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