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EUR/GBP - What a great pair to trade!

  • #641
  • May 20, 2010 1:05pm May 20, 2010 1:05pm
smikey, great-to-the-pip call on swissy 1450....i got blown out of loonie with the market selloff....EG in gd shape though, pushing for 8700
it had seemed so obvious at the time
  • #642
  • May 22, 2010 1:07pm May 22, 2010 1:07pm
Hy!
My name is Marco and I'm new on this forum.My english is not so good, but I hope you understund me.
First, I want to post a chart with EUR/GBP with explanation.

I noted with 1-5 Elliot wave, and where we see that the 5 wave are stopped at
261.8 level, so I'm verry sure we are in a correction.I expect the price at the 61.8 level (red X).
Now I want to go down at H4 where we can see the correction in detail.
Attached Image(s) (click to enlarge)
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  • #643
  • May 24, 2010 1:53am May 24, 2010 1:53am
Hi Marco and welcome. Hope to see you post some more. Your English is fine, thanks for posting in English.

Anyway, this is what I see:

We have broken downwards from the weekly triangle.

We have had the re-test of the lower trend line last week.

We may bounce a little off horizontal s/r at .8600.

First target for me horizontal s/r at around .8450

Attached Image (click to enlarge)
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Gone to a better place
  • #644
  • May 24, 2010 4:24am May 24, 2010 4:24am
On Sky News live now you can watch the UK government budget cuts.
6-8 billion pounds in savings for the UK treasury.

This should help EUR/GBP to go lower in the short term.

Regards
Nectarios
  • #645
  • May 24, 2010 5:03am May 24, 2010 5:03am
The direction on the long term is clear, bearish.
Thank you Smikester for the triangle.I forgot it..Now the chart is clear, and the reversal pattern too.
If the price broke the red line the price is free to go down.
Attached Image(s) (click to enlarge)
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  • #646
  • May 24, 2010 5:32am May 24, 2010 5:32am
Seems nice area 2 go LONG !









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Attached Image (click to enlarge)
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  • #647
  • May 24, 2010 3:03pm May 24, 2010 3:03pm
i'm lying in wait at 8523 with SL 8495 for a final test of 8700? will take some if the move is sustainable to 8630....a break of 8510 shld target smikey's 8450 call
it had seemed so obvious at the time
  • #648
  • May 25, 2010 6:33am May 25, 2010 6:33am
Now is posible to go up.If the price broke the 261.8 level we continued to go down.
Attached Image (click to enlarge)
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  • #649
  • May 26, 2010 8:16am May 26, 2010 8:16am
Yes I'm blaming you. I gave up my shorts for you and now nothing's happening.

Trading within yesterday's range it's winding up pretty tight on the hourly and I'm waiting for a nice hourly close above .8578 or below .8534.
Gone to a better place
  • #650
  • May 26, 2010 8:46am May 26, 2010 8:46am
Quoting smikester
Yes I'm blaming you. I gave up my shorts for you and now nothing's happening.

Trading within yesterday's range it's winding up pretty tight on the hourly and I'm waiting for a nice hourly close above .8578 or below .8534.
C'mon Smikester! What are you guys doing, taking each others calls here?
Sharing thoughts and ideas is cool - but, we have to stand alone in our trades. Right?
  • #651
  • May 26, 2010 9:23am May 26, 2010 9:23am
Yes you are right. That is my weird sense of humour. <=== hoping nobody took me seriously...

We are at a crucial level and any whisper of longs could ruin the whole thing.



Seriously, though, a daily close below .8500 would do very nicely. Next stop 200 pips away. Whose day should close there though?
Gone to a better place
  • #652
  • May 26, 2010 9:30am May 26, 2010 9:30am
A completely unreasoned guestimation of mine would be this pair will be in the 0.70's within the next 3 months.

This is just a feeling... =D
Probability Professor
  • #653
  • May 26, 2010 9:43am May 26, 2010 9:43am
i'm taking this H1 1.618 butterfly @8465....price touched 8488 (19may low)....its actually on a 1.27 bfly now, but looking for a rejection @8509

the 2ndary bfly @8465 looks better with time symmetry

smikey...your 8450 call looming larger
it had seemed so obvious at the time
  • #654
  • May 26, 2010 9:48am May 26, 2010 9:48am
smikey, you're right abt make or break.....cos GU's at that point too 4380, didnt close above that for a long enough tail on the weekly chart
it had seemed so obvious at the time
  • #655
  • May 26, 2010 10:22am May 26, 2010 10:22am
Quoting smikester
Yes you are right. That is my weird sense of humour. <=== hoping nobody took me seriously...

We are at a crucial level and any whisper of longs could ruin the whole thing.



Seriously, though, a daily close below .8500 would do very nicely. Next stop 200 pips away. Whose day should close there though?
I was thinking and hoping that you were kiddin'.

Nice thread and pair!
  • #656
  • May 26, 2010 10:56am May 26, 2010 10:56am
alrite i'm in off the daily S1 8481....GU looking to close bearish engulfing....we must be waiting on the treasury auction

anyway, EG price has decelerated into buy zone....i'm taking this long head on....hope my heads still on later
it had seemed so obvious at the time
  • #657
  • May 26, 2010 11:57am May 26, 2010 11:57am
@Smikester I'm sorry but in my post I was verry clear.I lose 10 pips, but now I'm in short.The support has been broken and now we go down.

I am truly sorry!!!!
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  • #658
  • May 26, 2010 12:23pm May 26, 2010 12:23pm
Quoting MarcoRomario
@Smikester
No need to apologise - I was only making a joke. The price bounced where you said it would and knocked me out of my shorts. I had a trailing stop just in case this happened.
Gone to a better place
  • #659
  • May 27, 2010 3:23am May 27, 2010 3:23am
An easy trade here. We have a bearish hourly bar off a re-test of .8500. Pretty much my favourite type of set up. Length of that bar is the tp1 and sl, plus a few buffer pips. If it doesn't work I'll eat my hat. Chart:

Attached Image (click to enlarge)
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Gone to a better place
  • #660
  • May 27, 2010 3:32am May 27, 2010 3:32am
Smikester you forgot to mention support at .8450? Oh yes. Maybe move to break even at .8450 unless you're feeling aggressive?
Gone to a better place
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