EURGBP Short

[bigbax699]

Good morning, monday is here new trading week upon us, although labor day in the us so volume will be a bit weird today. I hear some brexit news is out this week so may be why the EUR has had a bit of a push this morning. But looking at EURGBP on our sell trade, this looks to be a classic break and retest of a level zone. So going back to our sell if you missed the trade this could be a perfect opportunity to get in or you can stack trades if you sold originally. BUT only if the daily candle closes below this zone. if we break above then its possible we could see it hit the down trend above. Wait until the daily candle closes then look for rejection signs and then enter. GLIYF

 

[ZzzzzzZ]

Ima opened chart eur gbp on H4 and have the opposite view. But when Ima open 1D chart Ima can agree with you or argue. It's now difficult to me to understand where the market movin' next. But on H4 Ima see bull.

 

[bigbax699]

Todays post is mostly a lesson, in to why we wait for our entry and dont just blindly enter because it looks like a good setup. My last post on EURGBP was looking for price to stall at the small resistance zone , maybe give us a doji candle and then sell off again. but as we can see price went straight through that zone and the down trend. Im still bearish on this pair as its a very expensive price for EURGBP . But i think we will see a visit to the supply zone marked out above. Ive posted my next setup, remember wait for price to stall in that zone and when we see bearish price action only then enter the sell. SL just above the zone gives us a nice R:R. GLIYF

 

[ScottHughes]

Seems to head that way! Watching it this week GBP weak af

 

[JayJones]

GBP crashed.

 

[bigbax699]

Todays post is a lesson in the style of trading tool syou have at your disposal. Ive been looking for sells on EURGBP for over a week now in terms of trend line breaks and patterns. But what price has done is shot way past all of the idea i had in mind of what could happen. Instead it had its price in mind of where it was going to. It just so happens that price went right up to the supply zone from August 2020. This is why its vital to also draw out your horizontal zones of supply and demand as price will most likely visit there again. We have had a reaction and a couple of bearish daily candles, GBP looks to be strong at the moment so ive sold from the top here. Give us good R:R of 1:3 minimum, we just have to be careful it doesnt use the demand zone below to push price higher again. GLIYF

 

[JayJones]

Could short off that

 

[Deleted member 231512]

Nice call, it retraced nicely!

 

[bigbax699]

After getting the bearish candle from the supply zone i reported last time on EURGBP price has moved nicely for us. We got some development of about 100+ pips. Price currently sits 50+ pips in profit as it bounced from the support of the moving averages. Still not totally convinced yet, for me we need to see price stall right here at this small resistance point. So i made the trade risk free and will ride it out. Defo one to watch this coming week. if you followed make sure you lock in those profits. GLIYF

 

[bigbax699]

Markets have been a bit of a bloodbath this week on some pairs. EURGBP has seen some movement, we got the pullback in price as expected, it moved up a little more than i wanted but it did close in my marked out zone. Looks like its made a jagged M pattern and a lower high and moving back down again. Keep on holding this position weve had over 150 pips so far, currently 90 in profit. We should see another push down over the next few days. Make sure its risk free and ride the train. GLIYF