EURGBP Thread

Discussion in 'Journals' started by Lee-Bax, Apr 21, 2020.

  1. Lee-Bax

    Lee-Bax

    Since we took profits on EURGBP , it held the level and we got the sign to go long again. It just peeped through the trend line but theyre not always perfect. We got the rejection in the magic blue circle and were on our way back up again. Seeing some weakness in GBP currently but i think we will see more weakness to come in the near future in EUR. So im thinking a short buy up tot he 50% under long term trend level and back down again. If your already in the buy then good job, if not wait for the 50% level for the next sell. GLIYF and RM as always


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  2. Lee-Bax

    Lee-Bax

    Ok since we last looked at EURGBP price has done pretty much what i expected. We got the push up from the .382 fib towards the 50% level and the underside of the long term trend line . We got rejection and instantly saw the sell off. you can even see a double top in price so was a fairly easy trade to take. Price currently sits at the .382 fib again and if you want you can take profit here the R:R was good at over 1:2 with 120 pips profit. I am taking profit as i think the next moves here will determine what happens with this pair. Will we drop below that short term trend line and break below previous support? or will price hold here and make another move back up again? personally im going to wait for the break downwards as i feel price is still high end expensive for this pair. GLIYF
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  3. Lee-Bax

    Lee-Bax

    Since i last looked at EURGBP , i was looking for the fall through the short term trend, we got that and then we got the perfect re-test. You should of all been easy able to pick this one up. 55 pip stop just above the previous high. Im looking down to the .236 fib level for a 230 pip move and 1:4 R:R minimum. Looks to me like EUR is bearish overall and GBP could gain some strength so we have a good chance of breaking the support zone below which will be crucial. If we do not break it then dont be afraid in taking profit. GLIYF and RM as always


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  4. Lee-Bax

    Lee-Bax

    EURGBP SL has been hit. But thats ok we cant win them all, and why we practice risk management. My bias for this pair is that it will still drop as price is naturally high on average. Last setup looks like it was as little too soon to enter, i much prefer this setup with a tighter SL of 35 pips and TP of 180+ pips down to the support zone below. Wait for the rejection in price action around this area if you decide to take it. R:R is a nice 1:5 and a fairly easy one to take . GLIYF


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  5. Lee-Bax

    Lee-Bax

    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. We’re 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


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  6. Lee-Bax

    Lee-Bax

    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
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  7. Lee-Bax

    Lee-Bax

    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


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  8. Lee-Bax

    Lee-Bax

    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 Screenshot_1.png