EURGBP and the impulse pullback: does it still work after costs?

[LondonScalper]

EURGBP can print a clean impulse then a tidy pullback — and still not pay you after costs.

I define impulse as a decisive displacement away from a level, not three overlapping M5 bars that merely lean. Pullback entry is a pause or micro-structure hold, not a deep retrace into the whole move. Targets are modest on a cross; that is precisely why the cost conversation matters more than on EURUSD.

Rule: if projected reward after typical spread is under roughly 1R net, I skip even when the pattern is textbook. I would rather miss EURGBP than collect scratches that feel like wins on the chart and losses in the account. London is preferred; overlap only if the impulse is unfinished and spreads behave.

I also avoid stacking EURGBP with a large EURUSD idea the same hour — correlated ego, not diversification.

• Is impulse–pullback still viable on EURGBP for you after costs?
• Do you wait for London only, or trade it in the overlap too?

Honest numbers welcome — screenshots of pretty pullbacks less so.

[PropScalpDesk]

Numbers on my side: on a raw account EURGBP has cost me about 0.5 to 0.8 pips spread at the London open plus roughly half a pip in commission per round trip, so call it 1.2 pips all-in. With a 5-pip stop, that's about a quarter of R gone before anything happens. Your 1R-net rule then needs a gross target of at least 6 pips on a pair whose whole-day range is often only 30 to 40.

That's why I only take it in the first hour of London and skip the overlap. Later in the day there usually isn't enough range left to reach the target, however clean the pullback looks.