Does anyone trade this pair for consistent profits? Call me crazy but it looks easier to figure out than cable. Well I will start trading it anyway to see. I am tired of managing risk in cable, it is just tooo stressful!! open 2 lots EUR/GBP avg 0.9062 Long 1033 GMT Stop 0.9037 Limit 0.9102 the only reason to buy was the 200 Day EMA on the H4 ... maybe it's resistance? AM I CRAZY??!!
wow got stopped out by a non vote on the UK rate change, thought that was already priced in, hence the recent price action over the past few days oh well live to trade another day
Nice!! Any Macro reasons? Technical? I am still up so I am going to try this EUR/GBP long again. Totally contrarian but for now there seems to be temporary support at the Daily 50 EMA which is providing a nice hourly hammer formation. Entry EUR/GBP Long 2 Lots avg price 0.9024 1252 GMT Stop 0.8974 (just below the recent low on Sept 23) Limit 0.9164 (38.2% retrace from local high on Oct 13) That's right, I am going for a V shape recovery. Take that Obama.
Mostly technical, but news on cable have been a bit confusing and there seems to be a growing optimism or confidence that the BOE will halt its quantitative easing program. Weekly chart on EURGBP bearish engulfing signal, will wait until the end the FRiday close to dtermine if I shoud hold until next week or not but a bounce could be expected my stop loss level is a bit far away so willing to give it room to breathe
Well darn ... You got me. However the numbers out of the UK today ain't great. And there is a report that Asian central banks were propping the GBP/USD, so that has to stop sometime soon in the short term. Still all tech signs point downtown to chinatown. Well time to walk away and see what happens. Good stuff btw
This trade was a short term play as the UK fundamnetals still point to cable weakness and my target is a little bit outstretcghed but will see what happens, if it continues to go down I will just hold, this beast called cable has surpised me in more occasions than I can remember Cheers mate!
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