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EUR/GBP - What a great pair to trade!

  • #2,221
  • Oct 9, 2013 2:29am Oct 9, 2013 2:29am
I've set sell stops this morning at the level of .8430 for the following reasons:
1. My bearish sentiment on the daily and weekly charts.
2. The possibility that this is the top of the .8330 - .8470 range and that we are going back to test .8330 at least.
3. This range could be a bear flag type of consolidation.
4. I found it interesting that yesterday's foray to .8460+ was rejected.
5. My stops are 25 pips away from entry and give me a good potential R : R.
6. It's a "down" day in London.
7. I'm taking my own advice to sell rallies.

Whew. So many reasons. Now watch this market make a monkey out of me.
Gone to a better place
  • #2,222
  • Oct 10, 2013 4:15pm Oct 10, 2013 4:15pm
Great shorting opportunity today (and right now!)... Stop on a close above 0.8500, Targeting sub 0.8200 level!
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  • #2,223
  • Edited 5:08pm Oct 10, 2013 4:59pm | Edited 5:08pm
Quoting randerson
Great shorting opportunity today (and right now!)... Stop on a close above 0.8500, Targeting sub 0.8200 level! {image}

I agree Randerson. There is bearish divergence on the 4h as well. Also fundamental news is more positive for UK than the Eurozone at this time. Trading this pair, sometimes, is akin to watching paint dry

Olu
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If you think you can or cannot do it you are correct
  • #2,224
  • Oct 11, 2013 10:36am Oct 11, 2013 10:36am
Great time to establish a short position in eur/gbp while it's still above 0.8500. These prices won't last long!
  • #2,225
  • Oct 12, 2013 3:44pm Oct 12, 2013 3:44pm
Quoting smikester
I've set sell stops this morning at the level of .8430 for the following reasons: 1. My bearish sentiment on the daily and weekly charts. 2. The possibility that this is the top of the .8330 - .8470 range and that we are going back to test .8330 at least. 3. This range could be a bear flag type of consolidation. 4. I found it interesting that yesterday's foray to .8460+ was rejected. 5. My stops are 25 pips away from entry and give me a good potential R : R. 6. It's a "down" day in London. 7. I'm taking my own advice to sell rallies. Whew. So...
I couldn't agree more smikester.0.8535 and higher needed for bull market .Everything looks like it made a nasty pullback to screw shorters and reload shorts.0.8430 is a dream short but here how I expect to catch some more pips before it.I expect a decline and a pullback .Catching that pullback around 0.8470 would be nice. 0.8440 is a little tricky and would see some bounce and whipsaws there.
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  • #2,226
  • Oct 17, 2013 2:19am Oct 17, 2013 2:19am
Before I say anything I don't have any bias long, or short. This pair, like many others, has been a pig to trade this year - at least for trend traders. We are dallying with .8500 and could be for some time. What concerns me for bears is the full test of .8500 and yesterday's bullish candle off the 23.6 level which tells me we are having another run at .8500, which is exactly on the 38.2% retracement.

So I am waiting for a strong rejection of .8500 which would confirm the double top on the weekly chart and give us a technical target of around .8000, or a strong daily close above .8500, which opens .87xx and beyong.

Chart:

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Gone to a better place
  • #2,227
  • Oct 17, 2013 6:44am Oct 17, 2013 6:44am
Buy ??
Im short since this morning @8470 enter after good news fomr UK CPI but .... it seems not good choice hehehe SL few ticks over the top of today >8500 day close
  • #2,228
  • Oct 21, 2013 3:59pm Oct 21, 2013 3:59pm
I went for long @ 0.8450 (sl 0.8425) ...Lets us see
First, believe in the world---that there is meaning behind everything.
  • #2,229
  • Nov 11, 2013 5:37am Nov 11, 2013 5:37am
I see this pair struggling to go above .84 So I'll place a sell at around .839. The UK economy is a mess, but so is the EZ one. On a long yearly correction of this pair, I guess we might see.82 at the beginning of next year. GL all.
  • #2,230
  • Nov 27, 2013 3:18am Nov 27, 2013 3:18am
How true. Not a great pair to trade for the last few weeks unless involved in deep intraday analysis and we are still trading within the bar of the weekly candle of the week beginning 3rd November. The price is jammed just under .8400 with neither side giving way but I can see a possible break out trade here for those with patience.

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And for those who like to trade out of triangle formations there is a triangle within a triangle here:

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Good luck if you want to trade this.
Gone to a better place
  • #2,231
  • Edited 4:30am Dec 4, 2013 3:55am | Edited 4:30am
UK Services PMI a point or two adrift of forecast, but still bullish. This could be good place to add to shorts at the historically important .8320 level. I had it in mind that a retest of .8300 was due, but this gives an even better entry. Tight stops...

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H4 chart with a few levels.
Gone to a better place
  • #2,232
  • Dec 4, 2013 5:12am Dec 4, 2013 5:12am
Quoting smikester
UK Services PMI a point or two adrift of forecast, but still bullish. This could be good place to add to shorts at the historically important .8320 level. I had it in mind that a retest of .8300 was due, but this gives an even better entry. Tight stops... {image} H4 chart with a few levels.
I think, that the current weakness of the pair is purely corrective. The pair stays bullish with an initial target of $1.6455. The next interim resistance level lies at $1.6483.
  • #2,233
  • Dec 29, 2013 10:33pm Dec 29, 2013 10:33pm
Waiting for price to go past 0.8321. Have an Sell order with a TP of 0.8200.
  • #2,234
  • Jan 1, 2014 10:02pm Jan 1, 2014 10:02pm
Happy New Year smikester, all good for you and your family this 2014........ good things for all here.....
The Chonchy
  • #2,235
  • Jan 2, 2014 5:11am Jan 2, 2014 5:11am
Quoting chonchy
Happy New Year smikester, all good for you and your family this 2014........ good things for all here.....
Hello Chonchy and a Very Happy and Prosperous New Year to you and your family. And just to make sure, anyone who knows you! It's a bit belated - I don't subscribe to this thread - I did a search on your name.

The same goes for contributors to this thread and thank you for all your comments and analysis. It has been a difficult year for trend trading, and Eur/Gbp did not have a good trending behaviour. Let's look forward to a better year. I'll post some analysis when I can and would welcome other contributions.
Gone to a better place
  • #2,236
  • Jan 5, 2014 9:55am Jan 5, 2014 9:55am
Approaching significant support zone.

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Nil desperandum
  • #2,237
  • Jan 5, 2014 12:56pm Jan 5, 2014 12:56pm
Quoting vincentprice
Approaching significant support zone. {image}
I have Buy position @ 0.8280 From Last week , My TP is 0.8500 .
Find your passion and work hard
  • #2,238
  • Jan 5, 2014 10:25pm Jan 5, 2014 10:25pm
GBP has been getting beat up today, still bearish on the pair though as BoE tightening outlook > ECB's deflationary problems on the horizon.

EURGBP – Sell stops building at 0.8265. Under those, bids start at 0.8250 and build down to 0.8200
  • #2,239
  • Jan 6, 2014 2:34am Jan 6, 2014 2:34am
EURGBP - Buy stops within range, seen above .8320
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  • #2,240
  • Jan 6, 2014 3:36am Jan 6, 2014 3:36am
Buy stops blown off of UK Services PMI miss. (58.8 vs 60.0 forecast)
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