EUR/GBP - What a great pair to trade!

Hi Smikester,

How you doing? Are you long or short on this pair?

I hold a small position short @ 82.50 targeting sub 81.50 but my big trade is with USD/JPY. I have a position long and planing to add a few more if there is a break up.

Regards
Nectarios

Hi Nectarios. Good to see you.

I'm short biased but I'm flat at the moment. The head and shoulders didn't play out, but it was only on the M5. Both GBP and the Euro seem to be in consolidation at the moment, looking at the weekly.

I'm expecting a break out in the near future. It will be interesting.

I am also short yen for my medium term trades.

Logged on to my broker this morning, found they had increased the spread from 2 to 6 pips.
Won't be trading this pair anymore!

Hi Rag2, who is your broker? I currently use FXCM UK and the spread is around 2 pips. I have used Dukascopy and Saxobank in the past. I would recommend Dukascopy for tight spreads but be careful with their overnight/weekend margin policy. Saxo was OK, but I was unhappy with their customer service.

Take your time to find a broker to suite your trading style.

Regards
Nectarios

Hi Nectarios

I'm using CMC. but they still offer other pairs at 2 pips; EURUSD, USDJPY and AUDUSD, so will continue to trade those.
Besides CMC has taken quite a bit of my money over the years, so still looking to get some of it back.

Rags2

I used to use CMC and know from old experience that they have a tendency to stop one when price had not been there, particularly in fast moving markets. I had many a dispute with them over this in the past, now some years ago, I hasten to add.

If you are spreadbetting check out Capital spreads, very good platform for scalping, as you can load in your stops before and have multiple order tickets open to trade. also worldspreads is worth a go. They have an offer if you open an account with £ 5000.00 you can trade some currrencies and indices at 0 spread. Someworth looking into, as it includes EUR?GBP.

I have only just started to scalp, ( if one can call trading off the 5 min scalping?) EUR/GBP, following something other traders on the thread seem to be doing and may upgrade the account I have with them to take advantage of that. However, theri dissadvantage is that the order ticket only stays up for 3 min and you have to load in stops afterwards. With a pair with is slow moving like EUR/GBP this is no problem though.

Have to say, I really, really like EUR/GBP it is one of the nicest trading pairs around, so don't give up because of some greedy broker!

[quote=smikester;4015157]

I'm short biased but I'm flat at the moment. The head and shoulders didn't play out, but it was only on the M5. Both GBP and the Euro seem to be in consolidation at the moment, looking at the weekly.

I'm expecting a break out in the near future. It will be interesting.

quote]

Smikester,

I see more upside here. On the daily we have a triangle formation, the 4 hourly suggests to me long coming close to upper triangle boundary, around .8370 ish, if it break out above a possible double top at close to 84.00??

Have traded long off the 5 min for now, today.

I agree Euro/cable both need to break their ranges. I am staying away of both until clarity resumes.

Smikester
here is a chart attached of what I see.

Merc

Nicely moving up.
If moves past previous Swing-high, next imp. level is
8470 (Confluence of weekly resistance levels/PA levels/sm trendlines)
Lets WnW, where this is headed!

@Trademerc
Nice .

P.S. In Longs @8280 ;[email protected] (EDIT) now @ Last H1 Pin bar's low -1 i.e. 83264

Smikester, if you are around, I just noticed the Euro actually had a break out on the 4 hour chart yesterday , the 20.oo hrs candle, GMT a nice firm close well above the 34 EMA. I did not notice it.

Not trailing now, Booked out @8380.
Waiting for re-entry !
Lets WnW.

Forexsaint.
very nice one!
I just scalped long this morning and like you now WnW, as you put it. I smell a possible reversal here and lots of figures out in Euro/UK in the next hour.

Sorry TraderMerc I haven't got my eye on the ball at the moment!

Just in
Long @ 8330 (50% size)
Will be looking to add more (News Dip + Retracement IMO)
Looking for 8400 and then 8470 (as posted before)
Lets WnW

JUST FYI,(for those who are trading this pair)
EG does have quite a characteristic (if not fully textbook) inverted HnS on TF D1 (preferably H4) with neck break around 8400

Depth of head is approx. 140 pips and if breaks up (with successful retest of neck), targets can be anything from 100-200pips (approx) or say 8500-8550)
If we make a new high, probably we are going for a break!

As usual, we have to WnW, whether this is going to go up or do just jobbing around or take a dip.!
The Chart trendlines are there to watch ! http://www.forexfactory.com/showpost...postcount=1136

So lets WnW

Alright as posted, I added to longs (Now 200% Longs)
Longs [email protected] 83331 & 83339
TP's, as in previous post or depending upon PA.
SL's set to 8331 i.e BE


Would love to see this trade working, esp. the entries (just love these Tail entries).


Making a new daily high can be a good bull thrust.
Lets WnW.


P.S.1. Nicely zoomin as i am writing this.
P.S.2. All Stops moved to 8356.

Smikester, no probs. Some days one is hot and some days one is not, such is life...
Merc.

Forexsaint,

just closed a nice long at 74 . Hit my triangle trendline and seems to consolidate here, so sitting on the sidelines now. Looks bulllish now. Need to see where it closes tonight. Euro making nice advance too, close to 1300 which might call for pullback there too.

Would re-enter on a clear break above .8380.

Incidentally, It was from your posts here that I got the idea to scalp this pair, and it works a treat. So thank you!

Trailing Stop hit on previous longs @ 8356 in this downward spike.
Long again @ 8357

P.S. Stops at BE (Current price 8371)

IMO,
PA of EG presently looks like is ready for a breakout.
IMP news also ahead, so its quite possible.

Just added more Longs @ 8367 (Double sized total)
If the breakout is with momentum, i gonna add to this on retest of 8390-8400 (which should act as res. turned Sup. thereafter)

Lets WnW .


P.S. GU.. what a chop...!! A scalpers delight from almost 25+ days ! They must have minted huge in that!