Good evening all, markets open again tonight so a quick check back on our EURGBP trade. This moment in my style of trading is probably the most important, as we bought a potential reversal the high of our peak at 170 pips needs to be the higher high and we need to be making the higher low here. We are trading above the EMA and have the confluence of the trend line also, so as I said its the deciding factor for continuation. Currently just over 100 pips in profit so you can either close some of your position or keep it fully open but move your SL into profits as I did. Hope everyone has a good week. GLIYF
Good morning all, wow hasn't the EUR fallen hard recently. Our buy position on EURGBP tanked hard over the past few days and took out our SL which was moved into profit's, not bad still 1:4 almost R:R. That is why we secure along the way when we trade for these eventualities. But what is next, well we still find price sitting in this big fat demand zone . Check the range on the weekly as we can see we just keep bouncing from this weekly demand zone which is strong. So I will continue to look for longs until price breaks this demand zone . If price does break then we are looking at a big drop of 500 pips ish to the next zone. If not and price finds support look for reversal candles and be ready to buy again. GLIYF
EURGBP has been bending me over lately, was looking for the current low to break structure and break to the upside but at the moment it jus has a small retrace and continues to fall will be waiting for the daily high to be taken before i look to buy this pair again
The price made a strong bearish move and traveled a long way. It has been in consolidation. The level of 0.84300 may play a vital role here. The price had a strong bounce earlier at the level. If it works as a resistance and produces a bearish reversal candle the sellers may go short below the last swing low. On the other hand, I am going to wait for a Double Bottom to go long in the pair.
Good evening all, last time out on EURGBP we got stopped out in profit with the tank through the trend line . Price yet again found itself at the big demand zone . I said last time if support was found here again I would be buying. That is what I saw. The 3 daily candles virtually the same size were formed, clearly showing the battle between sellers and buyers. Then we got the Doji candle deep in the demand zone which was my signal to buy. If you follow me for long enough you will know they are my signals to buy from. The battle is still not won from, the bulls yet as we got a bullish candle but with a big wick to the top, with a visit to entry again. Currently sitting in 30 pips profit so far but watching to see what happens here. Hope you saw what i did and joined me, I will update again with any significant change. GLIYF