Trend for 13th of August (updated) ~ forex trading signals
Hi, everyone. I just wanted to drop you a few ideas on eur/gbp pair today. I looked at daily charts and I saw some bearishness in them. I like the pair due to its orderly moving patterns, but it also usually stays in ranges for a long time. That is the thing I do not like much. I like large market moves, when we can have some really nice trending. EUR/GBP is different. It stays in ranges and seldom forms those huge market trends.
However, I see that a breakout downwards is quite possible in some time and after that a real downtrend can develop. Just look at the chart below to see the level. Most trend traders simply place sell order below the support part of the range and long orders above the resistance part of the range and patiently wake for a breakout to occur. There might be a few false breakouts on their path, but patience and waiting gives their fruit and a trend trader is rewarded with huge profit. So, just take a look at long term charts in eur/gbp. It is far from being perfect, but it is also worthwhile analyzing. Good luck.
See also:
Breakout trading
Range trading
Disclaimer
Trading financial markets carries a high level of risk, and may not be suitable for all investors. All information on the blog is of educational nature and cannot be considered as advice, recommendation or signals to trade in any financial markets.
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