Euro and GBP
Is there a correlation between the Euro and Pound? When Euro is long - will the pound also go long ?
Thanks and take care.
Sometimes, that is like you say. And sometimes, it is not.
Look at EURGBP. Obviously, when this happens and when we have not news, market is more dangerous.
10:02, buy at 1.1937 close 1.1935 -2
10:02, buy at 1.7518 close 1.7484 -34
09:36, sell at 1.3119 close 1.3115 +3
I quit all positions because of unlogical eur/usd and gbp/usd, because eur is on buy and gbp on sell.
On gbp so big loss because of my bad discipline, i hurry my self up and opened position before signal. And at the end signal does not show.
Have a nice day !!!
With NorthFinance, your buy on EURUSD was at 1.1933.
No signal to go long on cable.
Your sell on USDCHF was at 1.3120.
Passass, please, FOCUS, PATIENCE AND DISCIPLINE!!!!!!!!!!!!!!
Obviously, when EURUSD and GBPUSD don't go together, we feel less confident, but things are like they are and we should trade them.
From entry, USDCHF has given + 25 pips. And that cable short level 2, + 26 pips.
Eurusd long is the weackest of all, only + 15 pips.
To be honest, I only sold USDCHF and Cable. Closed USCHF at 1.3100 and closed half on cable at 1.7485. The other half is still on with stop at b/e -1 and target at 1.7469. If I see a rush up, I close it right away.
20/80 cable levels
you have to look for the xx20 and xx80 levels in cable. A very good and experienced trader told me that the cable is stopping (and reversing) pretty often at these levels. Obviously cable did it today at 1.7481. Mostly the reversals are good for 15-20 pips. Take a look at yesterdays low. It was xx17. 20 and 80 are not always hit at the point but have these areas in mind.
Still crossing my fingers for my euro long...
I agree nina that sometimes there is and sometimes there's not a correltion. But my experience and opinion is that, often there is correlation and rarely gbp and eur goes to different directions. You can se how correlation works in history take both charts in horizontal screen in the same TF. I always to take a note about that before opening position.
What you think about eur/usd and usd/chf is there correlation ? Is this correlation between those pairs weeker ?
Take care !
Today's highly anticipated press conference by the European Central Bank will be the highlight of the trading day as markets will want to glean for signs on whether Bank Chief JC Trichet will adopt an especially hawkish tone to signal a subsequent tightening term following today's highly expected 25-bp rate hike to 2.50%. So far, Trichet has scored high marks in his ability to telegraph market expectations when the Bank intends to tighten and communicating a wait-and-see stance when the Bank wishes to hold temporarily. We expect Trichet to give a balanced speech that will be sufficiently hawkish to open the door for an April rate hike but does not guarantee it. The ECB will want to leave itself some wiggle room before examining the incoming data releases. Only if Trichet removes the term "vigilant" from the opening statement will markets sell the euro in the expectations that the Bank has removed its anti-inflation alert and dismiss the need for further rate hikes. We expect the refinancing rate to reach 3.00% by end of Q3.
Correlation between EURUSD and USDCHF is almost perfect. Correlation between GBPUSD and USDCHF is not. Correlation between EURUSD and GBPUSD is not as perfect as EURUSD and USDCHF.
But it is right that when EURUSD and GBPUSD don't go the same way, as I said before, we feel less confident and market is more dangerous.
Good site to see correlations between pairs:
Stop now on cable at 1.7495. Made a low at 1.7472.
Initial target is 1.7469.