eur/gbp

Had some time away from the posting to catch up on other things and time I answered some emails here rather than individually which would take a long time.

If you cannot see where to look for entries and still need help, review my old posts. There is plenty information in those posts, and no I cant tell you where to enter or why, yout trading decision is yours and yours alone.

No, I do no offer a signals service and have none I can suggest to you. Learn to trade yourself and be self sufficient for life.

Mentorship is not something I do.

Onwards...........


Monthly chart  of eur/gpb.

indicator line shows what price has been waiting for, back to the source of the move to fill more long orders. The bearish move has been halted and the early signs on this time frame of a possible turn are showing. This is my ten mile high view.

Weekly chart.


Following on from the above chart we can see prices reaction and the first reasonable bullish move take place. Price then hit near term supply and fell back again into what may become the final place for pro money to go long. So far they are showing interest. They will also know there are less sell orders nearby and it should be an easier ride up to the next supply area, which has already been spiked and if that is broken, it will also break a range and leave plenty room for upside profit. Round figures of .77 for that target.

Daily chart.


A closer in view of pricer action. It is very obvious we have not made lower lows and we have made one higher high on the 7th of May. While price did drop off from here, the higher high is a significant event to be mindful of.

4hr chart.


Marked is recent supply and a horizontal line showing a good area to watch. The second last candle here has punched well into and through supply, but look at the reaction. Very little interest from the bears.

1hr chart.


Again I show the candle that has pierced through supply and the lack of selling taking place in what would normally be a treasure trove of short orders waiting to be filled. The time was not ideal, but the NY session was and still is in full flow as I type this and still no appearance of any bears. Hmmm.

5 min chart.


As an added measure to drive this home to you some more, can anyone see the selling in the box?.....I cant.

If we see a break test and continuation tomorrow, there will be plenty scope for profit about with a target far enough away from pro money to be keen on exploiting. The exploited will of course be the retail trader and wait for any potential entries to be crystal clear and where it is best to see them i.e above current price and no doubt about direction.

One final comment, a lot of effort (money) has gone into that spike up that you can see. Someone wants a pay day for that and its presence where it is telling a story. Normally I like to see a supply area such as this hit hard and into the area by a good margin. This allows pro money hide the fact that they are very active here. And yes we see activity, but no follow through long or short. But look at what you see, the spike did not bring in sellers which I/we would have expected.

When we dont see happen what we expect, it is time to watch and wait. And while you wait there are numerous questions you ask of yourself. If I were pro money and spent all that money on the large spike to go short, and did not go short. What purpose was the spike and how will I make money back and with profit?

We know that in order to have any good movement in price we need pro money to push it, and that happens by getting plenty orders filled in places where the majority of the herd will see the opposite picture. There are places on this chart where price could show that to the herd. A mini sell off would be useful, but knowing we had two opportunities on the daily, and each failed to push lower, any short position would be unwise unless there is a break of the daily low chart with a failed pull back. The Euro is also gaining strength against many currencies and great care needed in case one is biased to only being short.