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EUR/GBP - What a great pair to trade!

  • #1,581
  • Mar 21, 2012 7:56pm Mar 21, 2012 7:56pm
  •  duca
  • | Joined Dec 2011 | Status: Investing is simple, but not easy | 409 Posts
I look at these -
and indicators in € / gbp
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  • #1,582
  • Mar 21, 2012 9:48pm Mar 21, 2012 9:48pm
  •  duca
  • | Joined Dec 2011 | Status: Investing is simple, but not easy | 409 Posts
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  • #1,583
  • Edited 2:51pm Mar 22, 2012 1:50pm | Edited 2:51pm
My current trade plan on this pair is to buy when it enters the pale blue area and with target profits of 70 pips (or .8370). Also I plan to sell when price reaches the pale pink area near weekly pivot resistance (R1).

Looking back the last three months, price seem to have respected these zones except for one or two times when Euro was making violent moves due to Greece.

There was also a macd convergence (shown in thick yellow lines) and price first retraced to 38% fib level.

Please feel free to criticise/take-apart/correct my views. See attached H4 chart.

Regards
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  • #1,584
  • Mar 22, 2012 8:39pm Mar 22, 2012 8:39pm
  •  duca
  • | Joined Dec 2011 | Status: Investing is simple, but not easy | 409 Posts
for those who do not understand-
point out open position
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  • #1,585
  • Mar 23, 2012 2:00am Mar 23, 2012 2:00am
Quoting duca
for those who do not understand-
point out open position
I went long yesterday (22 March) when the price reached my target pale blue area. I will be closing this trade some time today manually if my target is not reached (.8370) as I do not like to keep my open trades during the weekends.

For anyone who is interested in where I get my pivot points/R1/S1 etc, I use the site below.

http://www.actionforex.com/markets/p...2010040848154/

For the avoidance of any doubt, I am not connected with the above website in any way and found out about it through a great trader who posts in this forum.

G/L
  • #1,586
  • Mar 23, 2012 3:55am Mar 23, 2012 3:55am
Scalping a bit at the moment
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  • #1,587
  • Mar 23, 2012 8:04am Mar 23, 2012 8:04am
  •  duca
  • | Joined Dec 2011 | Status: Investing is simple, but not easy | 409 Posts
overbought on much timeframe
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  • #1,588
  • Mar 24, 2012 8:42am Mar 24, 2012 8:42am
Coming week possible break-out north
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  • #1,589
  • Mar 24, 2012 8:54am Mar 24, 2012 8:54am
Quoting KillerWhale
Coming week possible break-out north
Do you expect rise above 0,8400?
  • #1,590
  • Edited 9:45am Mar 24, 2012 9:35am | Edited 9:45am
  •  duca
  • | Joined Dec 2011 | Status: Investing is simple, but not easy | 409 Posts
range positions options (€ spot + 40 pips)
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  • #1,591
  • Mar 24, 2012 10:00am Mar 24, 2012 10:00am
  •  duca
  • | Joined Dec 2011 | Status: Investing is simple, but not easy | 409 Posts
COT € + long large traders
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  • #1,592
  • Mar 24, 2012 10:45am Mar 24, 2012 10:45am
  •  duca
  • | Joined Dec 2011 | Status: Investing is simple, but not easy | 409 Posts
gbp
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  • #1,593
  • Edited Mar 25, 2012 5:12am Mar 24, 2012 11:11pm | Edited Mar 25, 2012 5:12am
Quoting Tomoney
Do you expect rise above 0,8400?
If (but that's a BIG IF) € manages to go towards previous high 1.3485 than €£ would probably go beyond 0.84 but that remains to be seen. I'm not THAT bullish on EU.
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  • #1,594
  • Mar 25, 2012 11:25am Mar 25, 2012 11:25am
  •  duca
  • | Joined Dec 2011 | Status: Investing is simple, but not easy | 409 Posts
filter for channel indicator
i feel
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  • #1,595
  • Mar 25, 2012 11:38am Mar 25, 2012 11:38am
  •  duca
  • | Joined Dec 2011 | Status: Investing is simple, but not easy | 409 Posts
trendline
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  • #1,596
  • Mar 25, 2012 12:25pm Mar 25, 2012 12:25pm
Quoting smikester
Well I made a complete *** of the long but we are still in this consolidation and so it wasn't going far,was it?

Here's a chart:

Attachment

I think it's fairly clear that we are going to break out of the range soon, and the spikes in the grey box are a bit of a tell? Comments, insults, praise and rage all gratefully received.
Hey smikestar,

We didn't get a daily close below the swing low 2/3/12 ( not on my feed)
or get a close below the weekly SR line 0.8315

Next move might be back up to 0.84.......0.8450.. ?
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  • #1,597
  • Mar 25, 2012 12:37pm Mar 25, 2012 12:37pm
Quoting j4d
Hey smikestar,

We didn't get a daily close below the swing low 2/3/12 ( not on my feed)
or get a close below the weekly SR line 0.8315

Next move might be back up to 0.84.......0.8450.. ?
Thanks for the chart. I think that's a definite possibility, but I'm not interested in trading this pair. The last effort on 12th and 13th posted a serious rejection of .8400 with a bearish engulfing candle on 13th. I have learned that it doesn't mean much in consolidation, which we have had effectively since the beginning of the year. I'm concentrating my efforts on other pairs.

I do think the spiking below the bear flag is a "tell" though. If it breaks .8220, I'll be in long term. It will be a good trade, I hope, targetting .7500, maybe in 2013...
Gone to a better place
  • #1,598
  • Mar 25, 2012 1:50pm Mar 25, 2012 1:50pm
Quoting smikester
Thanks for the chart. I think that's a definite possibility, but I'm not interested in trading this pair. The last effort on 12th and 13th posted a serious rejection of .8400 with a bearish engulfing candle on 13th. I have learned that it doesn't mean much in consolidation, which we have had effectively since the beginning of the year. I'm concentrating my efforts on other pairs.

I do think the spiking below the bear flag is a "tell" though. If it breaks .8220, I'll be in long term. It will be a good trade, I hope, targetting .7500, maybe in...
Wouldn't be surprised of a break of 0.8220 not too far away, but 0.75 seems a bit extreme to me. First we have 0.8067 and it could take quite a while to get past that. Bur you never know.
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  • #1,599
  • Mar 25, 2012 5:49pm Mar 25, 2012 5:49pm
Quoting KillerWhale;55098 no30
Wouldn't be surprised of a break of 0.8220 not too far away, but 0.75 seems a bit extreme to me. First we have 0.8067 and it could take quite a while to get past that. Bur you never know.
.75 might seem a bit extreme, but we are trading under the weekly and daily 200ma and the monthly 200ma is currently at .7300. I'm not saying we will go to .7500, but it's food for thought.
Gone to a better place
  • #1,600
  • Mar 26, 2012 6:16am Mar 26, 2012 6:16am
  •  duca
  • | Joined Dec 2011 | Status: Investing is simple, but not easy | 409 Posts
my position
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