EURGBP Short

[TareqS]

Good morning all, hope everyone has had a good trading week. Last day today so just updating on the EURGBP long position we took. Price has continued in our desired direction. Currently we are 135 pips in profit. Our SL was 26 pips so we have so far achieved 1:6 R:R which is great for an intraday trade. I have moved my SL to 80 pips in profit which is just over 1:3 R:R and will just let it do its own thing now. I suggest if you followed to do the same, then we can concentrate our attention on other pairs. Looking for a retest and continuation to our TP2 area. Hope everyone has a good weekend. GLIYF

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It has been an excellent entry. The price has been heading towards the North with good momentum. Are you going to take out partial profit at TP2 or going to close the whole trade? I assume the price may find its resistance at TP2 since it had rejection at this level twice.

 

[bigbax699]

Good evening all, markets open again tonight so a quick check back on our EURGBP trade. This moment in my style of trading is probably the most important, as we bought a potential reversal the high of our peak at 170 pips needs to be the higher high and we need to be making the higher low here. We are trading above the EMA and have the confluence of the trend line also, so as I said its the deciding factor for continuation. Currently just over 100 pips in profit so you can either close some of your position or keep it fully open but move your SL into profits as I did. Hope everyone has a good week. GLIYF

 

[Treacle]

SL into profit and see what happens from there would be my plan

 

[sebking1986]

Those equal highs around your TP2 are a clear target now.

 

[bigbax699]

Good morning all, wow hasn't the EUR fallen hard recently. Our buy position on EURGBP tanked hard over the past few days and took out our SL which was moved into profit's, not bad still 1:4 almost R:R. That is why we secure along the way when we trade for these eventualities. But what is next, well we still find price sitting in this big fat demand zone . Check the range on the weekly as we can see we just keep bouncing from this weekly demand zone which is strong. So I will continue to look for longs until price breaks this demand zone . If price does break then we are looking at a big drop of 500 pips ish to the next zone. If not and price finds support look for reversal candles and be ready to buy again. GLIYF

 

[Treacle]

EUR weakness has cost me a lot this week

 

[Jim B]

Yea it’s fallen quite a lot hopefully it’ll start to reverse soon because I want to get some buys in.

 

[sebking1986]

EUR weakness looking set to continue. Their covid situation not helping things for them.

 

[pezz55]

Every time I look at trading this pair long i have got it wrong recently, looking to catch the bottom of the move and it just keeps falling more going to wait for a clearer break in structure on the higher timeframes before i go for a lot of pips on this pair

 

[TareqS]

The daily chart looks very bearish. The H4 chart shows that the price may end up producing a Double Bottom. It had a bounce at the last swing low twice. However, the neckline is to be breached to attract the buyers to go long in the pair though. A breakout at the last swing low may continue the bear run on the other hand.