EURGBP Short Trade

Good call for now. :+1:

Still heading up to that level for now. Good call. Such long wicks on these candles though. Price is yo-yoing loads.

It’s about levels - when you look back to May 2019 it’s possible to see 87.80 in action - I already had the red line (seemed more pink then) on the chart - then the European Elections results came and thus the yellow up arrow back then.

That’s why I mentioned ‘be aware of the levels’ back on post 251, May 19.

Edit: just explaining why it was reasonable to ‘predict’ 87.80 and a stall.

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Been a week since we looked at this pair, and it seems that i was spot on with the call on the hold of price on the 50% fib level. Quite ironic as its not a genuine fib level haha. But just look at those candles, only one wick popped below. The rest were dead on the level. My thoughts is that price might go up to retest the larger weekly trend break, around the 0.236 fib in the magic blue circle, i know you like those :slight_smile:
Then i think we could revisit the 50% level again. But currently we are 130 pips up from the 50% level i suggested to buy from. Look out for that top fib level for a reversal. GLIYF

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It appears to have wicked up to the 0.236 fib level already today. Possibly a rejection already but we’ll have to see how it is looking at the end of the day. Can’t grumble at the 130 pips

87.80 is the ‘resistance’ - yes price shot up on the boe announcement - likely driven by news aglos - but the rate cut was far from unexpected (see my post elsewhere yesterday) so price retraced quickly.

Now is behaving in sync with being a cross.

Well EURGBP has taken quite the turn. The bull has been tremendously strong these past few weeks. Im not sure how the EUR has remained strong throughout all this trouble with the virus, especially with Italy being so bad. It even had a good run at the Dollar. But against the pound its a clear winner currently. But where will it stop? Im guessing at the Sep high area of 0.914-0.918. if it blast through this area then look for a double top , but its also possibly we could reach new recent highs. One thing i know is that the sell will return a huge amount of pips. All it takes is on piece of good news coming out of the UK. But for now beware of the bull. patience with this one now as its too late to join the ride for me, ill catch it on the way back down

Well everyone, i looked at all the charts today and didnt know which one to mark up and analyse. They are all in a mess. Literally all the pairs i follow, technicals have been blown away eurgbp has moved up since 18th march so exactly a month 2200 pips. Its purely fundamentally driven by the problems were all facing. We can only look to join along the ride at these moment in times. The pound has fallen to all time lows against the dollar and now the euro . AUD has fallen to all time lows. Its crazy what we are witnessing. So remember the trend is your friend currently buy on pullbacks to the 0.786 fib if possible we get any. Be careful who knows it could fall out of the sky. If you trade use a tight stop loss and risk management otherwise you can get in trouble. GLIYF

WEll since we last looked at eurgbp we have dropped a couple of hundred pisps. We can see price came down further and rejected off the .618 Fib level. But was soon back to this region of the previous high levels around 0.91-0.92. Seems to be holding here for the current moment in time. i still think we shold see more of a pullback to the .618 fib again at least. if we make it there then i will buy, ideally i would like it to get to the 50% level for extra conformations, but beggers cant be choosers in these current market conditons. Buy the dips currently until structure is broken then we will re assess. GLIYF

I like these reviews, because it is really possible to apply in practice, not just to read, and then you sit and do not know where to apply this information… So do these reviews share your opinion, it always gets a lot more feedbacks…

Well now the situation will change and very much, because Britain will have to add to this not sweetly without the support of the European Union, but a general crisis, which will come against the background of this crisis situation, I think it will be even more serious…

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Good Monday morning traders. EURGBP is virtually at my interested point of buying. I would like to see price come a bit more down to the long term diagonal trend and the 50% fib to buy. That way we can get a tighter stop loss to buy.
But we also need to be aware of GBP strength. So its not impossible for it to drop below and retest the underneath side to come back down more. Either way we have a point for entry. Dont be afraid to lose or you’ll never win. Risk management and you will be fine. GLIYF