EUR/GBP finally broke higher today out of the consolodation area i was watching, this rally should turn into an intra-day rally back towards fibonacci resistance at .9164 and i think it may go a bit higher too, ultimately I am looking for a short opportunity anywhere by .9164 or higher for an eventual move downward through the longer term up trend line on the daily chart...

A shooting star candle is in place last month on the monthly chart giving confirmation a top is in place, bears should now be looking to short this market at resistance... There is potentially a very big move into the down side here worth a lot of pips With beautiful candlestick confirmation of a long term top in place already, I will be shorting EURGBP in size.. I have been patiently watching and waiting for the perfect short entry in this pair for quite a while now, Oh how sweet it will be

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Hi Brad, do you think 0.93 would be achieved and would be a good poiint to sell? What stops can be used in this case...

Hi Brad

you mentioned that you will be selling in size on a test of 9164 or there abouts, where would you place your stop for this trade.

That shooting star confirms a top , how much of that candle do you feel will be retrace, or is typically retraced.

JJ

Brad..some great long term views on the EUR/GBP. Love the clarity of your charts. Awesome job!

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Does anyone here know anything about price shading? If you do, would you happen to know any forex brokers that practice price shading? I know that FXCM does not price shade and I don't want anyone to think that they do. I have had only positive experiences trading with FXCM and I feel confident in saying that they are straight-forward and honest brokers.

A shooting star can sometimes be a top, or it can also mark the location where a major reversal will occour in the market after a pullback in price and one final rally into the tip of the shooting star... I will go with my gut on this shooting star and say it likely was the top that confirmed the major top at.9800, The location and look of the candle leaves me thinking down is the way to go here, but we still need an entry point, and the stop level will be dictated by the entry price to help manage risk as much as possible... We need to wait for price to hit the entry area, then wait for some topping before entering short, Just keep patient and the market will provide a short entry point and i will catch it with minimal risk exposure.... I will keep updating this EURGBP chart in here or the fibonacci forum or both... Aggressive bears would look to short atleast some of the position at .9164 and likely more higher up if price gets further ... More conservative traders will wait for topping confirmation around resistance at .9164 or in that general vicinity .. In my opinion price should not rally back above the tip of the shooting star at .9411 and thus above there is a good spot for stops. The closer we can get price to .9411 for short entry, the more we will be able to manage risk effectively ..

Personally i am looking for 1/2 size short entry at .9164 and another 1/2 size position higher up if price will go higher... I suspect price will not get much past .9200 if we see a rally.... Risk for short positions may be a bit wide for most traders at .9411 and i suggest waiting for as much bearish confirmation as possible before entering because of that fact... Just keep all eyes on .9164 and that general vicinity for a top, it's in there, we just need to catch it... If we can catch the next top at that area we will further be able manage our risk on short positions by placing our stops closer above the next high which should form at or close by .9164... Managing risk starts with position sizing.... Although the long term bearish confirmation is in place with the shooting star and we now have the option to move big money with confidence, we must wait for the shorter term entry point to thouroughly manage our risk of loss... It's all in the chart, just keep watching everyday, sooner or later the market will give up the entry.... I'LL be watching ...

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Looking at the daily chart of EURGBP today i see that yesterday's rally fell apart pretty hard today giving back all of the gains from yesterday, I stiLL believe we're creating a large base in the current area before rallying back to fib resistance at .9164 and then dropping lower.... I said yesterday the market looks like it will try to doddle, and indeed it looks like it is taking it's sweet time... Bears keep a patient eye on this sucker for short entry don't let it slip away...

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Thanx Sean... Good to see you back Hope your vacation was mint

Thanks, Brad. Had a great time in West Palm Beach and Los Cabos, Mexico. Was a blast.

Glad to be back though. Love being in the forums, interacting with everyone.

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See any short term scalping opportunities out there?

Would love to see what everyone is watching/scalping out there at the moment.

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Sean ... my Posts on the USD/CAD Pair often refer to a Running Volume count on the 4H for my Weekly Swing Trading style ... one scalping method that I use however (usually on inside days for app 20 to 30 pips) involves observing the Volume on my 15 minute candles on breakouts or reversal formations within the most recent leaning of my 4H William's %R calculations ... larger Volume on a 15 min. Bar accompanying a reversal at the extremes within the 4H leaning is what I wait for ... FXAccucharts provides Volume just by clicking on any Bar at anytime ... this is a carryover for me from trading the Futures Markets ... I realize this style of Trading is involved ... and I must say that overall the accuracy and profit % remains consistent ... I couldn't Trade an other way.

Hey man long time no see, will u be willing to share your trading strategy mentioned above? I need a little more detail. I'm still trying to learn scalping.

By the way Sean, hope u had a blast on ur vacation, good to have you back with us. I listened to your advice and I've been trading medium term using daily charts and using lower time frame charts to refine entry. Rode the uptrend wave in EUR/USD and AUD/USD and also rode the USD/CAD in the downtrend wave, using stochastics and it works like a charm. Got off over a hundred pips in each pair, the trading lasted for about a week and a half.

Thanks man.

Do this if you can....find out how they track volume in a market that isn't on an exchange. I'd love to hear what they use for volume. Would be great to know...seriously.

Thanks for your insights. I appreciate that.

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Hey, I'm so glad things have been going so well for you and glad to know that what I said helped. That's very rewarding in and of itself. Thanks for mentioning that.

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