EUR/GBP to trade or not to trade

I tend to agree with Martinghoul that GBP always overshoots but one needs to be very careful if a fade is considered, my long term outlook is for EURGBP to weaken, in times like this I carefully watch it to see of I can get a sweet spot to enter. I will wai tfor retail sales during NY session , the other factor is its always tricky to trade on Fridays for me

 

I was just being a wise-ass.

 

Well still waiting , new home sales came out better than expected so decided to sit still and keep myy itchy fingers at bay, Well thers is a battle of patterns on the weekly timeframe, which one is going to win at the end is anyone's guess. The previous week was a bearish engulfing bar and this week we have a bullish bar, my short at 0.8987 still stand will monitor how price develops next week

 

never attched charts b4 lets see if it works

 

ok you are nuts hehe

short at 8987???? and still holding after a mosnter 200 pip move to the upside

Well good luck

but consider this (see hourly candle chart)
1- the bearish down leg in orange is the same size as the bullish leg in blue

2- the fib retracement is over 50% from local bottom to local top

3- the macd suggests trend reversal big time

summary: The recent eurgbp downtrend has been reversed in a big way. There is no more bearish engulfing pattern. Any decent pull back 50 - 100 pips should be met with a long position. Expect resistance to the downside at the 9090 level. Possibly a mirrored bullish move to the recent bearish engulfing trend (basically take the recent large down leg and bearish engulfing pattern, then flip it).

This is the word of the outlaw

 

usdoutlaw, price never reached my short order hehehe! So I was not activated but I will still leave the order, if it does get activated then we are looking at a huge sell off to the 0.85-0.87 level. This isn't a reversal to me until the 0.9420 level is breached to the upside

 

yeah well that would be the clear indication (breaking the recent high)

but we will see

 

Its time to fold until a good setup is seen on this pair. My trade for now is to sit and wait. It'll probably be 2-3 days of sitting and waiting, lets see what happens.

 

don't quit ... you can always go long for a few pips

there is support here (above 92) it seems for the EURGBP

just pay and pray with a 30pip stop

=)

its a really slow day

 

Set and forget, seems like a good idea for a Monday.