Hope everyone had a good week trading. EURGBP has given us 200 pips profit so far. i Know my target is lower than current price level but i am going to take profit here just above the 50% level. My thought is that we could possibly see a retest of the broken trend we have managed to break. Good level of R:R so no complaints at all. We can always re enter if we do get the retest and still get another trade with good R:R for a possible longer term drop . Cant go broke taking profits GLIYF
To end the week im looking back at EURGBP . Im still bullish in terms of average price cost of the euro against the pound. i think its only a matter of time before this tanks for a good amount of pips. Last time i called a sell from the supply zone , its fallen but nothing to shout about. One thing i like to do if you see my charts is to trap the market into a corner. Thats what im doing here again. 9/10 you can trade the direction of the breakout and you will be in good stead. Currently were in pure sideways action here so im waiting to trade the breakout. Apparently August is slow for trading so we might have to wait a week or two. But patience pays so keep your eyes out for the break out. Have a good weekend everyone GLIYF
Happy friday everyone, hope you all had a good week. EURGBP has finally spoken and given us a direction breakout. Hope you all caught that one, if not dont worry in the ideal situation we would like to see a retest for it to then drop again and confirm the direction is real and where it will be heading. If it is real thers two options up for grabs with a R:R of 1:2 and if it keeps going we could possibly see 1:4. Stay patient and let this one play out, hope you all have a good weekend GLIYF
Todays post is more of a lesson as to why we wait for a retest on a breakout and then price action for our desired position before entering the trade. As the last post i did on EURGBP we got a daily close below, and then we even got more downwards price movement the day after. But then price turned which we would want for a retest of the broken pattern. BUT thats not what price had in mind. It kept moving and now we are back in the wedge formation range, so you could call it a fake out. If you entered on the breakout and didnt wait for the retest the trade is still going and it hasnt hit SL, my Bias is still bearish on this pair i think it will drop again. GLIYF
We've finally had some movement in our direction on the EURGBP trade. I advised to stay in if you went in on the initial breakout, was clear to me breaking both trends and candlestick price action that we would see it drop. Depending on where you entered the trade we are currently around 120+ pips in profit. Make sure you move your SL into some profit to lock it in, then you can keep moving it down the further we drop . Price has currently stalled at the expected demand zone i marked out. We could see some consolidation here before the next move, all going well we could hit projected TP. Remember to lock in those pips GLIYF
Good morning, monday is here new trading week upon us, although labor day in the us so volume will be a bit weird today. I hear some brexit news is out this week so may be why the EUR has had a bit of a push this morning. But looking at EURGBP on our sell trade, this looks to be a classic break and retest of a level zone. So going back to our sell if you missed the trade this could be a perfect opportunity to get in or you can stack trades if you sold originally. BUT only if the daily candle closes below this zone. if we break above then its possible we could see it hit the down trend above. Wait until the daily candle closes then look for rejection signs and then enter. GLIYF
Todays post is mostly a lesson, in to why we wait for our entry and dont just blindly enter because it looks like a good setup. My last post on EURGBP was looking for price to stall at the small resistance zone , maybe give us a doji candle and then sell off again. but as we can see price went straight through that zone and the down trend. Im still bearish on this pair as its a very expensive price for EURGBP . But i think we will see a visit to the supply zone marked out above. Ive posted my next setup, remember wait for price to stall in that zone and when we see bearish price action only then enter the sell. SL just above the zone gives us a nice R:R. GLIYF
Todays post is a lesson in the style of trading tool syou have at your disposal. Ive been looking for sells on EURGBP for over a week now in terms of trend line breaks and patterns. But what price has done is shot way past all of the idea i had in mind of what could happen. Instead it had its price in mind of where it was going to. It just so happens that price went right up to the supply zone from August 2020. This is why its vital to also draw out your horizontal zones of supply and demand as price will most likely visit there again. We have had a reaction and a couple of bearish daily candles, GBP looks to be strong at the moment so ive sold from the top here. Give us good R:R of 1:3 minimum, we just have to be careful it doesnt use the demand zone below to push price higher again. GLIYF