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EUR/GBP - What a great pair to trade!

  • #1,261
  • Oct 6, 2010 5:16am Oct 6, 2010 5:16am
pair is up to touch the TL again

WnW
  • #1,262
  • Oct 6, 2010 5:36am Oct 6, 2010 5:36am
Quoting Rags2
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.


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.#

Rags2 yes, everyone starts at some point. It is interesting to read what others are doing and learn from it for one's own trading, including their mistakes. The latter are probably the best teachers in the long run. There are many ways of doing something wrong, but not so many ways of getting it right.

Posting one's trades is a brave thing to do. I personally do not like doing it, as it puts on psychological pressure "to be right" on the poster and pressure on new traders in particular to follow blindly when everyone really should be finding a way that works for them.

Mastery is not achieved by jumping on other people's trades, no matter how good they are.

Support, resistance, pivots are very important. I will seldom enter a trade when it has to break a pivot line, particularly in these thin markets. One needs to be extra careful, as moves often do not last and are often exaggerated.
  • #1,263
  • Oct 7, 2010 10:02am Oct 7, 2010 10:02am
Entered long at 8742, stop currently at 8732. Target somewhere above 8805 (new high)

8770 should be an interesting test and should lock in some profit there.
  • #1,264
  • Oct 8, 2010 3:47am Oct 8, 2010 3:47am
Stop loss is now at 0.8756. Failed to take out the previous high, which is worrying, but still eyeing up a good profit. If it hits my SL, or fails to take out the high again then thats me out of this one.
  • #1,265
  • Oct 8, 2010 4:52am Oct 8, 2010 4:52am
I'm out of this trade now, 15 pips profit only, 1.5 x my risk though so still a good result
  • #1,266
  • Oct 11, 2010 3:27am Oct 11, 2010 3:27am
Entered long again here at 8737. First profit target is the dual highs of last week - 8804
  • #1,267
  • Oct 11, 2010 3:38am Oct 11, 2010 3:38am
It looks to me from the daily studies and 4 h studies that we are presently in a consolidation phase.

The 4 hourly is attempting a bullish wedge. We had the gap from 8th October filled this morning, which was a nice little short trade. However, I feel that we may be making a higher low here possibly and I will consider going long on a close above: .8751 which is the pivot. I trade patterns first and foremost and signals second, so the nature of the pattern evolving will determine whether I will take the trade.

There is little in the way news this week, a US holiday toady today ,so there may not be much action, but consolidation ahead.

I consider all shorts countertrend and am extra careful with my position sizing, meaning only half of what I normally trade and am looking for the up trend to resume, on a break of the wedge, see attached 4 h chart.


May we all have happy and successful trades this week
Attached Image
  • #1,268
  • Oct 11, 2010 9:22am Oct 11, 2010 9:22am
Today is horrible, SL set to BE, TPs set at 8780, 8805 and 8840.

I'm out of here!
  • #1,269
  • Oct 11, 2010 1:44pm Oct 11, 2010 1:44pm
Quoting Gasmeter
Today is horrible, SL set to BE, TPs set at 8780, 8805 and 8840.

I'm out of here!

I expected that, the proverbial writing was on the proverbial wall... the early morning short was the trade for the day. Those of us trading Europe predominantly have the advantage with this pair, me thinks.
  • #1,270
  • Oct 11, 2010 2:02pm Oct 11, 2010 2:02pm
As of now GBP and USD expecting some QE, EUR not yet..

Conclusion? EURGPB will claim much higher..
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
  • #1,271
  • Oct 11, 2010 2:05pm Oct 11, 2010 2:05pm
Pick your targets:
Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp.jpg Size: 55 KB
Viewer Discretion Advised: Shall we shag now or should we shag later? :-)
  • #1,272
  • Oct 11, 2010 2:14pm Oct 11, 2010 2:14pm
Quoting SkyzerFX
As of now GBP and USD expecting some QE, EUR not yet..

Conclusion? EURGPB will claim much higher..
you're 100% right.

watch out for P.I.G.S.
  • #1,273
  • Oct 12, 2010 3:05am Oct 12, 2010 3:05am
Price is still moving along in the channel, making a wedge. as per my attached chart, showing the 4 hourly studies.

For now price action is correcting in a downside consolidation. It obviously is countertrend for now and I remain cautious with my trades until we get a clear bias again.

On the 15 m a clear break above .8720 - 22 ish may signal long, depending on signal/pattern.


I trade what I see, not what I think.
Attached Image
  • #1,274
  • Oct 22, 2010 5:54am Oct 22, 2010 5:54am
It's gone a bit quiet on here so I thought I'd post this critical level. A daily close above this level would be good, but there is strong resistance at .8900 and an upper dynamic resistance line from December 2008:

Attached Image (click to enlarge)
Click to Enlarge Name: eurgbp101022d1.gif Size: 25 KB
Gone to a better place
  • #1,275
  • Oct 24, 2010 2:04pm Oct 24, 2010 2:04pm
Hey guys, been keeping an eye on this setup and now with a break of the descending trend line it looks promising. Can any EUR/GBP traders give any advice as I don't normally trade this pair.

Thank you

EUR/GBP Daily
Attached Image (click to enlarge)
Click to Enlarge Name: eur.jpg Size: 358 KB
  • #1,276
  • Oct 25, 2010 5:57am Oct 25, 2010 5:57am
Quoting fosking
Hey guys, been keeping an eye on this setup and now with a break of the descending trend line it looks promising. Can any EUR/GBP traders give any advice as I don't normally trade this pair.

Thank you

EUR/GBP Daily
Attachment
what is more 0,8933 is 50% fibbo from 0,9803 to 0,8063, nice opportunity here I think
  • #1,277
  • Oct 25, 2010 8:53am Oct 25, 2010 8:53am
Does anyone think this will retrace down a little? It just seems so overextended.

Hope everyone is getting some pips today!
  • #1,278
  • Oct 25, 2010 2:53pm Oct 25, 2010 2:53pm
The question for me to short is "Will it break support at .8840?" Then "Will it break the strong trend line/channel?" Not really worth the risk.

Or for the longs: Fib level (thanks dejv), upper dynamic resistance, .8900 resistance level.

All in all not tradeable at the moment, for me, but an interesting level.
Gone to a better place
  • #1,279
  • Oct 25, 2010 3:06pm Oct 25, 2010 3:06pm
Quoting smikester
The question for me to short is "Will it break support at .8840?" Then "Will it break the strong trend line/channel?" Not really worth the risk.

Or for the longs: Fib level (thanks dejv), upper dynamic resistance, .8900 resistance level.

All in all not tradeable at the moment, for me, but an interesting level.
I`m looking for the same but need some prica action for cinfimation, and trand line is very strong who knows even stoch is showin on long, still whaiting for any price action in final confimation. its one of 50/50 situation.
  • #1,280
  • Oct 28, 2010 3:20pm Oct 28, 2010 3:20pm
Attached Image (click to enlarge)
Click to Enlarge Name: eg.jpg Size: 55 KB
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