EURGBP Short

bigbax699

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35
WEll since we last looked at eurgbp we have dropped a couple of hundred pisps. We can see price came down further and rejected off the .618 Fib level. But was soon back to this region of the previous high levels around 0.91-0.92. Seems to be holding here for the current moment in time. i still think we shold see more of a pullback to the .618 fib again at least. if we make it there then i will buy, ideally i would like it to get to the 50% level for extra conformations, but beggers cant be choosers in these current market conditons. Buy the dips currently until structure is broken then we will re assess. GLIYF
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bigbax699

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35
Good Monday morning traders. EURGBP is virtually at my interested point of buying. I would like to see price come a bit more down to the long term diagonal trend and the 50% fib to buy. That way we can get a tighter stop loss to buy.
But we also need to be aware of GBP strength. So its not impossible for it to drop below and retest the underneath side to come back down more. Either way we have a point for entry. Dont be afraid to lose or you'll never win. Risk management and you will be fine. GLIYF
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bigbax699

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35
Today were looking at EURGBP again. The drop has continued, EUR looks weak across the board and EURGBP has shown that also. We have dropped through trend and look to be heading towards the .382 Fib we could possibly see a turn there for a pullback in price naturally. But if we dont and we get some more strong bearish momentum then we could drop further to the support level below or the .235 fib By that time its possible the RSI could be screaming for the buy and also show bullish divergence . Keep an eye out for that out. Get your buys ready with tight stops at those levels. GLIYF
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bigbax699

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35
Eurgbp has pretty much gone perfectly so far. But we still have to be skeptical. Price came back a 2nd time in the blue circle, so that was your sell signal. The ffirst trade is a nice little 1:2 risk to reward of 120 pips. Thats pretty much hit TP nearly on that fib level. Then you could take some profits and leave a running trade at risk free to the support below IF we get that far. 2nd Trade would be almost 1:4. Then i will be looking for buys, UNLESS it breaks below trend then we could possibly be looking for sells longer term. GLIYF
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bigbax699

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35
Looking back at EURGBP again today everyone. Looks like price has almost reached our TP2 level. Cant complain at 200 pips. But i think round this area is where we will determine wether this will be a Bull or a Bear for medium term trades at least. If price holds this support level then we can get a nice buy for another push upwards. OR if price breaks below this support level towards the .236 fib then we can look for the retest of the break and sell for more downwards action. RM and GLIYF as always
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bigbax699

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35
Since we took profits on EURGBP , it held the level and we got the sign to go long again. It just peeped through the trend line but theyre not always perfect. We got the rejection in the magic blue circle and were on our way back up again. Seeing some weakness in GBP currently but i think we will see more weakness to come in the near future in EUR. So im thinking a short buy up tot he 50% under long term trend level and back down again. If your already in the buy then good job, if not wait for the 50% level for the next sell. GLIYF and RM as always
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bigbax699

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35
Ok since we last looked at EURGBP price has done pretty much what i expected. We got the push up from the .382 fib towards the 50% level and the underside of the long term trend line . We got rejection and instantly saw the sell off. you can even see a double top in price so was a fairly easy trade to take. Price currently sits at the .382 fib again and if you want you can take profit here the R:R was good at over 1:2 with 120 pips profit. I am taking profit as i think the next moves here will determine what happens with this pair. Will we drop below that short term trend line and break below previous support? or will price hold here and make another move back up again? personally im going to wait for the break downwards as i feel price is still high end expensive for this pair. GLIYF

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bigbax699

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Messages
35
Since i last looked at EURGBP , i was looking for the fall through the short term trend, we got that and then we got the perfect re-test. You should of all been easy able to pick this one up. 55 pip stop just above the previous high. Im looking down to the .236 fib level for a 230 pip move and 1:4 R:R minimum. Looks to me like EUR is bearish overall and GBP could gain some strength so we have a good chance of breaking the support zone below which will be crucial. If we do not break it then dont be afraid in taking profit. GLIYF and RM as always
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bigbax699

Recruit
Messages
35
EURGBP SL has been hit. But thats ok we cant win them all, and why we practice risk management. My bias for this pair is that it will still drop as price is naturally high on average. Last setup looks like it was as little too soon to enter, i much prefer this setup with a tighter SL of 35 pips and TP of 180+ pips down to the support zone below. Wait for the rejection in price action around this area if you decide to take it. R:R is a nice 1:5 and a fairly easy one to take . GLIYF
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