EurGbp

Note: The EurGbp is always fun to trade, at least for this trader. I have been mostly concentrating on the Eur the last couple of weeks but I always have an eye out for this pair. I currently find myself long this pair at the moment, I am leaving to sleep with stops in a positive territory already positioned.

Note: Daily and Weekly Charts The EurGbp is obviously in a DE leg off a weekly Gartley. Price has dropped in a sine wave fashion only to find consolidation from the last 13 to 14 days. Price on the Daily chart is 5 times its range to a swing top. (Red Boxes) Price has since fallen to the 3 rd range and has taken out 3 previous minor swing lows where it finds itself traveling to the right. (Makes this trader bias short.) Although the close of the bars has been mostly near the lows on the weekly chart this trader sees this pair rebalancing to the.8997 level which is in confluence with a 25% level of a down fork.

N0te : 377 Tick chart By placing a fork on the 377 tick chart at the turn during the consolidation I found an entry long at.8914 and a stop at Stop was move to t.8918 and the pair was held over the weekend. Harmonics of this pair from the 377 t chart allowed for another entry at.8925 off the harmonic line. A stop finds itself parked at Although the trade is protected I find concern about a continued move up based on the close of the last 3 bars on the weekly chart. I also find concern trading out of the bottom of a consolidation box to the upside in a down fork on the 4 hour chart. I suspect this pair will rebalance to the.8997 level before any drops takes place. If not I am protected. Should this pair elect to rebalance it should do so well below the consolidation box top of the 240 chart.

Note: At the moment daily resistance holds price in check. The move up off a lower median line parallel (+) a daily harmonic line finds price micro inching its way up. I would also not be surprised if price is held by the daily resistance. Bed tonight should bring a surprise in the A.M. Up or down? At least when price breaks consolidation price should go farther the longer we are consolidated. This pair will get me a lot more interested when it breaks out of its consolidation.

Note: Update It is morning on the and my trade was stopped out off a top that came within 8 pips of the R3 top in an attempt for this pair to rebalance the weekly chart. The move is short at this time and while it is tempting to enter short I will want absolutely more confirmation of market sentiment. The following 377 t chart shows where my long trade was stopped out and how price is short within a down fork. My problem is the vertical drop without interruption, so as the next chart shows is a scenario for a possible short. Time will tell if the lower median line parallel will hold price of the yellow up fork. Perhaps a bounce of this fork might send price up against the upper median line parallel of the red down fork signaling a short. Another scenario might be for price to trade into a wedge as evidenced by the intersection of the fork lines. A bounce up off the harmonic lines might be a scenario also. Either way, this chart has an intermediate swing high and my bias is short.