EURGBP: Let’s Do It Again

EURGBP has been good to us. We got pips on last week’s downdraft. We got pips (62 for me) on last night’s downdraft. We got pips this morning on Michael Storm’s long call in the NY Session Trading Room. So we’re going to try it again.

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EURGBP retraced and just touched the 61.8% fib node of last night’s down move. We’ve got a nice one hour piercing bar and three touches of our new trendline. I propose to take a short position when it retraces back to this trendline. Your stop should be above the reversal around .8672 (be sure to allow for your spread.) Again, we will target the strong support around .8604.
May the pips be with you!

Tim Black
Secret Asian Man 😉

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