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GBP/USD

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Re: GBPUSD

buy on dip
the chart is the same like a last above
gl&gt
 
Re: GBPUSD


exactly 1.7663
 
Re: GBPUSD

H4 graph
Level 1.6240 ("H" trend line) has unleashed its force again making the pair go for a correction. But current trend is still a downtrend with the lowering target set to level 1.5900 (due to the fact that the pair is being traded below the lower bound of “B-B+” daily uptrend). The pair is supposed to find a resistance at level 1.6580 (crossing of “B” and “K” trend lines), but also it may start going down before getting to this level. Unlike the rest of main pairs, GBP has lesser down-trending impulse against dollar owing to the picture over EUR/GBP, where we can see a rapid dropping of that pair.
In order to reinforce the pair’s down-trending attitude, it needs to get under support 1.6240 (“H” trend line), and then under level 1.6100 (crossing of “Z” and “P” trend lines). After that the pair will get to 1.5900 (the lower bound of “C-C+” weekly uptrend).

 
Looks like on the daily chart the GBP/USD pair is about to break an uptrend line. Potential short entry with a buy stop back above the old 1.66 high.

Chart shown has the currency etf FXB which looks to replicate the GBP/USD pair but using an exchange traded fund instead.

Cheers

Derek
 

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Thx to a fellow asf post caught the bearish shooting star on the weekly chart. Nice short that started and continued to run down through the night.

Cheers for the heads up
 
No probs, hope you did well.

I'm still in.
 

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jumped a bit but seems to have settled back down. Still short with a stop above the old high on last weeks candle
 
Decent retracement due? Looks like 5 waves up completed, hitting some resistance on the weekly chart, stochs overbought
 

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Hi shawnkris

Yes probably in the 5th wave position - not sure if its got more to go.

How do you plan to trade this?

The H4 chart shows some bullish potential if the CS breaks through the plot for a move higher to the thin Kumo area (grey box) - circa 6700 perhaps. TS has already given a Golden Cross, and 6500 has been supportive.

arco
 

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Hey arco

I'm currently demo-ing on shorter timframes so wouldn't be trading this but, If your bullish scenario proves to be correct, that might lead the way to for an a-b-c correction, the best short would be at the top of wave B around 6700, near the resistance, giving the best R:R. Wouldn't be surprised if price stalled around .650-.600, as it did june-august. Just a guess from an EW and Forex novice

cheers,

shaun
 

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I'm loving all the different looks to the same problem so to speak. Thats so key for traders, have a strategy and trade it!

For me- still short with a buy stop at a little above the top of the weekly gravestone doji. Looks like a shooting star on some charting programs(not sure why the discrepancy)

If this keeps running down may move my buy stop to break even (sold around 1.67) instead of the high of the candle of about 1.70
 
I've moved my stop to 1.6585 to guarantee minimum 100 pips profit.

Also have a target of 1.6000 as there should be very solid support at 1.5980 but as with all my targets, they are not set in stone and i will assess if it gets down around that area.

The daily chart shows the first attempt to break the top of the Kumo failed and hopefully when another attempt is made it will be in the area of little thickness and less resistance.

Resistance above should be limited as the 50SMA is sitting on top of the current candle as many different pairs have respected this MA as both support and resistance recently, hope it continues as well as the TS but i don't see this as much of resistance.

Downside support could come from the rising trend line as well as the lower Kumo and of course the 100SMA marked with an arrow.

Time to sit back and let this run and see how we go.
 

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I'm out for just a 100 pip profit. Inflation news last night has seen a lot more interest in GBP overnight .
Good luck to those still in.
 
im short, up about 40+ pips, went short on the 4h resistance, plus i thought the equity markets were due an off night tonight.

stop at break even now, lets see how far it goes.
 
Stormin_Norman said:
im short, up about 40+ pips, went short on the 4h resistance, plus i thought the equity markets were due an off night tonight.

stop at break even now, lets see how far it goes.
Click to expand...

well done Norm/boyz ---- i'm actually waiting for the sweeping bottom turn off 1.64360 then jumping on the re-entry around 1.65200 and ride the dumper onto the sandbank from there ------ dont really see the long board nosediving just yet but the water is getting shallower ---- if i miss this set i'll just have to catch the next one
 
Ascending triangle on the 4hr for the cable...anyone still short?
 

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Still short based upon the weekly. If price breaks down below the pattern- 1.6200 target?

On the weekly chart at least 2 prior shooting star/gravestone doji patterns. On the third tried the short trade and still in.
 
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