EURGBP Short

bax699

Well-known member
404 81
Evening all, FOMC certainly caused some movement in the markets today. It needed it as it was moving so slowly. The good news is that a strong USD makes EUR weaker. Hence good for our EURGBP trade we are in. Price is now at our maximum profit since opening. In order to hit TP zone we need to break this current demand zone we find ourselves in which seems very strong. If we can break below then TP is golden. 110 pips up on this setup currently. Who says trend lines dont work lol. GLIYF
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bax699

Well-known member
404 81
Good evening all, thought I would do a quick update on the EURGBP trade we took. Price moved down in our favor since the last update but just as quickly risen again. But today its nice to see the daily candle has wicked right out from the top showing GBP strength. Currently we are 130 pips up on this trade setup. Its been a scalpers dream this pair of late, hopefully we get some more directional hard trends soon. Hold for now TP is not far away. GLIYF
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bax699

Well-known member
404 81
Good morning all new week begins so checking back on EURGBP . If anyone says trend lines don't work show them this chart lol. Look how perfectly price has respected the trendline so far on the way down. If you wanted to day trade this pair along you could of sold from that trend line multiple times over and over, very easy trades to take. Never the less our trade is still going in our desired direction, always making lower lows and lower highs. Hopefully we will see TP hit this week. GLIYF
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IceThor

Member
64 11
I think shorting a stock can be profitable but then it’s risky too. Would never go for it.
This is not a stock though. It is trading one currency pair off against another.
 

bax699

Well-known member
404 81
Good morning all. Our sell trade on EURGBP has taken an AGE to reach TP zone. After that very impulsive bearish candle we had near the beginning it has just been up and down daily. Perfect for intra day scalping. But very boring for a one positions holder. I am closing the long term position now and I will watch price and look for the next setup. I still think it will come down some more so I will look for the buys most likely from the demand below. I will update with a couple of options next time. Profit is profit so take it and move onto the next setup. GLIYF
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IceThor

Member
64 11
Good morning all. Our sell trade on EURGBP has taken an AGE to reach TP zone. After that very impulsive bearish candle we had near the beginning it has just been up and down daily. Perfect for intra day scalping. But very boring for a one positions holder. I am closing the long term position now and I will watch price and look for the next setup. I still think it will come down some more so I will look for the buys most likely from the demand below. I will update with a couple of options next time. Profit is profit so take it and move onto the next setup. GLIYF
View attachment 302702
Does not matter how long it takes if it makes profit
 

bax699

Well-known member
404 81
Good afternoon, hope everyone has had a good trading week. Today's post is back on EURGBP . The original TP zone has been hit, I did exit early as it was taking soooo long, but none the less the setup came true and TP zone was hit, so well done if you held it. Now what is next for this pair. Well if this demand zone we are almost at hold's id like to see a nice buy back up to that supply zone . If the demand zone breaks then there is a little risky sell down to the weekly demand zone , I would not prefer this trade as its small in return and we could possible be selling the bottom. The ideal trade is the buy from the big weekly demand zone right at the bottom. IT looks big and strong so we could see a nice reversal from there. Mark them all up and wait for the one that comes. Have a good weekend GLIYF
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bax699

Well-known member
404 81
Good morning all, Looking at a couple of setups for EURGBP today. Last post on this pair I was looking to buy from the demand zone but it didn't re visit. It basically reversed from the first touch and as we can now see has moved some 150 pips north. It's possible we could see a little pullback to get a nice buy in from that zone broken (1). Or we could wait to sell from the supply zone from what has happened previously (2). If the bull continues we could look to buy in from the beak and retests of those zones (3). My favored trades would be the sell's from the supply zones. But I will take what ever comes to the table. GLIYF
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hatemypips

Established member
657 51
Looks great however how do you determine supply and demand zones only using price as a source of information? Don't you think that they show what demand and supply was in the past and their future strength depends on new incoming information that drives decision making?
 

bax699

Well-known member
404 81
Looks great however how do you determine supply and demand zones only using price as a source of information? Don't you think that they show what demand and supply was in the past and their future strength depends on new incoming information that drives decision making?
i use {50% candle sticks. on zones that break previous zones etc etc. on higher timeframes also. I try to keep trading as simple as possible for myself. We cant predict the future we can only go on what has happened previously. So i just trade and dont over leverage and that should make most profitable over time
 

bax699

Well-known member
404 81
Good morning all. Today I am entering a buy on EURGBP . Last time price touched this demand area we got a nice move north of 150 + pips. I was looking to buy possibly from the zone above but price has dropped all the way back. Obviously better to buy in lower and also this could be a double bottom at this demand area. Aiming for the supply zone at the top of the range. Moving SL to entry as we move into profits to secure the bag. Nice easy setup just reacting to what has happened to the left. Hopefully history repeats itself. GLIYF
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