Markets open again this evening, so always nice to analyze the charts when they're frozen in time. The buy I took on EURGBP has got stopped out an entry. Price failed to make a higher high and a 50% candle supply zone was formed causing price to push down. Now I am thinking that the overall weekly bearish bias is continuing and that we will see price go to the weekly demand zone below. So that's what ill be waiting for on this pair next before buying again. Mark your charts up and wait for the move to come to you. GLIYF
Since I last looked at EURGBP price has continued to to drop further and we have officially broken the demand zone from the left. Price has closed below and the current daily candle looks like it could possible be a retest of the broker level. Now I was waiting for price to come down to the demand to buy which is still my ideal trade. But if there's some intraday trader's out there that just cant wait. This little sell looks like a good one down to demand. 1:2 R:R on offer. Ill still be watching for the big demand zone buy. GLIYF
Good evening all markets open again soon. Taking a look back on EURGBP . I was waiting for price to come down to the big weekly demand level at the bottom (1). We saw price break the daily demand and i posted a possible sell (2) if resistance of the break was found. But as we can see it didnt hold and price has moved back bullish for a couple of weeks now. But long term we are still bearish trend . So my idea is hopefully if price reaches the supply zone (3) we can sell back down if price makes a lower high. Super easy setup wait for resistance at supply to form before entering. GLIYF
S
Smith2525
I may join you on this short. Watching it this week
Farm Yard Forex
Well-known member
- Messages
- 395
- Likes
- 135
I always look at GBPUSD with this pair and on balance think a short is on from here with GBP gaining a bit and the USD too. Between GBPUSD longs and EURGBP shorts I would say the latter is the safer bet.
Good morning all, new week has show us that GBP has some good strength. Back to EURGBP and as we can see we have got some downside movement going on. What I am looking for is a buy from the demand area's, something similar to what we can see from the chart to the left. The two demand area's I have drawn up we know are strong, so ideally that is where I would like to buy from, the bottom demand area being my favored buy. But either one we will take, so mark your charts up ad wait for price to come to us. GLIYF
Good morning all. It's been a while since I last had a trade on EURAUD . I have been waiting for price to visit one if my marked supply or demand area's. Well today that day has come as we can see price has pushed up well and currently sitting in that untouched supply zone previously created. If price finds some resistance here then I would like to take a sell back down to the demand area below. Nice R:R on offer of almost 1:4 depending where we enter. Keep an eye out on this one on lower time frames for signs of any reversals then enter. Should be a fairly easy one to take. GLIYF
Good afternoon all, its Monday and the new trading week is underway. EURGBP has continued to move in our desired direction. The last post on this pair I was looking to sell from this supply zone . Well the daily candle at that time closed perfectly for us as a nice big doji . Entered on the daily open candle with the stop loss above the previous high of the last candle. Currently we are 87 pips in profit and 1:3 R:R So we can lock in 1:1 profits here now and continue risk free knowing we have secured profits. Looking to hit the demand zone below. So keep holding and ill update again in a few days. GLIYF
Good morning all, another week begins. As always nice to report a TP hit. EURGBP continued right down and hit the demand zone we was aiming for. Nice simple daily range and an easy 162 pips with a lovely 1:5 R:R returned. In sharprish time too. But what is next? Well support could form here for a buy back upwards. GBP is very strong currently and EUR has been weak, but will that soon change? I've included the monthly and weekly charts today for some perspective with those ranges. Id like price to visit the weekly demand zone below as its nice and strong so we may see a good reaction from there. Keep watching for now at those levels and see what presents itself. Enjoy the pips for now ill update again in a few days GLIYF
The pair has been consolidating within 0.84200-0.84650 for quite a while. Yesterday's candle came out as a bearish inside bar. It may produce some bearish momentum. If the price makes a breakout at 0.84200, The sellers may wait to go short upon breakout confirmation. However, the level seems to be a very strong level of support. Thus, the buyers may wait for a bullish reversal pattern to go long in the pair as you have suggested. Let us wait and watch what the price does next.
S
Smith2525
Thanks for the update! Would love to see some good EUR strength... I am in some DD on another Euro pair... Any news lately to support some added strength?
Good morning all, hope everyone had a good week. Just thought I would update again on EURGBP . We have had the demand zone marked out for a while now, we saw price visit into the zone and wick out and form a hammer . that was my cue to buy on wed. I am aware that this is a scenario that is more on the higher side to hit my SL so I only used 1% on this trade. It's possible we could see price visit the zone again so i'll be watching to see. We could even see it dip further down, so I will either let it hit my SL or extend it depending on the strength of the move. First target is the supply zone above in the small range. If EUR gains strength then supply zone at the top of the weekly would be nice but that's a long way off yet so lets just watch what happens first. GLIYF
Farm Yard Forex
Well-known member
- Messages
- 395
- Likes
- 135
I'd want to see a stop impulsive move away from your entry. Risk reward looks good as always!
Good morning all, update today on the EURGBP buy taken. Price looked to of bottomed so we took the buy and we have since seen a nice reaction from the weekly demand zone . Was a fairly easy trade to take with a 26pip SL, currently we are 75 pips in profit on this position which is a nice quick and easy 1:3 R:R so far. Perfect time to close some of your position and move your SL to entry, the first barrier is almost here at the TP1 supply zone so watch out for price action at that area. Looking for a break above and continuation for a move higher. We are seeing GBP drop on most other pairs also so it goes inline with our trade here. Keep holding for now GLIYF
Attachments
Farm Yard Forex
Well-known member
- Messages
- 395
- Likes
- 135
Good job getting this risk free before the rest of the week's news is released. Could see some interest rate rises which would drive price and catch a lot of people out.
Good morning all, hope everyone has had a good trading week. Last day today so just updating on the EURGBP long position we took. Price has continued in our desired direction. Currently we are 135 pips in profit. Our SL was 26 pips so we have so far achieved 1:6 R:R which is great for an intraday trade. I have moved my SL to 80 pips in profit which is just over 1:3 R:R and will just let it do its own thing now. I suggest if you followed to do the same, then we can concentrate our attention on other pairs. Looking for a retest and continuation to our TP2 area. Hope everyone has a good weekend. GLIYF
Farm Yard Forex
Well-known member
- Messages
- 395
- Likes
- 135
The interest rate news really helped this trade. I think it may struggle to reach TP2 area though unless a news driver sends it that way.
