The pair seems to have found its support. After producing a Spinning Top, it has produced several bullish candles. Today’s price action has been very bullish in the intraday charts as well. If the level of 0.83800 gets breached, the price may head towards the North and find its resistance around 0.84600.
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I actually got into this pair this week. On Tuesday!
Bought at 0.8286. Right now it’s at 0.8404. I’m not in a winning position so often. Any ideas on when to close this down? It’s Friday afternoon, and I’ve read that lots of traders don’t like holding over the weekend.
I like them zones i have similar marked up but a lot can happen between them. Ill be looking at LTFs to see where i can get a nice short trade i think
The pair made a good bullish move upon finding its support at the trendline’s support. It seems to have found its resistance as well. A bearish reversal pattern may drive the price towards the South.
Holding over the weekend is not a good idea yes.
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Definitely not, i have been burned doing that so often. The spreads and the volatility can do bad things to your trade
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We have a choice at IG which is the base currency and I’ve alway stuck to GBP/EUR . It in an interesting position though it’s bank holiday UK (London ) Monday
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Ive toyed with the idea of joining IG to see what it’s like but i just have so many options with my current broker i dont think id have with them What’s your experience like?
Bias has switched to overall bullish on this pair - looking for pullbacks in order to place buys and potentially HODL long term.
EURGBP
We have been seeing some good up moves from this pair recently.
As you can see from the chart we are near the top of the buy side move.
There is a nice area to the left and we have now set out relative equal highs, so I will be looking for a liquidity grab above the equal highs and then a short term drop.
From here I would like to see it push back up higher long term so will not be holding the position to long and taking profits at sensible times.
If we get this move then we will need to see how the market reacts at the pervious low before our next move.
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Nice set up mate
Sell to buy as I think we are bullish now on this pair.
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Agree, this is pushing up imo
Will also be eyeing up some buys on this pair next week
I’m GB/Eur long in profit already so I can obviously manipulate.my stop or possibly add I think it may run a little more before I close the trade. It failed to break significant S/R and reversed after hitting the monthly 50 ma ,I will look at shorts maybe when it break these zones
Nice daily BOS now so certainly looking bullish.
EURGBP
Took a nice short term sell from the area I had marked up and we broke down nicely back in to the buy side area of the structure.
From here and with FOMC speech tonight and GBP CPI tomorrow I will be looking for this pair to continue back up.
The retrace of this move has broken the trendline traders out of the market and looking to take liquidity below short term lows and back in to buy side imbalance in price.
With the use of a fib you will see the area marked out is between 70% and 79%.
There is a nice area to the left and hold the higher timeframe lows.
If we get this move then we will need to see how the market reacts at the pervious high before our next move.
Keep a close eye on market structure and remember key entry and price action will be needed.
Make sure you use proper risk management when trading. Let me know how you get on.
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Your marked zone has a good chance to hold the price. A bullish reversal pattern at the zone may push the price towards the upside. I am going to keep an eye on this chart to go long as well.
I like the look of this it may wick down and take the liquidity below the area of retail support which is right in line with your idea
EURGBP
Last weeks set up never came down to my entry level and then moved away.
now we are looking to sell this pair back down again like we did before. With a retracement of over 79%
Daily structure is bullish and this is only a short term set up down to the buy side liquidity area.
With EUR and GBP news tomorrow this could be a swift move.
If this move plays out then I will be taking partials at 50% of the move and then see how we react around the lower levels at the time of the news events
Keep a close eye on market structure and remember key entry and price action will be needed.
Make sure you use proper risk management when trading. Let me know how you get on.
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