Morning all,
Heres a trade im currently taking, let me know if anyone else is thinking of shorting this pair too 
Trade:
Wish me luck 
The chart below is daily, and I’ve drawn 2 support trendlines - a red one representing the trendline connecting the lows of all the closes of daily candles, and a blue one connecting all the lows of the daily candles. Support trendlines derived either way tend to provide a reasonable amount of buying pressure until there is a candle closed below the support.
Something to take into consideration before you short just above a LTL (lower trendline)
. . .but hey - I’m not telling you to take the trades or not just offering my bias
cheers!
Hi m8,
No i hear what your saying, but i base all my trading decisions on the 4hr charts. I do look at higher time frames, but only briefly. I find if i look at daily then lower time frames i get confused because they show different views about the currency.
Ive attached my current chart with my 3 reasons as to why i went short at this level.
Take care.
Morning all,
Yesterday saw this pair ranging all day due to the US bank holiday. Im still in the trade, its currently in a symmetrical triangle (ranging), and still expect it to move to the downside. We may get a re-test of the 0.8700 area but we’ll see.
Ive attached my current chart.
Hi all,
I have manually closed the trade as i no longer believe the trade is going to go in my favour.
Trade:
2 x lots closed @ 0.8705
I think now would be alot closer to a good short trade developing for EURGBP
A lower high has formed on the 4H chart, and it is sitting right on the lower trend line. I’d say that if the current 4hr bar clsoed below that trendline, or even if the price broke below 0.8664 I would be going short - based on my analysis. I’m not saying where a good place for stops or targets would be, or to “take the trade” for that matter.
Giving another look at the chart I would sell at 0.8654 because thats the low that preceded the lower high
Hi m8,
The pair is ranging at the moment m8, i wouldnt trade it.
if it breaks below that price i think we can expect 25-30 pips on the downside which is not bad for eurgbp
Hmmm I take it your a scalper? You go for short profits? Are you on MSN? Add me and we’ll talk.
