Eurgbp short opp

[trustFX]

I closed 50% of the position with profit. Will hold the rest with a stop of 0.8690 to see if this turns into a longer uptrend.

[trustFX]

I am still in "long". Fingers crossed!

[cadarkitek]

Originally Posted by trustFX

I am still in "long". Fingers crossed!

Likewise. Note that the down trend line is now broken as anticipated, the market is now trading above it which is a good sign that this bullish run might continue. I have TP up at 9000.

[trustFX]

Originally Posted by cadarkitek

I have TP up at 9000.

Almost there. 0.8986 as per now. Top was at 0.8995 so far.

[cadarkitek]

Originally Posted by trustFX

Almost there. 0.8986 as per now. Top was at 0.8995 so far.

This was a good bull run I'm now looking for a retracement to enter long again seen that the market has reach resistance at the 161.8 fib. extension.

[trustFX]

Originally Posted by cadarkitek

This was a good bull run I'm now looking for a retracement to enter long again seen that the market has reach resistance at the 161.8 fib. extension.

I took some profit (40%) at 0.8985. Too early of cause Retracement would come in handy now. Nice run so far.

[trustFX]

I increased my EUR/GBP long position by 25% at 0.9010 after the BOE Minutes Release. Risky position as the retracement could continue. SL at 0.8970. Even a retracement to 0.8820 would keep the uptrand intact.

Also took up a small short position in GBP/USD. P 1.6388, SL 1.6500. First target is the resistance zone I see around 1.61. If that level gets broken, the head/ shoulders pattern on the daily gets confirmed (neckline broken) and a downward potential to 1.53 opens up.

[trustFX]

Originally Posted by trustFX

I increased my EUR/GBP long position by 25% at 0.9010 after the BOE Minutes Release. Risky position as the retracement could continue. SL at 0.8970. Even a retracement to 0.8820 would keep the uptrand intact.

Also took up a small short position in GBP/USD. P 1.6388, SL 1.6500. First target is the resistance zone I see around 1.61. If that level gets broken, the head/ shoulders pattern on the daily gets confirmed (neckline broken) and a downward potential to 1.53 opens up.

Ohh, looking good so far.

[trustFX]

I closed my EUR/GBP long positions today at 0.9195 with large profits.

I think in the short-term we have seen a top at 0.9300 and a retracement to 0.9000/0.9050 is possible. In the long run I still expect the GBP to be weak due to the UK fundamentals.

I am still holding on to a GBP/USD short position for now.

[cadarkitek]

Originally Posted by trustFX

I closed my EUR/GBP long positions today at 0.9195 with large profits.

I think in the short-term we have seen a top at 0.9300 and a retracement to 0.9000/0.9050 is possible. In the long run I still expect the GBP to be weak due to the UK fundamentals.

I am still holding on to a GBP/USD short position for now.

Nice one. I'm looking for a larger retrace to around 9000 to go long again. Theres past resistance at this level which could act as support, also it would be testing the up trend line at this level.