EUR/GBP trade idea

Trading Discussion Currencies
1

Hello, I am a new trader and I just started using the actual charts. So I have been looking at the EURGBP chart with my basic skills and I found something interesting:

IMG_24112012_170257.jpg700×420 68.7 KB

There has been a very long downtrend which is currently broken.
This leads to the question where is the re-test ?

IMG_24112012_171416.jpg700×420 61.5 KB

Any of the two squares could have been the retest or it would be still to come. I think this could be decided by looking at the next chart.

IMG_24112012_172347.jpg700×420 50.8 KB

In the last 3 days there has been a new trendline which has been tested a couple of times now. In my opinion if this shows to be another test and the price keeps going up without breaking it, this would mean that on the bigger scale chart, the price will never go back for another retest and will continue to go up.
This would mean a long trade.
I know that it is Friday so how would this affect my trade. This idea involves waiting for a couple of more periods before taking the trade.
I am an absolute newbie so I am accepting all kinds of critique including chart setting, process of finding a trade and the actual trade idea.

2

I went long late last week. Let’s make some pips.

3

The retest has already happened…

1024×729

http://i1086.photobucket.com/albums/j449/yunny11/eurusd167.png

1024×632

http://i1086.photobucket.com/albums/j449/yunny11/eurusd166.png

I am long from 0.7980

4

Nice! I got on board at .8056.

5

Awesome. Excellent!

“A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.”
-Mark Twain.

6

What about this? Looks bullish to me.

“A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.”
-Mark Twain.

ForumRunner_20121228_043009.jpg700×420 57 KB

7

Looks pretty dead and buried to me… 29th December, I’m not surprised.

8

Hello,
I want to go long at the retest…

buy at the mark see below in the picture (daily chart)
TP at Fibo 0.8260
SL at last low

Bild 1.jpg700×389 47.6 KB

Thanks a lot in advance for your opinion

Regards,
Jensen

9

Dunno, I was short today.

(Sorry for drifting away from the topic, but is this Oanda’s fxTrade?)

“A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.”
-Mark Twain.

10

Do you have short bias on a long term?
What do you mean in brackets? I do not use Oanda…

11

Never mind, forget it.

No. Intraday. I can’t say anything for long term. I’m not too familiar with this pair.

“A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.”
-Mark Twain.

12

Entry triggered…
Jensen

13

Short? Long?

“A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.”
-Mark Twain.

14

Long (see picture last post)

15

at the same time I am short in GBP/CHF with TP at 1.465
My opinion is, that this will be the last run on both pairs. Then we´re going to touch important levels.
I will be flat after the a.m. moves, because the GBP will maybe receive back its strength.
Regards,
Jensen

16

here is my todays entry:

EURGBPD0301.jpg700×438 47.7 KB

Jensen

17

I have also been looking at this setup. I went long this morning at 0.8101

EURGBP entry.jpg700×393 42 KB

Let’s see how this one plays out.

18

Happy trading, and welcome to BabyPips. :slight_smile:

“A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.”
-Mark Twain.

19

Thanks hey :wink:

20

Welcome Cadre!

…lets see, we know we have a divergence in the oscillator, right!?