Hello everyone, Ok, holding the short position on eurgbp at 6960. Here is the chart the moment it was when entring.
here it is at the moment. If we look at it, we see that at least the minor top was really formed near the entry point. Now there is the 6920/30 area that should be cleared which should trigger 6870/80 - our initial target. This action may occur probably only next week (if it will). So, lets be patient. No matter what, move stop to entry level once bid price hits 6930. If I change anything about this trade, I will post. And couple words on majors which as we see are back to yesterdays highs (although the correction was weak anyway), but the thing is that we need to break those highs in order not to get back to corrective move (Euro 1.2780, cable 1.8260). Otherwise, we may see some more serious correction. That is it for now, Good Luck!
I am finished for this week. Keeping the eurgbp trade open. see you all later and have a great weekend! Rezo
Ok, here is the chart 240 min on eurusd. As far as I see it, latest 2 levels where we can pass through the line are the monday after Saddam capture and last week 2550s low. So, as we see, the support (if at all), may come near that line around 1.2650 and 1.2690 areas, depending when we get there. No matter what, buying for short term target of 50 pips may be considered from current levels and may be a good trade with stop below 1.27, but I will not trade it, and if you can hold the horses, its better if yu ask me. There are always oppoptunuties, and if we will think "oh, I missed this move, I missed that move" - it is no good. So, in this case I recommend to stand aside - maybe even till the end of the week in case we see a break of the line. I already said it last week when euro was approaching to the line and breaking it that trend is strong, and if at all, only buying is considered, although I said that I prefered Cable over euro. Ok, that is the past. So, for now - it is better to stand aside, but if buying, I think that buying cable is still better than euro. Now it is too late here in Israel - it is 3 am, and I was waiting for entry on cable, but I see it is a waste of time, so I am taking off now. I am still holding the short EURGBP from 6960 from last week, and moved the stop to 6930 to lock 30 pips, so for all those who are with me, this is the current situation. Ok, see you all soon, Rezo
EURGBP protective stop was triggered at 6930, booking 30 pips of profit (+2.36%). For now, I think its best to stand aside... Good Luck Everybody, Rezo
Its 11:45 am London time, Euro is at 1.2670, sterling at 1.8360, swissy at 1.2320, and I wont talk about JPY because Japanese interventions are just killing USDJPY pair as a trading instrument. Ok, we see $US bulls showing little bit of strength finally, but its still way too early to talk about something more than corrective move. It will take much more than this to start buying USD. For now, I still prefer standing aside, and if at all, take only little longs on GBPUSD. Maybe current levels will show the bottom, maybe not. For the Euro with little comments, see the chart. Take care Everybody, and Good Luck! Rezo
typo, that was a "buy" of course. This is a short term trade for 50 pips target and 30 pips stop loss. move stop to breakeven after we get 25 pips in our favor and lock 10 pips if we get 40 pips in our favor. Keep the orders placed and Good Luck!