Good Monday morning traders. EURGBP is virtually at my interested point of buying. I would like to see price come a bit more down to the long term diagonal trend and the 50% fib to buy. That way we can get a tighter stop loss to buy.
But we also need to be aware of GBP strength. So its not impossible for it to drop below and retest the underneath side to come back down more. Either way we have a point for entry. Dont be afraid to lose or you'll never win. Risk management and you will be fine. GLIYF
Today were looking at EURGBP again. The drop has continued, EUR looks weak across the board and EURGBP has shown that also. We have dropped through trend and look to be heading towards the .382 Fib we could possibly see a turn there for a pullback in price naturally. But if we dont and we get some more strong bearish momentum then we could drop further to the support level below or the .235 fib By that time its possible the RSI could be screaming for the buy and also show bullish divergence . Keep an eye out for that out. Get your buys ready with tight stops at those levels. GLIYF
Last Monday we started the week with EURGBP so we will do the same this week. I was looking for a drop down the yellow box, which we got perfectly to the .382 Fib level. Didnt even wick below and we came right back up to retest the underneath of that long term trend. But it didnt test it enough for me, so id like to see it push a little higher today and tomorrow before it finds more support at the blue circle with a couple of confluences. Could be a tricky pair this as it could go either way, getting in on the short isnt a bad idea either and holding it. As with either currencies in the current climate anything can happen. Trade safe, risk management as always. GLIYF
Eurgbp has pretty much gone perfectly so far. But we still have to be skeptical. Price came back a 2nd time in the blue circle, so that was your sell signal. The ffirst trade is a nice little 1:2 risk to reward of 120 pips. Thats pretty much hit TP nearly on that fib level. Then you could take some profits and leave a running trade at risk free to the support below IF we get that far. 2nd Trade would be almost 1:4. Then i will be looking for buys, UNLESS it breaks below trend then we could possibly be looking for sells longer term. GLIYF
Since we took profits on EURGBP , it held the level and we got the sign to go long again. It just peeped through the trend line but theyre not always perfect. We got the rejection in the magic blue circle and were on our way back up again. Seeing some weakness in GBP currently but i think we will see more weakness to come in the near future in EUR. So im thinking a short buy up tot he 50% under long term trend level and back down again. If your already in the buy then good job, if not wait for the 50% level for the next sell. GLIYF and RM as always
Ok since we last looked at EURGBP price has done pretty much what i expected. We got the push up from the .382 fib towards the 50% level and the underside of the long term trend line . We got rejection and instantly saw the sell off. you can even see a double top in price so was a fairly easy trade to take. Price currently sits at the .382 fib again and if you want you can take profit here the R:R was good at over 1:2 with 120 pips profit. I am taking profit as i think the next moves here will determine what happens with this pair. Will we drop below that short term trend line and break below previous support? or will price hold here and make another move back up again? personally im going to wait for the break downwards as i feel price is still high end expensive for this pair. GLIYF
Since i last looked at EURGBP , i was looking for the fall through the short term trend, we got that and then we got the perfect re-test. You should of all been easy able to pick this one up. 55 pip stop just above the previous high. Im looking down to the .236 fib level for a 230 pip move and 1:4 R:R minimum. Looks to me like EUR is bearish overall and GBP could gain some strength so we have a good chance of breaking the support zone below which will be crucial. If we do not break it then dont be afraid in taking profit. GLIYF and RM as always
EURGBP SL has been hit. But thats ok we cant win them all, and why we practice risk management. My bias for this pair is that it will still drop as price is naturally high on average. Last setup looks like it was as little too soon to enter, i much prefer this setup with a tighter SL of 35 pips and TP of 180+ pips down to the support zone below. Wait for the rejection in price action around this area if you decide to take it. R:R is a nice 1:5 and a fairly easy one to take . GLIYF
Looking back at EURGBP today and it looks now like a classic big break and retest on the daily. EUR has some some big strength lately due to them pumping more fake money into the economy. The markets like that and we saw a rise in EUR pairs across the board. But i think it will be short lived, its not sustainable. So im looking at this short opportunity from this level. Nice R:R of 1:3+ with a 78 pips stop and over 200+ pips back down to previous support below. nice easy trade, risk management as always, GLIYF
The sell on EURGBP is still going to plan. Currently 170 pips up in price. We have seen price action drop through trend and currently sat at a zone of support. i still think we could reach target. Wether we just continue to drop or we retest the broken trend remains to be seen. Running risk free on this one, if you followed look to take profits here of the 50% level and leave the rest open to possible further downwards movement, GBP seeems to be strong currently this week so make sure to take advantage of that. GLIYF
Hope everyone had a good week trading. EURGBP has given us 200 pips profit so far. i Know my target is lower than current price level but i am going to take profit here just above the 50% level. My thought is that we could possibly see a retest of the broken trend we have managed to break. Good level of R:R so no complaints at all. We can always re enter if we do get the retest and still get another trade with good R:R for a possible longer term drop . Cant go broke taking profits GLIYF
To end the week im looking back at EURGBP . Im still bullish in terms of average price cost of the euro against the pound. i think its only a matter of time before this tanks for a good amount of pips. Last time i called a sell from the supply zone , its fallen but nothing to shout about. One thing i like to do if you see my charts is to trap the market into a corner. Thats what im doing here again. 9/10 you can trade the direction of the breakout and you will be in good stead. Currently were in pure sideways action here so im waiting to trade the breakout. Apparently August is slow for trading so we might have to wait a week or two. But patience pays so keep your eyes out for the break out. Have a good weekend everyone GLIYF
Happy friday everyone, hope you all had a good week. EURGBP has finally spoken and given us a direction breakout. Hope you all caught that one, if not dont worry in the ideal situation we would like to see a retest for it to then drop again and confirm the direction is real and where it will be heading. If it is real thers two options up for grabs with a R:R of 1:2 and if it keeps going we could possibly see 1:4. Stay patient and let this one play out, hope you all have a good weekend GLIYF
Todays post is more of a lesson as to why we wait for a retest on a breakout and then price action for our desired position before entering the trade. As the last post i did on EURGBP we got a daily close below, and then we even got more downwards price movement the day after. But then price turned which we would want for a retest of the broken pattern. BUT thats not what price had in mind. It kept moving and now we are back in the wedge formation range, so you could call it a fake out.
If you entered on the breakout and didnt wait for the retest the trade is still going and it hasnt hit SL, my Bias is still bearish on this pair i think it will drop again. GLIYF
We've finally had some movement in our direction on the EURGBP trade. I advised to stay in if you went in on the initial breakout, was clear to me breaking both trends and candlestick price action that we would see it drop .
Depending on where you entered the trade we are currently around 120+ pips in profit. Make sure you move your SL into some profit to lock it in, then you can keep moving it down the further we drop . Price has currently stalled at the expected demand zone i marked out. We could see some consolidation here before the next move, all going well we could hit projected TP. Remember to lock in those pips GLIYF
Good morning, monday is here new trading week upon us, although labor day in the us so volume will be a bit weird today. I hear some brexit news is out this week so may be why the EUR has had a bit of a push this morning. But looking at EURGBP on our sell trade, this looks to be a classic break and retest of a level zone. So going back to our sell if you missed the trade this could be a perfect opportunity to get in or you can stack trades if you sold originally. BUT only if the daily candle closes below this zone. if we break above then its possible we could see it hit the down trend above. Wait until the daily candle closes then look for rejection signs and then enter. GLIYF
Todays post is mostly a lesson, in to why we wait for our entry and dont just blindly enter because it looks like a good setup. My last post on EURGBP was looking for price to stall at the small resistance zone , maybe give us a doji candle and then sell off again. but as we can see price went straight through that zone and the down trend. Im still bearish on this pair as its a very expensive price for EURGBP . But i think we will see a visit to the supply zone marked out above. Ive posted my next setup, remember wait for price to stall in that zone and when we see bearish price action only then enter the sell. SL just above the zone gives us a nice R:R. GLIYF
Todays post is a lesson in the style of trading tool syou have at your disposal. Ive been looking for sells on EURGBP for over a week now in terms of trend line breaks and patterns. But what price has done is shot way past all of the idea i had in mind of what could happen. Instead it had its price in mind of where it was going to. It just so happens that price went right up to the supply zone from August 2020. This is why its vital to also draw out your horizontal zones of supply and demand as price will most likely visit there again. We have had a reaction and a couple of bearish daily candles, GBP looks to be strong at the moment so ive sold from the top here. Give us good R:R of 1:3 minimum, we just have to be careful it doesnt use the demand zone below to push price higher again. GLIYF
After getting the bearish candle from the supply zone i reported last time on EURGBP price has moved nicely for us. We got some development of about 100+ pips. Price currently sits 50+ pips in profit as it bounced from the support of the moving averages. Still not totally convinced yet, for me we need to see price stall right here at this small resistance point. So i made the trade risk free and will ride it out. Defo one to watch this coming week. if you followed make sure you lock in those profits. GLIYF
Markets have been a bit of a bloodbath this week on some pairs. EURGBP has seen some movement, we got the pullback in price as expected, it moved up a little more than i wanted but it did close in my marked out zone. Looks like its made a jagged M pattern and a lower high and moving back down again. Keep on holding this position weve had over 150 pips so far, currently 90 in profit. We should see another push down over the next few days. Make sure its risk free and ride the train. GLIYF
