Eur Gbp starting to develop a downtrend. My positions are shown.
Comment
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TP1 hit. Lets move stop loss to break even and hopefully TP2 will hit soon. :)
Trade closed: target reached
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Hey guys. Closed this thing a bit early at .8995 with great profit. We have a lot of high impact news coming up tomorrow. Hope you guys took advantage of it. :)
I'm seeing a lot of bearish momentum on 4H & D too - though there seems to be (weak?) bullish divergence on 4H for whatever it's worth - am expecting it to retrace up to 0.9180 before resuming downtrend, but the bears are so strong it might not happen.
minthooka
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@rsam, you were spot on. I hope you got in at 9180. Thats 20 pips better of an entry than mine, but I'm not complaining :)
rsam
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@minthooka, You were one of the first calling a short that early, so I was glad I wasn't the only one thinking that. I don't hold trades overnight at present, but good job bagging 180-pips already...
minthooka
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@rsam, Thank you!! I might close this early. Probably later tonight because there will be "high impact" news tomorrow morning for the pound. No reason to be greedy :)
rsam
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@minthooka, Good idea, you might get a better re-entry tomorrow too :-)
minthooka
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@rsam, Hit both targets, but we have rules to trade by. I closed the second target a bit early because of the news. Need to wait for a nice retracement to purchase another short. :)
rsam
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@minthooka, Great job! I thought you might have re-entered around 0.9047, I was tempted to place an entry order there, but was a bit nervous - wish I had!
I'm thinking likely re-entry around 0.8930/0.8950 - does that sound right to you, or are you thinking something different? EG is one tricky pair, can always catch you unguarded.
minthooka
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@rsam, It used to catch me a lot but not as much anymore. There are certain pairs that follow certain patterns. I do not trade this pair on anything other than higher high and higher lows or lower lows and lower highs. Look at it's history on the 4hr chart and you will know what I mean. Everything else is used as additional confirmation. support, resistance, divergence, etc. It's all loud FUD for this pair. HH and HL always give you good RR ratios. You just need to recognize when it's consolidating (which I dont trade) and when it's in a trend. Also, never trade around news.
rsam
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@minthooka, Definitely right about the FUD. Yes, 4H has more clarity but I don't like holding long term trades with all that's going on at the moment, so it makes it more tricky. I don't trade news, but I always look and think there's so much potential there... If only you can get it right.