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EUR/GBP - What a great pair to trade!

  • #921
  • Jul 27, 2010 3:50am Jul 27, 2010 3:50am
gd afternoon/morning all,

been keeping my fat finger off for a week....now looking at short setups in aud/nzd pairs, and chf crosses....cadjpy looking primed for a short too

Attached Image



EG looking to challenge the left eye on this pinbar setup on the weekly chart above? 8462 also 89 ema on my daily and horizontal resistance

tradermerc, price is also encountering fib resistance and your possible H&S at 8425 on H4

when is eu(ro)phoria over....3100 surely?
it had seemed so obvious at the time
  • #922
  • Jul 27, 2010 4:04am Jul 27, 2010 4:04am
Quoting TraderMerc
Smikester, could be, there is a large H & S pattern on the 4 hourly forming with the right shoulder in progress. Your proposed short entry would be the break of the neckline as I see it.

Merc.
Nice one. Interestingly, .8400 is a fib retracement level for the bearish weekly bar. I might take a couple of shorts off this level.
Gone to a better place
  • #923
  • Jul 27, 2010 5:10am Jul 27, 2010 5:10am
I open a short @ 0.8380 TP 0.8300, SL 0.8410

I also have placed another short @ 0.8400 (if it touch that level in the next hour or so otherwise it will be cancelled).

Regards
Nectarios
  • #924
  • Jul 27, 2010 5:43am Jul 27, 2010 5:43am
Quoting Nectarios
I open a short @ 0.8380 TP 0.8300, SL 0.8410

I also have placed another short @ 0.8400 (if it touch that level in the next hour or so otherwise it will be cancelled).

Regards
Nectarios
Yes I have .8380 as a weekly s/r level. It would be good to get an hourly close below there.
Gone to a better place
  • #925
  • Jul 28, 2010 3:35am Jul 28, 2010 3:35am
Quoting Nectarios
I open a short @ 0.8380 TP 0.8300, SL 0.8410

I also have placed another short @ 0.8400 (if it touch that level in the next hour or so otherwise it will be cancelled).

Regards
Nectarios
Quoting smikester
Yes I have .8380 as a weekly s/r level. It would be good to get an hourly close below there.

spot on guys......yet another head fake in the past hour to the DP 8359....edging lower now
it had seemed so obvious at the time
  • #926
  • Jul 28, 2010 6:53am Jul 28, 2010 6:53am
Smirkester,

Re your comment:

"Nice one. Interestingly, .8400 is a fib retracement level for the bearish weekly bar. I might take a couple of shorts off this level."


If you did you timed that well. I stayed out of it so far today, but see presently a triangle off the 4 hour chart.
Price is hugging the bottom line of the triangle, but I did not like the price action this morning, the 2 spikes, (15 min chart) and am waiting for better signal, It could pop up to the upper band off the triangle once more which probably will come in at around .8360 ish - 70 ish… and close to the daily pivot at .8361.

Above that who knows. The markets at present are very difficult to call. Maybe the EURO is topping out??? The e-wave count supports this, as possibly in an ending wave 2, but who knows.

P.S. I should mention I am trading in the UK, and am talking about the spikes at 9.00 10.00 our time GMT.

Merc
  • #927
  • Jul 28, 2010 10:24am Jul 28, 2010 10:24am
Support is the big question. Will it break? Well we have lots of price action to tell us it will. A bearish weekly bar. A strong hourly close below .8330 is not very bullish. A breach of .8315 and a small bounce off that level. .8300 itself does not seem to have figured very highly in these calculations in the past.

I have been looking at 1993 and before the Euro and all the levels are there and it's a long way down to the 200sma on the monthly chart.
Gone to a better place
  • #928
  • Jul 28, 2010 2:38pm Jul 28, 2010 2:38pm
Attached Image (click to enlarge)
Click to Enlarge Name: daily.PNG Size: 44 KB


on the daily, price in the 38.2-61.8% blue zone, favoring a bounce off the 61.8% retrace frm this move up at 8238 which incidentally is the monthly pivot too

tomorrow's the monthly close, candle to close fat portion at the top at all possible? the pound keeps pounding away though
it had seemed so obvious at the time
  • #929
  • Jul 28, 2010 2:41pm Jul 28, 2010 2:41pm
If it will break I will ad another short , I'm short from 8380-8420 s/r level
The day seems to close in doji bar and a divergence on 4H ,will see

Smikester I give a look at your method with donchian channel , very interesting , it help see better s/r levels
Ciao
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp.png Size: 40 KB
  • #930
  • Jul 29, 2010 1:35am Jul 29, 2010 1:35am
The PA is hitting the short term fibo resistance level 23.6%. The break should happen sooner. So we can have clearer view of the direction.
Attached Image (click to enlarge)
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  • #931
  • Jul 29, 2010 3:35am Jul 29, 2010 3:35am
Quoting Togu
The PA is hitting the short term fibo resistance level 23.6%. The break should happen sooner. So we can have clearer view of the direction.
Hi togu
What MAs do you use?
Thanks
tpat
  • #932
  • Jul 29, 2010 3:46am Jul 29, 2010 3:46am
Quoting tradpat
Hi togu
What MAs do you use?
Thanks
tpat
Well I take a look at the 20EMA to see if price consolidating or not
  • #933
  • Jul 29, 2010 5:02am Jul 29, 2010 5:02am
Still waiting the run up
  • #934
  • Jul 29, 2010 6:11am Jul 29, 2010 6:11am
anyone still short ?
  • #935
  • Jul 29, 2010 6:42am Jul 29, 2010 6:42am
Quoting gico
anyone still short ?
Yes I'm holding shorts from way back. Does this help the pain?
Gone to a better place
  • #936
  • Jul 29, 2010 7:21am Jul 29, 2010 7:21am
not really but thanks...
  • #937
  • Jul 29, 2010 9:33am Jul 29, 2010 9:33am
Little slow run but I will go long again once the retracement has finished
  • #938
  • Jul 29, 2010 9:42am Jul 29, 2010 9:42am
Quoting smikester
Yes I'm holding shorts from way back. Does this help the pain?
I have also one small position on EUGBP we will see,i usually dont work this pair but this looks to me good...




Cheers



Petar
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbpupdate.gif Size: 24 KB
"Buy on fear, sell on greed !!!
  • #939
  • Jul 29, 2010 11:59am Jul 29, 2010 11:59am
Price approaching an important inflection point on the 4 hour chart. At .8393 – 8400. The possible H @S patterns looks less clean now. It looks to me that we could go higher still on a break above these levels , possibly to .8447 ish , which is 618 fib level., taken off the high at .8533. I trade only off the 15 min though and probably am more short term than a lot of you from what I gather.

The EURO is still in some sort of ending , poss wave 2???, diagonal, and losing momentum.
  • #940
  • Jul 29, 2010 12:18pm Jul 29, 2010 12:18pm
Yes I think we can forget the head and shoulders formation and concentrate on a break out above .8380 - .8400 or below .8315
Gone to a better place
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