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EUR/GBP - What a great pair to trade!

  • #1,241
  • Oct 3, 2010 8:47pm Oct 3, 2010 8:47pm
So was that gap up the "puke out" bar we were looking for to go short? I guess we need to wait til the end of the daily to see.

I know that the 61.8 fib is coming up on the eur/usd soon and that the net short usd positions are at the same levels as right before the drop from 1.6 on eur/usd....so I am not sure about longs for this pair at the moment.

Anyone have any thoughts about the PA on this pair today? I am just wondering what brought on the big gap up.
  • #1,242
  • Oct 4, 2010 4:12am Oct 4, 2010 4:12am
Alright..
as expected and posted, EG babe is getting cooler from her red-hot sexy image of past week

8734 is the days high till now. Price hasn't just repelled in air. 8734 comes in radar range of big descending triangle of large TF
Here is the D1 Chart, with some new levels & trendlines.
Attached Image (click to enlarge)
Click to Enlarge Name: EG D1 4_10_2010.jpg Size: 103 KB


If we see a good Bearish Engulf on D1, 8550 is something good to look at (Trendline support zone)
But how the price reacts would be important to see. Still more confirmations about whether a Swing high has been made, would be nice to see.

Being in short mode, i am short from morning @ 8709
Stops at BE
I think 1st TP around 8650 level is nice, where price will be testing broken green trendline from above
Attached Image (click to enlarge)
Click to Enlarge Name: short.jpg Size: 24 KB

IMO, in the morning there was a perfect Pin Bar on h1 acting as Bull Trap (at least short term )


As i am writing this i just see more 25 pip fall.
Lets WnW where this is headed


P.S. How about a FF EG Happiness Club of only EG trading fanats..??? lol =))
100 Fold Challenge->Interested? ->https://www.forexfactory.com/thread/32152
  • #1,243
  • Edited 4:33am Oct 4, 2010 4:28am | Edited 4:33am
The way price retraced on M5 perfectly tallies with trend continuation velocity in smaller TF like M5


Just added shorts @ 8677
All Stops changed to averaged BE i.e.8693 (First Save your A** Rule)
Attached Image (click to enlarge)
Click to Enlarge Name: added.jpg Size: 28 KB


1st TP removed, looking at 8640's. Will book depending on PA

Lets WnW

NOTE:
I often do not let my trade live for long duration (95% trades),even when the direction of movement is in same direction as a whole.
My trades are never any signals.
Everybody is responsible for his/her trades.
Trade responsibly.
100 Fold Challenge->Interested? ->https://www.forexfactory.com/thread/32152
  • #1,244
  • Oct 4, 2010 5:48am Oct 4, 2010 5:48am
well it needs a little short here euro can't go up 1.38 so easily so lets take a short here with a target of 50 pips
  • #1,245
  • Oct 4, 2010 5:57am Oct 4, 2010 5:57am
Quoting forexsaint
Just added shorts @ 8677
All Stops changed to averaged BE i.e.8693 (First Save your A** Rule)
IDK the feel good factor of other traders, but i just love my trades when entries are like this (the 2nd short).
Even if these trades dont work out (of course some do Hit BE ), i just love the edge these entries give as chances of falsely hitting stops are very less in these except when the trend changes in same TF.
Attached Image (click to enlarge)
Click to Enlarge Name: Love 2nd Entry.jpg Size: 62 KB


All Stops moved to 8677(42 pips locked)

As of now,
Candle on D1 TF is a typical Bearish Engulf with low at 8645 (below last days low of 8658) + Gapup of this week open has already been filled (for Gap Traders)
100 Fold Challenge->Interested? ->https://www.forexfactory.com/thread/32152
  • #1,246
  • Oct 4, 2010 10:01am Oct 4, 2010 10:01am
hi forexsaint

I often read you and very often trade EURGBP as its false move are not the hardest to read

I am also short from 0,8723 and 0,8650

where do you see it going?
I think we could revisit 0,8450 - 0,85 before a new rise
  • #1,247
  • Oct 4, 2010 10:28am Oct 4, 2010 10:28am
Quoting forexsaint
1st TP removed, looking at 8640's. Will book depending on PA
Alright.. as expected and posted, we hit 8640's.
I am out of shorts as of now.
I also added shorts 3rd time @approx 8660 level
Attached Image (click to enlarge)
Click to Enlarge Name: Booked Shorts.jpg Size: 28 KB

Booked ALL shorts @ approx 8642
Booked approx. 135 pips in toto out of total 100 pip high-low range of whole day from the word "go" for this week. Thats what i like doing and this pair allows me to do that & sharpen my entry exit skills.

If there are newbies around (and who want to listen bcoz i didnt use to, when i was at same point of time in my Fx career), i would say if you are trying to sharpen your entry-exit skills, try this pair and you will surely get so many opportunities.
Breakouts, Breakdowns, false breaks, Fast breaks, Trend, Chop, USD High pip value, all is in there.
Test Yourself!

Presently IMO, i would be sitting tight and prolly waiting for Short re-entry BUT only after watching the reaction from current days low. If we remain dead slow in movement and remain around same zone, without much retrace up, then i will be waiting for tomorrow to see its response and decide further

Lets Wnw

P.S. Trade marked Red got closed in loss of a pip or so due to Finger malfunction, i better continue using EA's for the same. At least i will have somebody to curse for malfunction..lol
100 Fold Challenge->Interested? ->https://www.forexfactory.com/thread/32152
  • #1,248
  • Oct 4, 2010 10:51am Oct 4, 2010 10:51am
Quoting fammira
hi forexsaint
I often read you and very often trade EURGBP as its false move are not the hardest to read
I am also short from 0,8723 and 0,8650
where do you see it going?
I think we could revisit 0,8450 - 0,85 before a new rise
Thanks for reading Fammira (what does that name mean btw, if you dont mind?).
Yes, i strongly agree regarding easy detection of false moves on EG
(or may be bcoz i have been watching this babe all day long (even when she is in bathroom...) from so long now)
As regarding shorts, i just booked them ( i just see we hit some good PA based support level, thats why. )

IMO, the retracement has been just bit (not much) fast that usual velocity
(Readers around may be think what shit is this "retracement velocity".. no jargon.. i just use this for speed at which a retracement move occurs after probably a swing high/low is made). It may be going for another High, but frankly i am not that bullish right now (not bearish too)
MY sell mode is over right now with this down move.
Further
- Its New week
- 1st week of month
- Important trendline just touched and repelled
- Important Highs just made and may retry to break
- Important levels broken below are not far away. They may be retested.
So i would be cautious here and wait and watch , before framing something based on higher TF charts.
So in short, i am not sure and i will Wait n Watch

For guys new to this pair, EG is notorious for Pre-london Opposite(False) Moves! Watch out for this phenomenon (occurs just too often) and those moves are enough to be minted by, of course, quick-traders.
100 Fold Challenge->Interested? ->https://www.forexfactory.com/thread/32152
  • #1,249
  • Oct 4, 2010 10:56am Oct 4, 2010 10:56am
Quoting forexsaint
Thanks for reading Fammira (what does that mean btw, if you dont mind?).
Yes, i strongly agree regarding easy detection of false moves on EG
(or may be bcoz i have been watching this babe all day long (even when she is in bathroom...) from so long now)
As regarding shorts, i just booked them.

IMO, the retracement has been just bit (not much) fast that usual velocity
(Readers around may be think what shit is this "retracement velocity".. no jargon.. i just use this for speed at which a retracement move occurs...
hi

fammira are just the initials of my name

I still hold my shorts, you said it retraced too quickly but I have shorted for the same reason, it rose too quickly in the last two weeks and especially in the last three days of the last week.....

hold and observe, next move will be a USD weakening or strenghtening, still hard to say, but I want to see how sterling will react to that before closing my position
  • #1,250
  • Oct 4, 2010 11:04am Oct 4, 2010 11:04am
Quoting fammira
I still hold my shorts, you said it retraced too quickly but I have shorted for the same reason, it rose too quickly in the last two weeks and especially in the last three days of the last week.....
Actually you shorted it for higher TF trading and looking at the overbought aspect to short it.
Surely i did the same but booked out, as i often do not trade "Once enter and let it run for days" trades. I try to break a 500pip trending directional move into multiple trades (only in that very direction) trying to juice it out (Surely its like picking explosives, but have been into this from long and of course everyone dies one day

When i said Retraced fast, I wanted to say, had it retraced bit differently (bit slower) i would have given more weightage to the fact that a Swing high is done (atleast for short term).Actually the retry to make a New high is what i didnt like about this high! It was half hearted IMO . But presently i am not sure.
Days close will also help a lot (Fact of Typical Textbook Bearish Engulf at top of move)
Lets Wnw
100 Fold Challenge->Interested? ->https://www.forexfactory.com/thread/32152
  • #1,251
  • Oct 4, 2010 11:22am Oct 4, 2010 11:22am
Quoting forexsaint
Actually you shorted it for higher TF trading and looking at the overbought aspect to short it.
Surely i did the same but booked out, as i often do not trade "Once enter and let it run for days" trades. I try to break a...
got it, as long as you have profit, you are never wrong.

just cut the low for two pips, a move towards the low 86 area before tomorrow could create the room for more downside tomorrow

still watching
  • #1,252
  • Oct 5, 2010 3:51am Oct 5, 2010 3:51am
Nice pullback. Time to add more positions on EURGBP.

I am long from 0.8363.

Ride the longterm trend and rake in the pips.
Attached Image (click to enlarge)
Click to Enlarge Name: EURGBPH8.gif Size: 31 KB
  • #1,253
  • Oct 5, 2010 4:09am Oct 5, 2010 4:09am
Uptrend confirmed by classic Tenkan Sen cross over Kijun Sen above cloud. Chikou Span is bullish too.
Attached Image (click to enlarge)
Click to Enlarge Name: EURGBPH8.gif Size: 32 KB
  • #1,254
  • Oct 5, 2010 4:11am Oct 5, 2010 4:11am
Hey guys Im new! Howdy. Opened today @ short 8688. Any tips on what to close at? Could I hold off until this week even on the off chance the EUR could go down?
  • #1,255
  • Oct 5, 2010 4:52am Oct 5, 2010 4:52am
I see!

So this thread has been lately getting lot of new member replies with "Single Digit posts" from questionable locations.
Pretty sexy reversal that our posts have been inviting so many newbies to EG trading in just a few days.

Before some people start being bitchy in open, spawning new ID's for their ulterior motives (to feed their fake ego), i am done with my regular live posts here. Most prolly i will be moving to my personal Journal/thread ---> HERE <--- sooner or later.

Trade well and responsibly
To all those clear heart souls, Take care


I would like to finish this post with this quote by Andy Roddick:
"At one point in your life you either have the thing you want or the reasons why you don't"
So yearn for it, go for it and achieve what you want, with all your passion!
100 Fold Challenge->Interested? ->https://www.forexfactory.com/thread/32152
  • #1,256
  • Oct 5, 2010 6:53am Oct 5, 2010 6:53am
Have to start somwhere don't you though. I work for Citigroup.
  • #1,257
  • Oct 5, 2010 7:32am Oct 5, 2010 7:32am
Hi Wekndwarrior

You really shouldn't be entering trades if you have no idea where you're going to get out. Always have a plan.
Next thing you'll be telling us, is you don't have a SL!
Never rely on other traders. What makes you believe that they know more than you. NOBODY knows for SURE what is going to happen next.
But who knows for sure ?
  • #1,258
  • Oct 5, 2010 8:14am Oct 5, 2010 8:14am
Hi Wekndwarrior,

You certainly correct, you have to start somewhere. But do not rely soley on other traders. Certainly ones you don't know. By all means read what other traders are doing, and see why they are taking the trades they are taking.
Here is a good place to go. TEB 5ema & 12ema and 21 RSI (MTF)
Teb63 posts some really useful info, and at post #1268 (I think) is rules for a really useful strategy.

What I have discovered recently - not before time - is ALWAYS mark on your charts Horizontal support and resistance lines. You will be amazed at how often prices return to these points. Some of my entries and exits are based on these points alone.#
But who knows for sure ?
  • #1,259
  • Oct 5, 2010 8:21am Oct 5, 2010 8:21am
Hello Rags. Thanks very much. Ill check it out. Happy Pipping! :-)
  • #1,260
  • Oct 5, 2010 9:40pm Oct 5, 2010 9:40pm
?
Attached Image(s) (click to enlarge)
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