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EUR/GBP - What a great pair to trade!

  • #421
  • Feb 23, 2010 4:25am Feb 23, 2010 4:25am
We are reaching an interesting area and I just had a glance at my EUR/GBP profile where I have all sorts of weird and wonderful indicators set up. I mostly trade off price action and the longer term charts but I couldn't resist posting this which is Multi time frame stochastics as expounded by Spudfyre:

Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp100223m15.gif Size: 29 KB


It looks like 3 dolphins about to dive into the pool.


PS there is a typo in the post above this one, I am setting shorts around .8840, not 8740 as I mis-typed.
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  • #422
  • Feb 24, 2010 4:19pm Feb 24, 2010 4:19pm
I think that a head and shoulders pattern has formed on the 15M and 1H....what do you guys think?

It would be nice to see this pair attack the low at .86.
  • #423
  • Feb 24, 2010 4:35pm Feb 24, 2010 4:35pm
Not sure about the M15 but I'm seeing a scruffy H & S on the H4. Thanks for the heads up. I did set a trade off an H4 pin bar which appears to be off the right "shoulder" but I don't have high expectations of it. There's that support at .8740 again. Overall looking bearish, though, to me. Looking at the weekly, we are stuck in a range again. These ranging kind of trades are playable but need too much of my attention.
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  • #424
  • Feb 25, 2010 2:55pm Feb 25, 2010 2:55pm
E/G heading right now to strong previous D1 support zone.... will it confirm the markets theory and become Resistance????

Cheers!
Many share my views with me. But I don't share them with them...
  • #425
  • Feb 25, 2010 7:55pm Feb 25, 2010 7:55pm
I think that the move from yesterday is looking really tired and overextended...but you never know what can happen in forex.

I am a little shocked it has moved this much considering all of the bad press coming out about European debt issues. Or am I missing something here?

Does anyone think she will head back down soon?
  • #426
  • Feb 25, 2010 11:12pm Feb 25, 2010 11:12pm
Quoting forexstrah
I think that the move from yesterday is looking really tired and overextended...but you never know what can happen in forex.

I am a little shocked it has moved this much considering all of the bad press coming out about European debt issues. Or am I missing something here?

Does anyone think she will head back down soon?
Looking at this level .8900 I think shorts are a no brainer. Be careful, though. The markets are topsy turvy at the moment. I have, guess what, .8830 in my sights
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  • #427
  • Feb 26, 2010 11:28am Feb 26, 2010 11:28am
The bottle fell over and the firework went throught the crowd. Luckily my stop loss hit quite early. That was a surprise. Have a great weekend everyone.
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  • #428
  • Feb 26, 2010 12:21pm Feb 26, 2010 12:21pm
Quoting smikester
The bottle fell over and the firework went throught the crowd. Luckily my stop loss hit quite early. That was a surprise. Have a great weekend everyone.

I did not fare well either. But it looks like it is turning so lets see what happens when the market opens after the weekend. Thanks for all your great posts by the way...I appreciate them!

Also...if the eur/usd folds like everyone is saying then hopefully we can get back down and make some good pips in the next few weeks.
  • #429
  • Feb 26, 2010 12:52pm Feb 26, 2010 12:52pm
Quoting forexstrah
I did not fare well either. But it looks like it is turning so lets see what happens when the market opens after the weekend. Thanks for all your great posts by the way...I appreciate them!

Also...if the eur/usd folds like everyone is saying then hopefully we can get back down and make some good pips in the next few weeks.
I'm in, small position, SL far away where IMO the merket definitely turns bullish... till then E/G is with the bears...

reason?

It's easier to (try) to fix an island than a whole piece of land, full of PIIGS debts....

Who knows? Only Mr. Market....

Cheers!
Many share my views with me. But I don't share them with them...
  • #430
  • Edited 8:23pm Feb 26, 2010 7:46pm | Edited 8:23pm
What do we see this coming week?
  • #431
  • Feb 28, 2010 1:07pm Feb 28, 2010 1:07pm
Quoting investing101
What do we see this coming week?
there is a nice cofig on h1... i think in a gap down and a continuation of down move on thuesday
  • #432
  • Feb 28, 2010 4:25pm Feb 28, 2010 4:25pm
I was wondering if you guys think this will go above .90? I have some open shorts and they are making me nervous!
  • #433
  • Feb 28, 2010 5:16pm Feb 28, 2010 5:16pm
Quote
I was wondering if you guys think this will go above .90? I have some open shorts and they are making me nervous!

close ur open position if u r nervous!
simple
  • #434
  • Feb 28, 2010 7:49pm Feb 28, 2010 7:49pm
Quoting Naijafx
close ur open position if u r nervous!
simple
Thanks for the advice but one of my trading issues is that I tend to get nervous and leave pips on the table. I am still new to forex and I tend to exit way too quick.

So what do you see with this pair?
  • #435
  • Mar 1, 2010 1:08am Mar 1, 2010 1:08am
Here's a chart:

Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp100301d1.gif Size: 26 KB


.9000 coincides with the 50% retrace of the last move down. I will be setting a small short and looking for confirmatory price action around .9000 on the D1 or H4 charts when we get there. If you would be interested I will post my thoughts when we get that.
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  • #436
  • Mar 1, 2010 1:11am Mar 1, 2010 1:11am
Quoting smikester
Here's a chart:

Attachment

.9000 coincides with the 50% retrace of the last move down. I will be setting a small short and looking for confirmatory price action around .9000 on the D1 or H4 charts when we get there. If you would be interested I will post my thoughts when we get that.
Thanks for that chart. I am very interested in what you have to say. Thanks!
  • #437
  • Mar 1, 2010 3:59am Mar 1, 2010 3:59am
Quoting smikester

.9000 coincides with the 50% retrace of the last move down. I will be setting a small short and looking for confirmatory price action around .9000 on the D1 or H4 charts when we get there. If you would be interested I will post my thoughts when we get that.
roger u on that 50% retrace....i got stopped out 8986 on a failed bearish bat pattern....hope your trade works out

just that i'm looking for a short ard 9140+ 1.27 butterfly and near DTL on daily.....i will if it gets there

gbp news just out...pretty good....EG seems to want that TL though, 9140 is 140pips away...its hard "believing" it'll get there, but this move has got legs?
Attached Image (click to enlarge)
Click to Enlarge Name: chart12.jpg Size: 180 KB
it had seemed so obvious at the time
  • #438
  • Mar 1, 2010 4:50am Mar 1, 2010 4:50am
I am just so confused by this pair. I have always found it predictable until the last week. It is so overextended and far away from the moving averages and yet it keeps going. I would have thought we would have a retracement of some sort by now.

Also, when you review the economic indicators and latest news events one would expect the GBP to be stronger. I know that tecnicals are more important.

What do you guys think?
  • #439
  • Mar 1, 2010 4:56am Mar 1, 2010 4:56am
Quoting forexstrah
I am just so confused by this pair. I have always found it predictable until the last week. It is so overextended and far away from the moving averages and yet it keeps going. I would have thought we would have a retracement of some sort by now.

Also, when you review the economic indicators and latest news events one would expect the GBP to be stronger. I know that tecnicals are more important.

What do you guys think?

looks like BOE King is just pounding GBP to bits, quantitive easing....although i see a huge buy for GU@ 4900....got a limit waiting there

9140+ for EG now in sights

i hear u cos i got stopped out thinking i cld get in on a retrace and move to BE for something more.....oversold conditions dwn the gutter
it had seemed so obvious at the time
  • #440
  • Mar 1, 2010 7:38am Mar 1, 2010 7:38am
Quoting forexstrah
I have always found it predictable until the last week.
The markets have been volatile recently with a race between Euro and Sterling trying to devalue against the mighty dollar.

This alters the character of EUR/GBP trading. Big problems in UK AND in Europe.

Trading carefully/accordingly.

I am still short off an H2 pin here even though all my sell limits were picked up AND stopped out in 3 hours while I was out this morning. The compensation was that my long term, bigger, shorts on Cable were also stopped out at a profit which I was not expecting...
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