Looking back at EURGBP today and it looks now like a classic big break and retest on the daily. EUR has some some big strength lately due to them pumping more fake money into the economy. The markets like that and we saw a rise in EUR pairs across the board. But i think it will be short lived, its not sustainable. So im looking at this short opportunity from this level. Nice R:R of 1:3+ with a 78 pips stop and over 200+ pips back down to previous support below. nice easy trade, risk management as always, GLIYF
The EU havenât pumped any money yet - what the market liked was that Germany and France have agreed to a recovery fund based on grants rather than loans.
The ultimate decision on this fund will be taken next month - your short runs the risk of agreement.
There is a secondary risk - EU/UK negotiations are not running great - UK has set a deadline of end of next month for tangible progress, if not they say they will cease the talks - a risk for the pound (not really likely since these threats were made before virus)
Anyways good luck with the trade - not sure that Iâd agree with the easy part.
There is one other risk to going long GBP right now.
Haldane (BOE Chief economist) said at the weekend that the UK must not go back to the 80âs unemployment - he suggested that the BOE buy riskier, more QE and negative rates.
Was noted by the market but nothing from the new chairman - then yesterday evening Andrew Bailey refused to rule out negative rates - so likely more printing first.
@Leebax - Perhaps we should amlify petermaâs post a little to say that âFrance and Germanyâ have âAgreedâ nothing at all - Macron and Merkel - neither of whom is a part of teh EU machinery have âPublished somethingâ about âgrantsâ of E500 billion - which has the rest of countries of the EU up in arms and indeed as Macron said that - 10 of his own political party defected to âOther partiesâ {he now has NO âMajorityâ in his ownParliament) because âFranceâ doesnât agree either ! Lets hear what dr Steve Turley has to say over this particular âEmperor wannabeâ - You wonât regret watching this !
There is a lesson for guys learning - forget the propaganda - forget the bias - focus on what the market thinks - and that thinking leaves a marker - itâs the left side of the chart.
Likely this short has stopped out by now - the reasons in a cross are often Fundamental rather than Technical.
Happens that EG is my bread and butter and one of the things Iâve learned over the years when thinking about Euro on the right side of the chart - donât listen to rubbish videos, instead focus on being non biased, think like the programmed algo.
Btw told falstaff before what happens EG as the M/E approaches so likely he didnât go short 
Today ive taken a short on EURGBP . the GBP looks to be bullish across the board to me and EG is high on price on average. Small ish stop at 47 pips for just over a 1:2 R:R. Looks to be a messy M formation double top setup so lets see how this one plays out. GLIYF
Aye smaller tp and sl works much better with e/g - good chance that price will rest at 89.09 - sometimes falls short of the number by a few pips - good luck.
New month so some selling to start off.
TP hit on EURGBP since i last made the call short. It made it down there the first time i called the short. Since then we had a retracement back up to our entry zone so you could of got a second trade or got in the second time if you missed the first. nice and easy sells from resistance for 95 pips.
Next trade im looking at is to sell the underside of the support, we need to see a break below, then sell on the retest. Might take a day or two to plan out, happy monday lets have a good week GLIYF
Markets open tomorrow so having a nice look ahead at whats going on. I thought this was a nice chart to show even more education on range trading and how easy it can be. Usually its for intra day traders when price is stuck in smaller ranges on the lower timeframes, but here on EURGBP we can see that we have been stuck in this range for a couple of weeks. Our first trade we took the sell and it hit TP, i then reported back and we had another opportunity to take the exact same trade, which again also hit TP. Weâre back here again the 3rd time, so if youve been watching this you should know what to do, wait for momentum to stop and sell that sucker. These have been some very easy trades to take. Hope everyone has a good week coming GLIYF
We have been selling EURGBP for small positions for a couple of weeks now. But i think its time to go for a longer term short. We can see that price has respected the uptrend many times. It showing good strength, but also this resistance level has held price well also. In my opinion i think we will get a drop through trend soon enough and then hopefully a nice drop down to the support level below. You could either enter around this zone if your impatient like me, or wait for a break and re test of the broken trend. Both easy trades to take. Nice big R:R on offer, remember to make risk free SL after 50 pips in profit. GLIYF
Ive taken a short on EURGBP , weve seen a deep retrace in price from the previous high on this pair. The .618 fib level is a perfect point to take a short from this type of move for me. SL is fairly small just under 70 pips im targeting that mid level of support at 0.8865 with a nice R:R ratio of 3.91. The wicked rejection of that level from yesterday was my signal to enter. GLIYF
Good luck with that trade - I still remain on the bull side
Yesterdayâs ârejectionâ was a couple of hours after the turnaround on Eur/Usd.
Since monday i called the sell on EURGBP we have made good ground of 130 pips. By now you should be moving your stop loss to entry point and taking half of your position off. banking the profits and let the rest run.
As now we have reached a small support shelf that needs to break to make further gains. But by securing the bag weve made profits and we are at risk free so all is well. Hope alot of you caught this one as was an easy one to take. GLIYF
The sell on EURGBP is still going to plan. Currently 170 pips up in price. We have seen price action drop through trend and currently sat at a zone of support. i still think we could reach target. Wether we just continue to drop or we retest the broken trend remains to be seen. Running risk free on this one, if you followed look to take profits here of the 50% level and leave the rest open to possible further downwards movement, GBP seeems to be strong currently this week so make sure to take advantage of that. GLIYF
Hope everyone had a good week trading. EURGBP has given us 200 pips profit so far. i Know my target is lower than current price level but i am going to take profit here just above the 50% level. My thought is that we could possibly see a retest of the broken trend we have managed to break. Good level of R:R so no complaints at all. We can always re enter if we do get the retest and still get another trade with good R:R for a possible longer term drop . Cant go broke taking profits GLIYF
To end the week im looking back at EURGBP . Im still bullish in terms of average price cost of the euro against the pound. i think its only a matter of time before this tanks for a good amount of pips. Last time i called a sell from the supply zone , its fallen but nothing to shout about. One thing i like to do if you see my charts is to trap the market into a corner. Thats what im doing here again. 9/10 you can trade the direction of the breakout and you will be in good stead. Currently were in pure sideways action here so im waiting to trade the breakout. Apparently August is slow for trading so we might have to wait a week or two. But patience pays so keep your eyes out for the break out. Have a good weekend everyone GLIYF
Happy friday everyone, hope you all had a good week. EURGBP has finally spoken and given us a direction breakout. Hope you all caught that one, if not dont worry in the ideal situation we would like to see a retest for it to then drop again and confirm the direction is real and where it will be heading. If it is real thers two options up for grabs with a R:R of 1:2 and if it keeps going we could possibly see 1:4. Stay patient and let this one play out, hope you all have a good weekend GLIYF
Todays post is more of a lesson as to why we wait for a retest on a breakout and then price action for our desired position before entering the trade. As the last post i did on EURGBP we got a daily close below, and then we even got more downwards price movement the day after. But then price turned which we would want for a retest of the broken pattern. BUT thats not what price had in mind. It kept moving and now we are back in the wedge formation range, so you could call it a fake out.
If you entered on the breakout and didnt wait for the retest the trade is still going and it hasnt hit SL, my Bias is still bearish on this pair i think it will drop again. GLIYF
I have short position here. this week weekly candle will fill in the the wick of the last week weekly candle.
last week, weekly candleâs wick just filled.
TP got hit