EURGBP Short

[sebking1986]

Some lovely risk reward here. I thought you might get a reversal at TP1 but fair play it powered straight through.

 

[bigbax699]

Good morning all, Just before the Xmas holidays we sat in a buy position on EURGBP we peaked out at 200 pips but failed to reach the tp2 zone. Never the less we got stopped out in profit as we saw price fall back down. Now we find ourselves as the strong demand zone once more. For which I am looking to see support form for us to buy from again. We do still seem to be falling gradually over time so we will either catch the strong reversal, or we will see price tank through the demand, only then will I start looking for sells. Should be an easy trade to take this one. GLIYF

 

[sebking1986]

With the lack of a structure break evident at the moment I still favour the short from here but as always we should trade what we see so sit on hands until we see.

 

[TareqS]

The pair has been traded around the level of 0.83800 for the last four days. It may find its support around this level since it had a strong rejection earlier at this level. A bullish move followed by a bearish correction and a bullish reversal candle may attract the buyers to go long in the pair.

 

[bigbax699]

Good morning all, ending the trading week reporting on a SL hit on EURGBP . In hindsight it was a risky trade, as our other trade on GJ has hit the TP zone. But that's why risk management is key. It seems GBP is on a very strong run at the moment. For that reason I am now going to wait to see what happens here at this critical stage, we're at a monthly demand zone so if we manage to break below then there may be more bearish action to come. If it reverses then we will look to get in on a re test. Will update again next week once we have some more movement. Haver a good weekend GLIYF

 

[Treacle]

GBP will only get stronger over the next few months imo

 

[Petezaa]

Unlucky on the stop loss, but that loss is only minor! Looking forward to the next breakdown.

 

[bigbax699]

Good morning all, last time out on EURGBP price took out my SL. But I have entered a buy again, as I believe in this demand zone and that we will get a reaction from here. Looks to me like a bottom has been formed so I bought at the bottom of this channel. not expecting a full massive reversal, but at least a nice pullback to the supply zone above. Still good R:R of 1:15 with the tight stop loss, that's why its appealing and why I have taken it from here. If we don't trade what we believe to potentially happen then what's the point in trading. Easy setup to take GLIYF

 

[TareqS]

Good morning all, last time out on EURGBP price took out my SL. But I have entered a buy again, as I believe in this demand zone and that we will get a reaction from here. Looks to me like a bottom has been formed so I bought at the bottom of this channel. not expecting a full massive reversal, but at least a nice pullback to the supply zone above. Still good R:R of 1:15 with the tight stop loss, that's why its appealing and why I have taken it from here. If we don't trade what we believe to potentially happen then what's the point in trading. Easy setup to take GLIYF
View attachment 72756

It seems that the price has found its support at the channel's support. It may consolidate or take some time to go towards the North since it made a long bearish move. I may wait for a Double Bottom to be produced to go long. Thanks for sharing the chart.

 

[ForexWarrior2020]

Ive noticed in your last few posts, you've add the MACD. Does that help you a lot with your trading?