GBPUSD Discussion Only

[FXGenius]

Originally Posted by wowcrazy

Man, I was shorting the GBPUSD, but got stopped out @ 1.9070 (a few pips above last Friday's high) before this pair reversed.

Hi,

Please remember that all prices ending 00, 30, 50/55 & 70 are important support/resistance for GBPUSD, similarly 00, 20, 40, (sometimes 60)80 & 88 are important S/R for EURUSD, when one is taken out, the next is the target.

Therefore in an upmove, place your stops 5-7 pips below nearest level for the cable and 3-5 pips for EURUSD and vice versa for the downmove.

[FXGenius]

Its a good practice to plot key fib levels, historical S/R horizontal lines and trendlines/channels on your chart and save that chart template in metatrader, so you do not need to do that repeatedly, just apply the template to that pair.

[FXGenius]

Originally Posted by astro

Yep, the bulls are here alright!


Lot's of indications supporting the bullish move:
1. Price broke yesterday's high during asian session.
2. Price broke last week's high.
3. Price found support @ 8900.

Once it broke the asian session high it was the signal for me to go long. All resistances are now broken!

Cable is now seeing 9000 as a resistance and I still have part of my position running. I have a feeling the bullish run is not over yet. Stop @ 8970.

Astro

Astro you have used classic common sense in your chart.

[astro]

Hi everyone.

Thanks FXGenius. Sometimes the classic common sense works best, indeed.

Starting this week, I will try a different approach to trading. Instead of intraday trading I will backtest and experiment swing trading.
I've been playing with this idea in my mind for a few weeks now, and will try trading that way. It's not gonna be easy but I hope it will be profitable.

Let's see what this week will bring.

astro

[bukumirac]

Hi!

My view for GBP til end of the week.

Bule

[astro]

Hi buku,
Generally, I'm with you on the move down.
Yesterday's doji between the 50% and 62% fib levels of last week's move down was a possible signal for short. During the night, price already broke the low of that doji which triggered a short.
As it turns out, price is halting at the moment at 38% fib from this week's move up. I already covered a part of my position.
I usually don't like to trade when price is in the middle of a range which is where it is right now, in the middle of that range started in August.

Two scenarios (illustrated in the attached chart):
1. Short: the strong short move (from last week) will continue until at least the bottom of the range (~ 8630).
2. Long: price will turn around again and continue the move up started this week until the top of the range (~9090).

At the moment I'm short, partially covered the position and rest of position at BE.

Since we have NFP on Firday, I expect tomorrow's price action to be quiet (as it usually is, a day before NFP).

Let's see if NFP will FINALLY break this range.

Astro

[bukumirac]

[quote=astro]Hi buku,
Generally, I'm with you on the move down.


Yo, Astro,
On my chart You can count 5 school waves in up move.I disagree with You about tomorow trading, BOE on EUR will produce move B corr. and NFP on friday C down.( I HOPE!!)

Happy trading to all of You
Bule

[kramnave]

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