EUR/GBP to trade or not to trade

AM I CRAZY???

  • There is a place for people like you!

    Votes: 3 60.0%

  • Here is the number of my psychatrist.

    Votes: 1 20.0%

  • Nah, just the same as the next guy.

    Votes: 1 20.0%

  • Oh no, you are the epitomy of mental health!

    Votes: 0 0.0%
  • Total voters
    5
  • Poll closed .
I tend to agree with Martinghoul that GBP always overshoots but one needs to be very careful if a fade is considered, my long term outlook is for EURGBP to weaken, in times like this I carefully watch it to see of I can get a sweet spot to enter. I will wai tfor retail sales during NY session , the other factor is its always tricky to trade on Fridays for me
 
Quote from FXSnipe:

I tend to agree with Martinghoul that GBP always overshoots but one needs to be very careful if a fade is considered, my long term outlook is for EURGBP to weaken, in times like this I carefully watch it to see of I can get a sweet spot to enter. I will wai tfor retail sales during NY session , the other factor is its always tricky to trade on Fridays for me
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I was just being a wise-ass.
 
Well still waiting , new home sales came out better than expected so decided to sit still and keep myy itchy fingers at bay, Well thers is a battle of patterns on the weekly timeframe, which one is going to win at the end is anyone's guess. The previous week was a bearish engulfing bar and this week we have a bullish bar, my short at 0.8987 still stand will monitor how price develops next week
 
Quote from FXSnipe:

Well still waiting , new home sales came out better than expected so decided to sit still and keep myy itchy fingers at bay, Well thers is a battle of patterns on the weekly timeframe, which one is going to win at the end is anyone's guess. The previous week was a bearish engulfing bar and this week we have a bullish bar, my short at 0.8987 still stand will monitor how price develops next week
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ok you are nuts hehe

short at 8987???? and still holding after a mosnter 200 pip move to the upside

Well good luck

but consider this (see hourly candle chart)
1- the bearish down leg in orange is the same size as the bullish leg in blue

2- the fib retracement is over 50% from local bottom to local top

3- the macd suggests trend reversal big time

summary: The recent eurgbp downtrend has been reversed in a big way. There is no more bearish engulfing pattern. Any decent pull back 50 - 100 pips should be met with a long position. Expect resistance to the downside at the 9090 level. Possibly a mirrored bullish move to the recent bearish engulfing trend (basically take the recent large down leg and bearish engulfing pattern, then flip it).

This is the word of the outlaw :D
 

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usdoutlaw, price never reached my short order hehehe! So I was not activated but I will still leave the order, if it does get activated then we are looking at a huge sell off to the 0.85-0.87 level. This isn't a reversal to me until the 0.9420 level is breached to the upside
 
Quote from FXSnipe:

usdoutlaw, price never reached my short order hehehe! So I was not activated but I will still leave the order, if it does get activated then we are looking at a huge sell off to the 0.85-0.87 level. This isn't a reversal to me until the 0.9420 level is breached to the upside
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yeah well that would be the clear indication (breaking the recent high)

but we will see

:p
 
Its time to fold until a good setup is seen on this pair. My trade for now is to sit and wait. It'll probably be 2-3 days of sitting and waiting, lets see what happens.
 
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