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EUR/GBP - What a great pair to trade!

  • #961
  • Aug 5, 2010 4:19am Aug 5, 2010 4:19am
If it can break .8320 on the upside, I see .8354 – possibly .8400 for now. This is also around the 50% fib retracement from the low of .8255 ish.

On the downside, it needs a decisive break below .8274 support level. Levels are off the 4 hourly.
  • #962
  • Aug 5, 2010 4:24am Aug 5, 2010 4:24am
Hi Tradermerc
It's broken the resistance I have at 8317 ish so you could be right if it closes above.
Hurry up and wait!
But who knows for sure ?
  • #963
  • Aug 5, 2010 5:35am Aug 5, 2010 5:35am
I'm adding shorts at this level. All shorts close for me with a strong hourly close above .8320.
Gone to a better place
  • #964
  • Aug 5, 2010 5:40am Aug 5, 2010 5:40am
Quoting Petar_Serbia
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
This trade closed at +1,EURGBP work very weak this week..


Cheers

Happy piping

Petar
"Buy on fear, sell on greed !!!
  • #965
  • Aug 5, 2010 5:47am Aug 5, 2010 5:47am
Quoting Petar_Serbia
This trade closed at +1,EURGBP work very weak this week..


Cheers

Happy piping

Petar

Hi Petar. You gave up a bit too easily, don't you think? This is the first proper retest of the head and shoulders trend line at .8320 which you and I posted a couple of days ago.
Gone to a better place
  • #966
  • Aug 5, 2010 5:56am Aug 5, 2010 5:56am
Quoting smikester
I'm adding shorts at this level. All shorts close for me with a strong hourly close above .8320.
The above is an almost perfect lesson in order flow trading. GBP data out in 5 minutes.
Gone to a better place
  • #967
  • Aug 5, 2010 5:59am Aug 5, 2010 5:59am
Quoting smikester
Hi Petar. You gave up a bit too easily, don't you think? This is the first proper retest of the head and shoulders trend line at .8320 which you and I posted a couple of days ago.
No becouse i took around 650 pips this week on other pairs this just slowly me,i closed at +1 becouse i dont think this will go down this week maybe i will add shorts or buys next week if i see chance...
"Buy on fear, sell on greed !!!
  • #968
  • Aug 5, 2010 6:05am Aug 5, 2010 6:05am
Quoting smikester
Hi Petar. You gave up a bit too easily, don't you think? This is the first proper retest of the head and shoulders trend line at .8320 which you and I posted a couple of days ago.
Also for me on Daily EURGBP loks more UP...We have 1-2 formation on Hilo also Hilo looks very god for Buy but time will tell...



Cheers and trade safe




Petar
Attached Image (click to enlarge)
Click to Enlarge Name: 12.gif Size: 18 KB
"Buy on fear, sell on greed !!!
  • #969
  • Aug 5, 2010 6:15am Aug 5, 2010 6:15am
Looks to me at the moment that the 8300 resistance may turn into support. So it may be up we go.

Trouble is we tend to see what we want to see. Therein lies the problem.
But who knows for sure ?
  • #970
  • Aug 5, 2010 12:06pm Aug 5, 2010 12:06pm
What's this Hilo sytem Petar? It doesn't show up on Google search engine so I can only guess it's something you discovered or invented. Well we live and learn. Still holding shorts (unless Hilo kicks in then we're in the sh**.
Gone to a better place
  • #971
  • Aug 5, 2010 1:19pm Aug 5, 2010 1:19pm
Quoting smikester
What's this Hilo sytem Petar? It doesn't show up on Google search engine so I can only guess it's something you discovered or invented. Well we live and learn. Still holding shorts (unless Hilo kicks in then we're in the sh**.
Hello smikester,

not Hilo system that indicator i called Hilo becouse he help me to determenita clear swing points(High-Lows=Hilo)..I work totaly Naked chart,pure price action


You can see my posts on http://www.forexfactory.com/showthre...30625&page=474 last month i earned more than 2000 pips this month i am good about +600 pips current...

Cheers and trade safe

Petar
"Buy on fear, sell on greed !!!
  • #972
  • Aug 9, 2010 1:38am Aug 9, 2010 1:38am
I'm revising my level to .8330. Shame to close shorts which I've held for so long when it could be a simple pull back on the daily - a retest of the H4 head and shoulders previously mentioned.

The next few days will give us some direction.
Gone to a better place
  • #973
  • Aug 10, 2010 2:57am Aug 10, 2010 2:57am
I stayed out of EUR/GBP because of the lack of direction. It appears that the dollar may be on the verge of reversal, and maybe the Fed announcement later today will move us out of no-man’s-land.

Could possibly go to .8400 ish which is also very near the 50 fib retrace from the recent high at .8532.

Cable looks to be reversing possibly too. This market has only been good for a few scalps in recent days, but that is just how I see it and we all trade in our own individual styles.

..and it certainly is true we see what we want to see. Opinions are dangerous, but we need to exercise judgement at some point, if only to decide where we are in the bigger scheme of things and where the entry and the stop is….
  • #974
  • Aug 11, 2010 1:24am Aug 11, 2010 1:24am
Knocked out of my shorts yesterday and last night I set some at the break of the daily pin bar. Unfortunately too tired to post a chart.
Gone to a better place
  • #975
  • Aug 11, 2010 1:58am Aug 11, 2010 1:58am
For a while now I've been seeing references to 'pin bars'.
So today I did a bit of research on what they are. Never heard of them before joining FF.
AAhh! Doji's and Hammers.
Who started calling them pin bars?
But who knows for sure ?
  • #976
  • Aug 11, 2010 2:24am Aug 11, 2010 2:24am
Yes you're right. Dojis and Hammers. Pin bar is short for "Pinnochio bar" - long liar nose. I think they use it a lot on the James 16 thread where I learned a lot about trading them.
Gone to a better place
  • #977
  • Aug 11, 2010 2:28am Aug 11, 2010 2:28am
Just found a very good trading article on learntotradethemarket.com on using 'pin bars', so will give it a read.
But who knows for sure ?
  • #978
  • Edited 2:35am Aug 11, 2010 2:31am | Edited 2:35am
Quoting smikester
Looks like a retest of .83xx to me and lots of overhead resistance in the form of .8320, .8330 and weekly resistance at .8360. I'm looking at .8320 as an area to add shorts which would validate the head and shoulders on the daily. It didn't look very good as it was forming on the H4. On the daily it doesn't look too shabby. I'll be looking for price action on the lower (hourly or even M15 charts) around .8320. Chart:

Attachment
.8360 was the turning point almost to the pip on my feed. I was expecting a bounce at .8280 but that must have been bumped too often.

Next stops .8230, weekly support at .8205, and the theoretical head and shoulders target which is also monthly support level of .8180?
Gone to a better place
  • #979
  • Aug 11, 2010 2:51am Aug 11, 2010 2:51am
Hi Smikester
You might yet get your bounce at 8280, but from the bottom!
But who knows for sure ?
  • #980
  • Aug 11, 2010 2:57am Aug 11, 2010 2:57am
Now if we can get a pin bar on this next retrace, I'll be ready
But who knows for sure ?
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