EUR/GBP - What a great pair to trade!

What is IB?

Sorry, inside bar.

Oh thanks for the notice. Are you in? I was looking at daily previous Inside bar so couldn't understand where you got in, but you said 4h. lol Do you trade the low & High's break out?

Yes my sell stop was filled and now just fingers crossed. I usually take these in one direction and with a tight stop loss. I lose quite a lot but let the winners run which as you probably know can happen with inside bars.

That's what I do. I lose alot too but once I win one trade it covers the loser trades. I usually place my stops btwn 15-30 pips but I let me winner trade go until 100-200 pips. Perhaps you and I use same mm method.

Getting very nervous with London open, very low volume even with the momentum on the short side.

That guy, TEB63? On the money...

We have now closed below .8186 on the hourly. Next support will be .8100 I suppose and then consolidation around .8000 like in 2008. I would like to hold the shorts I have been building since .8290 until about .7200. That would be nice.

What do you think TEB?

closing my shorts from 8228 at 200ema.....nice 0.786 gartley playing out on weekly....0707/1.414 ABCD too

nooo....dun tell me smikey its gg to 8000 cos i'm scaling into this one from 8120, how abt that broadening bottom bounce ard 8100? also got a GU short at 5180 waiting too, some correlation i pray

separately, swissy mid-term bounce at 0750?

Wow that's an accurate call. I'm still holding shorts and hoping this won't retrace too far. What's your target, ace?

hope you are still holding them smikey, cos i got out of my first scaled in position 8126, at 8110....didnt like it, price was losing the fib expansion at 8121...plus GU did finally claim near the 5005 area and shoot up again

looks like we are well on our way to 8000

Yes you worried me but I held on with a large trailing stop loss. You also caused me to look up Gartleys and do a bit of studying but you know, it's a very deep subject. No harm in a bit of study though. However. Were you concerned that CD seemed a bit longer than AB?

Anyway as you know I mostly use horizontal s/r and we are approaching a level from 2 years ago.



The thing is, as far as I can tell, the fundamentals are very different from 2 years ago and I would not expect these levels to hold now. What do you think?

The simple ABC correction is a measured move down chart pattern nested inside a measured move up.
http://thepatternsite.com/abc.html

Still short long term , will see how price react 0,8000 support

hi smikey, the 200pip gray band you've drawn is the potential reversal zone everyones gotta be looking at now....the gartley-turned-bat 0.854/0.866 is playing out

i think we have seen eur underperform gbp, eur crosses (eur/chf-SNB giving up) taking a hammering with risk aversion back on the table....dont know too much abt the fundamentals but that huge move up in '08 is a valid XA move with this ABC leg coming down....long bars dwn on the wkly and mthly do look ominous as we like the move to decelerate into entry....8000 psychological level strong enough?

separately, swissy sold off as equities did too last nite....correlation broken for now? treasuries in trouble....i'm looking for PA ard 0730 off UTL for a retrace....2 bull patterns possible on EU 2094 (1.27bfly and H&S?) and 1982 (1.618bfly)....watching since the strong correlation there

we'll see with heavy data out today for eur and gbp....what do i know?

Hey tradeprice thank you for your chart. Might play pinball between support and resistance for a few days now.

Why won't this baby break thorough it's defence?
Will we stay under 8220?

It's July the 1st and time I posted a chart. Below we can see three important support/resistance levels: 0.8000 which is a 200 pip mush of price action fighting. In a previous post I mentioned that the fundamentals are considerably different from last time we were at this level in 2008.

The Euro is perceived to be in deep trouble, not only because it is in deep trouble, like GBP and USD, but because there is a lack of rigid structure in the administration of fiscal policy throughout the whole Euro region. The last I heard was that the European Parliament was considering a system of fines for states which don't keep their budgets in order. Sounds a bit lame to me.

For the Euro to succeed, which it must, the European Parliament must have the power to eject countries which are unable to maintain proper fiscal management. If this happens, watch out. The Euro could be flying up past 1.6 USD again.

Anyway my point is that I think we may drop through that 0.8000 value relatively quickly, especially if the UK government continues with strong policies and keeps the support of the people.

Here is a chart:



Although this is an hourly chart there is a bigger picture. We have broken strong support in the .8180 - .8200 area and tested the 200 pip support area around .8000. We have now come back up to retest broken support in the .8180 region and the classic retest scenario is a return to the downtrend from here.

A daily close above .8200 means I'm wrong. Nothing new there.

So, personally, in what timeframe would you think it's going back to .8000
Last 12 hours has been mostly uptrends with a few downtrend shootouts. But nothing special.

I'm still waiting for the downtrend :-(

Hi Liberteh. I am as well. I'm still holding shorts from higher up so there might be a bit of wishful thinking in my last post. If I were flat then I'd be waiting, like you. As it is I'm waiting to add or close so I'll post when I see a set up I like.

Please do. I see some movement downwards right now. I hope it keeps up :-)
Last night it was being supported for a few hours, keeped hitting that line. Then finally when I was about to go to sleep it broke and moved downwards. In those 6 hours it's moved 20 pips up though.

Hope something big (downtrend) is happening soon!
Any news that might support us on this one you know of?

Hopefully the Manufacturing PMI of the GBP will be better than forecasted, what's your thought on this one?

I'm waiting aswell to go short. Maybe they'll have us waiting till the PMI news.. Good luck.