EURGBP Short

Ive taken a short on EURGBP , weve seen a deep retrace in price from the previous high on this pair. The .618 fib level is a perfect point to take a short from this type of move for me. SL is fairly small just under 70 pips im targeting that mid level of support at 0.8865 with a nice R:R ratio of 3.91. The wicked rejection of that level from yesterday was my signal to enter. GLIYF
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Since monday i called the sell on EURGBP we have made good ground of 130 pips. By now you should be moving your stop loss to entry point and taking half of your position off. banking the profits and let the rest run.
As now we have reached a small support shelf that needs to break to make further gains. But by securing the bag weve made profits and we are at risk free so all is well. Hope alot of you caught this one as was an easy one to take. GLIYF
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The sell on EURGBP is still going to plan. Currently 170 pips up in price. We have seen price action drop through trend and currently sat at a zone of support. i still think we could reach target. Wether we just continue to drop or we retest the broken trend remains to be seen. Running risk free on this one, if you followed look to take profits here of the 50% level and leave the rest open to possible further downwards movement, GBP seeems to be strong currently this week so make sure to take advantage of that. GLIYF
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Hope everyone had a good week trading. EURGBP has given us 200 pips profit so far. i Know my target is lower than current price level but i am going to take profit here just above the 50% level. My thought is that we could possibly see a retest of the broken trend we have managed to break. Good level of R:R so no complaints at all. We can always re enter if we do get the retest and still get another trade with good R:R for a possible longer term drop . Cant go broke taking profits GLIYF
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To end the week im looking back at EURGBP . Im still bullish in terms of average price cost of the euro against the pound. i think its only a matter of time before this tanks for a good amount of pips. Last time i called a sell from the supply zone , its fallen but nothing to shout about. One thing i like to do if you see my charts is to trap the market into a corner. Thats what im doing here again. 9/10 you can trade the direction of the breakout and you will be in good stead. Currently were in pure sideways action here so im waiting to trade the breakout. Apparently August is slow for trading so we might have to wait a week or two. But patience pays so keep your eyes out for the break out. Have a good weekend everyone GLIYF
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Happy friday everyone, hope you all had a good week. EURGBP has finally spoken and given us a direction breakout. Hope you all caught that one, if not dont worry in the ideal situation we would like to see a retest for it to then drop again and confirm the direction is real and where it will be heading. If it is real thers two options up for grabs with a R:R of 1:2 and if it keeps going we could possibly see 1:4. Stay patient and let this one play out, hope you all have a good weekend GLIYF
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Todays post is more of a lesson as to why we wait for a retest on a breakout and then price action for our desired position before entering the trade. As the last post i did on EURGBP we got a daily close below, and then we even got more downwards price movement the day after. But then price turned which we would want for a retest of the broken pattern. BUT thats not what price had in mind. It kept moving and now we are back in the wedge formation range, so you could call it a fake out.
If you entered on the breakout and didnt wait for the retest the trade is still going and it hasnt hit SL, my Bias is still bearish on this pair i think it will drop again. GLIYF
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We've finally had some movement in our direction on the EURGBP trade. I advised to stay in if you went in on the initial breakout, was clear to me breaking both trends and candlestick price action that we would see it drop. Depending on where you entered the trade we are currently around 120+ pips in profit. Make sure you move your SL into some profit to lock it in, then you can keep moving it down the further we drop . Price has currently stalled at the expected demand zone i marked out. We could see some consolidation here before the next move, all going well we could hit projected TP. Remember to lock in those pips GLIYF
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