EURGBP set up and ideas.

Discussion in 'Journals' started by Pezza, Mar 15, 2022.

  1. Pezza

    Pezza

    EURGBP set up

    Finally after nearly a week of this set up coming in to development we reached our TP on the buy. From now we need to ask where we go next.
    With such a good push to the upside I feel we will need a retrace of the move before we can see more highs taken out.

    From here I have marked out the next area where liquidity is held. At this area I will be looking for a reaction and a short term move down to fill in some of the move we have seen and rebalance price delivery.

    This is only a short term idea as I will still be looking for the long term bullish drive.

    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. upload_2022-3-29_18-31-28.png
     
    #11     Mar 29, 2022
  2. LuckyMac

    LuckyMac

    Not a major fan of this pair to trade itself but ill keep an eye on your analysis see if i can warm to it
     
    #12     Mar 31, 2022
  3. That's some real nice charting. It went to the next liquidity area then dropped like a rock
     
    #13     Apr 17, 2022
    LuckyMac likes this.
  4. LuckyMac

    LuckyMac

    Liquidity is so good to trade isnt it. Really gives a clue to where price will go next
     
    #14     May 8, 2022
    Swiss_cheese likes this.
  5. Pezza

    Pezza

    upload_2022-5-10_15-9-38.png
    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.
     
    #15     May 10, 2022
    Glastonburyk likes this.
  6. LuckyMac

    LuckyMac

    Massive liquidity and orders sitting where you've place your stop. Looks like there will be resistance and push your trade down to fill that imbalance
     
    #16     May 14, 2022
  7. May get stopped out here if the wrong entry trigger is taken. What are you looking for in this zone?
     
    #17     May 15, 2022
  8. Pezza

    Pezza

    upload_2022-5-18_14-42-47.png
    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.
     
    #18     May 18, 2022
    LuckyMac likes this.
  9. LuckyMac

    LuckyMac

    Like the look of this, perfect entry after some liquidity has been swiped and orders are sitting there to push it back up
     
    #19     May 22, 2022
  10. Pezza

    Pezza

    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. upload_2022-5-24_20-4-46.png
     
    #20     May 24, 2022