So Far So Good on Euro against Pound

Bad Assed Trader:  Either my luck is changing or my trading skills are improving. Fingers crossed it's the latter....

Anyway, an update on the Euro Pound (EURGBP) movement I blogged about on Sunday.  The latest daily chart now looks like this:

EURGBP Now

As you can see, the green bar at the top of the last peak was the one I highlighted on Sunday as hopefully the top of the peak.

Monday saw the start of the move downwards but with some hesitation - as you see it's a doji (looks like a cross) bar so although sellers came into play, buyers came back in to push price back up so that the opening price and the closing price were the same which creates the cross.

Tuesday's bar is a nice decent sized down bar (red) with price closing considerably lower than it opened (the blip on the left of the bar marks the opening price, the blip on the right marks the closing).

Today (Wednesday) has so far seen price go up and back down.  This promises further down move or possibly chop, where price just bobbles around for the rest of the day.

So have I made any move from spotting this move yet?  This is always the difficult part - it's not just about seeing where price is going to go but catching it at the right part of the move because price cycles all the time so in a down move it goes down then back up a bit (retraces), down again and back up a bit.  You don't want to start trading it short (down) if it's just about to go back up a bit.

I took a short trade on Monday and made 1% and then another this morning for another 1%.  I also have a longer time frame trade on which is currently doing well and I hope reaches its target 2% within the next day or two.

I'm watching carefully as it's a counter trend trade so price could bounce back at any time - I'm looking for it to make it down to the 20 Moving Average or just above anyway, so far so good....