The idea is that there is a crack in correlation between GBPUSD and EURUSD, EURUSD did a suspect rally while GBPUSD failed to do so implying that price is getting ready to decline heavily.
Nice, came near to break even but you managed to nab the trade in profit.
Leo-btm
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nice idea can work
NoVa_Hao
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eur/usd declined on the day because of inflation easing whilst gbpusd did not have any news of high impact
TopTradingSignals
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I have the same bias bro!
SignalsProvider
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Thanks for sharing your analysis of the correlation between GBPUSD and EURUSD. It's always interesting to see how different currency pairs are related to each other and how these relationships can provide trading opportunities.
Regarding your analysis, it's certainly possible that there could be a "crack" in the correlation between these two currency pairs, and that EURUSD's recent rally could be a signal of a potential decline in GBPUSD. However, it's important to keep in mind that correlations can shift over time, and that past relationships may not always hold true in the future.
In any case, I appreciate your insights and would love to hear more about your analysis in the future. And if you have any feedback or comments on my posts, I would be happy to hear them as well. Let's continue to share ideas and learn from each other's perspectives. Thanks again!
NeoTheProdigy
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@GhotrazSignals, Very True, past correlation does not mean the same is gonna happen in the future. Without proper context, this trading idea would be considered guessing or gambling is the right word to use. This trade idea is based on what I have been following with the Dollar index. In any case, thanks for the comments and I would love to hear your insights as well.