Looks like it retested the trend line if you extend it. Nice looking set up this
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
Good work again, looking for GBP to strengthen myself…
Rejecting the 61.8% retracement level I have marked, and think this will form a LH and drop again
What a fantastic entry it is! It seems your TP2 is going to be hit soon as well. I assume TP2 may make the price produce a bearish reversal. At least, it would make the price consolidate around it. Are you going to take partial profit or take the whole profit out at TP2?
Good evening all, markets open again tonight so a quick check back on our EURGBP trade. This moment in my style of trading is probably the most important, as we bought a potential reversal the high of our peak at 170 pips needs to be the higher high and we need to be making the higher low here. We are trading above the EMA and have the confluence of the trend line also, so as I said its the deciding factor for continuation. Currently just over 100 pips in profit so you can either close some of your position or keep it fully open but move your SL into profits as I did. Hope everyone has a good week. GLIYF
Partial profit taking may be the best option here. If the price makes a breakout at the resistance, the buyers may get an opportunity to go long upon breakout confirmation. TP2 should be hit in a hurry if the breakout takes place.
EUR tanking, hope you all move your SL’s
Good morning all, wow hasn’t the EUR fallen hard recently. Our buy position on EURGBP tanked hard over the past few days and took out our SL which was moved into profit’s, not bad still 1:4 almost R:R. That is why we secure along the way when we trade for these eventualities. But what is next, well we still find price sitting in this big fat demand zone . Check the range on the weekly as we can see we just keep bouncing from this weekly demand zone which is strong. So I will continue to look for longs until price breaks this demand zone . If price does break then we are looking at a big drop of 500 pips ish to the next zone. If not and price finds support look for reversal candles and be ready to buy again. GLIYF
EURGBP is at new lows on bigger time frames, on your chart beautifully breakdown the confluence zone!
On which time frame it is?
I’ve jumped on the sellers bandwagon now so watch it start rising!!
EUR dying. TP2 will get smashed here.
EURGBP has been pulling my pants down for weeks every time i feel it can go much lower before we see the next up word cycle and it just keeps driving lower. i am going to have to wait for a much clearer break in structure before i look at this pair going up
I agree. Break in structure, with a D1 close above recent low candles, will be key to a trade on the long side. But meantime I have a sell order set and am looking to short below the recent range asap on the existing structure.
The level of 0.84200 could have been a good support for EURGBP. The price breached the level and the pair is trading below it. The H4 chart shows that the price may end up producing a Double Bottom. If it breaches the level of 0.84300, the buyers may push the price towards the North. If it works as a level of resistance, the sellers may drive the price towards the South by going short below 0.83800.
Good evening all, last time out on EURGBP we got stopped out in profit with the tank through the trend line . Price yet again found itself at the big demand zone . I said last time if support was found here again I would be buying. That is what I saw. The 3 daily candles virtually the same size were formed, clearly showing the battle between sellers and buyers. Then we got the Doji candle deep in the demand zone which was my signal to buy. If you follow me for long enough you will know they are my signals to buy from. The battle is still not won from, the bulls yet as we got a bullish candle but with a big wick to the top, with a visit to entry again. Currently sitting in 30 pips profit so far but watching to see what happens here. Hope you saw what i did and joined me, I will update again with any significant change. GLIYF
Risky trade there imo - I think it will fall further. Covid is rampant again in the EU
I agree I think this can still continue to fall, don’t think the situation in Europe is going to change anytime soon.
Looked promising but as others have pointed out this new Covid strain will put a damper on Buys
Good morning all, update today on the EURGBP buy trade we took. After the entry we had a buyers and sellers battle for a couple of days until we got a nice impulsive move in our desired direction and TP1 zone has been hit. This was a lovely setup which gave us a nice tight stop loss. I have moved my stop loss to just over 1:3 R:R (red line) currently price sits at 125 pips in profit which equates to 1:8 R:R. This is where we need to see that extra push to continue north. Or we could see price respect the trend line and move back to the downside. So move your SL into profits to secure some pips for as mush as you wish too. Will update again in a few days GLIYF