EURGBP set up ideas and possible trades.

pezz55

Sergeant
Messages
193
EURGBP

Last week I managed to get on the sell of the break up and the retest back to the trendline.
Now re assessing this pair you can see we are respecting the trendline to the up side. Also the red line marked out where we made the high has now left relative equal highs on the daily TF.

When looking at charts there are many things to take in to account but I like to look where is the liquidity. Here it is above the equal highs and below the break of the trendline.
So I will be waiting on my hands to see which if these gets taken first and then look for the move to the opposite side.

Let me know what you think of this and I will get back to you with an update later on.
 

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pezz55

Sergeant
Messages
193
Bullish overall so wouldn't want to be selling it. Think your setup was stopped out by the wicks wasn't it?
if i had entered only that set up yes but waiting for confirmation and the 10am candle gave the set up and managed the sell nicely
 

FriendlyFX

Master Sergeant
Messages
274
Still looks bullish to me so I'm expecting your Sell idea to payout firstly then your buy could be valid
 

pezz55

Sergeant
Messages
193
EURGBP Update

Still no big push but slow steady drive up.
As you can see I have added tomorrows news events to the chart to remind us of whats to come.

I see the sell coming in to play and would like to push up to the top of the yellow box tomorrow and then news drive price above the highs and then look to sell off.

But this is only the idea and we know news pushes price so we dont trade news just the after effects.

We will see what this event brings and look for opportunity's to use it in our favour.

When looking at charts there are many things to take in to account but I like to look where is the liquidity. Here it is above the equal highs and below the break of the trendline.
So I will be waiting on my hands to see which if these gets taken first and then look for the move to the opposite side.

Let me know what you think and good trading.
1656445084901.png
 

pezz55

Sergeant
Messages
193
EURGBP Update idea recap
The trend line mapped out last month has been significantly broken on 4 hour and daily.

Using the fib we place and marked out areas of interest you can see we have retraced significantly. Looking for a set up I have adjusted my entry area as I feel we could still see a final push to take out relative equal lows.
We have see the EUR drop to a huge low for many years and hit 1.000 against USD.
Breaking the trend line and taking out buyers liquidity for the short term i will be looking to target the highs but take partials along the way if we get a good entry set up.
Keep a close eye on market structure and remember key entry and price action will be needed.

Let me know what you think of this and I will get back to you with an update later on.
EURGBP trade idea recap.png
 

pezz55

Sergeant
Messages
193
EURGBP trade idea
EURGBP Buy idea.png

EUR has fallen hard to day over GBP and is in discount for buying opportunities.
From here I well be looking for the 70% and 79% fib levels. Looking for a liquidity run on the lows in to an area of interest. I have 2 marked out but I would prefer the grey box as my entry zone. Currently we are are market close so not the best time to be trading. Will be watching in London open for the opportunity for the set up.


Let me know what you think of this and I will get back to you with an update later on.
 
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