EUR/GBP to trade or not to trade
- Thread starter usdoutlaw
- Start date
good point, maybe the end of the third leg of the daily elliot wave to the upside (I only see three crests in the macd)
still the daily volatility is making it hard for me to do shorter term trades on the 5 min or hourly ... its basically one way trades without significant retracement on the short term time frames
ehh looks like I will get stopped out pooh
Pentothal, interesting observation. But I see something else on the chart , your completed wave 5-3 , that high point to me was a completed wave 5 , whereby wave 4 is the completed by the doji bar, I will post a chart if I get time as I do not think this will be clear enough. It seems possible it could reach parity by the end of the year. There is also a high probabability that it could reach 0.85 level by year end
I have finally come to a conclusion that figuring out a pattern in this pair is kind of ridiculous ...
I really have to imagine the pattern you guys are mentioning and if it were not for my macd indicator I would miss it
lets just resign ourselves to the fact that "hey this thing moves to the beat of it's own drum"
and that this pair reacts to news like its hot and is mainly (80% of the time maybe) affected by the relation ship between eurusd and gbpusd. Just divide both those pairs and you get the eurgbp
its a mystery
I am long this eurgbp now ... it seemed like a good idea that will take days to play out and cost me carrying costs bah hum bug
I really have to imagine the pattern you guys are mentioning and if it were not for my macd indicator I would miss it
lets just resign ourselves to the fact that "hey this thing moves to the beat of it's own drum"
and that this pair reacts to news like its hot and is mainly (80% of the time maybe) affected by the relation ship between eurusd and gbpusd. Just divide both those pairs and you get the eurgbp
its a mystery
I am long this eurgbp now ... it seemed like a good idea that will take days to play out and cost me carrying costs bah hum bug
hehehe funny Usdoutlaw!!! Believe it or not I hold two opposing views in my mind have been burned many times due to my bias mainly from reading the news, so everytime I get convinced something should go up , I look for opposing news to cover my behind in case Im wrong
OK enough ramble Im short this pair from 0.9083, 50 pip stop loss , looking to hold it until Friday, well did I say Friday? I will hold it until mother Market tells me to, I will have to monitor her modd swings!!
I love you Elliot Wave guys and your analysis....."it could go up, it could go down" 
Quote from cabletrader:
I love you Elliot Wave guys and your analysis....."it could go up, it could go down"
cabletrader, Im not n Eliiot wave person although I spent a lot of time studying Elliot's work and read a lot fo stuff by Robert Prechter, some by Robert Miner but funny enough I couldn't make me a dime with it after all the work I put in, gosh I can even write a book on that stuff. Miner's stuff is quite good though.
When I look a chart now I don't want to label waves as I really do not know where the market is going, welll yes I can sort of see where the "waves" are but it really doesn't influence me in any way as the makrtket neither knows whether its the 5thof the 3rd wave nor 1st of the 5th and it just doesn't care.