EURGBP Long Term Long

FX:EURGBP   Euro / British Pound
146 4 4
I am a longer term forex trader trades typically last 4-12 months. I have taken a long here, I am very concerned about todays             election but the weight of technical analysis convinced me to take the position. The point and figure 3 box reversal chart is my preferred measure and it signalled a buy trade at market open. This signal is confirmed by a cloud break and the end of what could be described as a rectangle bottom. MACD is at zero and trending higher, RSI below oversold, ROC > 0 and ADX at 25.
The Point and figure gives a vertical count target of 300 pips I will take that as my first objective. The EURGBP             is a fairly quiet pair, 100 day ATR is only 60 pips however these pips are priced in GBP making them more expensive.
Strategy as always follow the trend as early as possible and stay in it as long as possible, my other active trades are linked
This trade was hit hard by the results of the UK elections. It remains open but it is close to negating the original entry conditions, I will continue to monitor closely. Currently at -180 which on my longer term framework is not that unusual but always a cause of concern
I agree to you. I also look more at the longer lasting moves. But I fear the drawdowns. That's why I look for entries that convince me as much as possible in the shorter periods.
So I appreciate your medium term studies which provide some more background to my own studies in the daily timeframe.
It's a very good study. Personally I am still waiting, if there will be retest of the downside from here for 20-35 bp before I will take a position. But I agree with you in the direction and I also saw several signals beginning with the 1st of May that indicate a rise. By the way, the possible retest down would be also a test of your P&F breakout line.
SteveTobin motleifaul
Hi motleifaul, thanks for the comment. I agree with the points you make, the P&F is a 3 box reversal so it is unlikely to register any loss smaller than 180 pips. That is one of the reasons I like it so much, it helps me to concentrate on the longer term.
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