Thread: Discuss the GBP/USD with a DailyFX Analyst

Originally Posted by Panda Eyes

hi patryk,
may i ask if long u target for wht lvl & yr chart high is when?

million tks..love pe

PE - I`m targetting 1.55-58 area - possibly higher (unlikely). There could be even smaller bounce and a bottom I`m looking for in 2-3 weeks time. The plan is : long tomorrow and headging (lucky me) not to distant (3-4 days) tops. Next days of interest are march the 9th and march the 19th. I will react accordingly to priceaction - that is all I can tell now.

Patryk

went long at 1.52; target 1.53-54 initially or 1.55-1.56 if we push through resistance..

either we are in a wave 5 or a wave three.. if we are in a wave 5 then we should be on the way up to 1.55-1.56 are soon.. if we are in a wave 3 then we should go up to between 1.53-1.54 area soon before another down.

we are now at approximately 100% projection of wave 1 of 5 from 1.5575..

if we do go down from 1.53-1.54 area,
next levels i see are as follows:
1.236% = 1.5110
1.382% = 1.5050
1.5% = 1.5010
1.618% = 1.4960

just my thoughts..

good luck all..

Originally Posted by ponzmedulla

went long at 1.52; target 1.53-54 initially or 1.55-1.56 if we push through resistance..

either we are in a wave 5 or a wave three.. if we are in a wave 5 then we should be on the way up to 1.55-1.56 are soon.. if we are in a wave 3 then we should go up to between 1.53-1.54 area soon before another down.

we are now at approximately 100% projection of wave 1 of 5 from 1.5575..

if we do go down from 1.53-1.54 area,
next levels i see are as follows:
1.236% = 1.5110
1.382% = 1.5050
1.5% = 1.5010
1.618% = 1.4960

just my thoughts..

good luck all..

good thinking matrix - I like that - I`m not in the train yet - my first long was missed by a spread size

Originally Posted by ponzmedulla

went long at 1.52; target 1.53-54 initially or 1.55-1.56 if we push through resistance..

either we are in a wave 5 or a wave three.. if we are in a wave 5 then we should be on the way up to 1.55-1.56 are soon.. if we are in a wave 3 then we should go up to between 1.53-1.54 area soon before another down.

we are now at approximately 100% projection of wave 1 of 5 from 1.5575..

if we do go down from 1.53-1.54 area,
next levels i see are as follows:
1.236% = 1.5110
1.382% = 1.5050
1.5% = 1.5010
1.618% = 1.4960

just my thoughts..

good luck all..

Hmmm, you could be right there. £ looking thoroughly oversold, for today at least.

Looking at 1.5380s area to go short again myself.

thanks patryk, ur long might still get activated though.. seems we might still have another push down on 15min time frame before a reasonable correction to 1.53 area.. no guarantees though.. stops in place for safekeeping..

and meonia, yes will hedge my long if we dont get through 1.54..

well, im calling it a day.. its already 2am where i am..
gnyt all..

Hi all, hi Meonia
ye ~ 1.54 can be the truth, the truth I thought that the price will reach to 1.512 at first
http://s004.radikal.ru/i206/1002/7e/14e35eb02484.gif

Originally Posted by renkoMan

Hi all, hi Meonia
ye ~ 1.54 can be the truth, the truth I thought that the price will reach to 1.512 at first
http://s004.radikal.ru/i206/1002/7e/14e35eb02484.gif

Looks like the EURGBP is reaching my expected high for today. Might be a good place for a short back to 0.8850s at least.

Originally Posted by meonia

Yeah Mary, I think after Tuesday's remarks, the market has basically taken it as read that a further £40 bln of QE will be required.

Hey Meonia, just wanted to say thanks on sharing the Goodman swing link. Very helpful. I still have some more reading to do. Quick question, do you find a breakthrough and close beyond a .50 retrace often leads to .618????

Originally Posted by KP FX Trader

Hey Meonia, just wanted to say thanks on sharing the Goodman swing link. Very helpful. I still have some more reading to do. Quick question, do you find a breakthrough and close beyond a .50 retrace often leads to .618????

Not always. Very often you will get a reversal somwhere in between. Sometimes exactly in between. The main thing is to have a suitable strategy and stoploss, just in case there is a continuation.

Hope that helps KP.

Thanks meonia, yes that helps. The Goodman Swing method really helped cement some things in my head, as to why fibs and Trend lines do what they do. Still working on tweeking entry orders, sl orders and reverse orders.

by the way I was looking particularly at the retrace of the 1/23/09 low to 8/5/09 hi. We pierced .50. Looks like we will close below as well, not quite in the middle yet, may have 200 pips futher to drop.

anybody taking the daily RSI break below 30 as a strong signal for continuation down? the positive RSI divergence on the daily kind of leaves me neutral.

Been watching that divergence for a week or so now, I suppose its not a matter of if, just when.

Tomorrow's British pound GDP report and US GDP report will likely determine if the gbp/usd will continue its trend next week. Hard to do anything more today

Im expecting a crawling retrace up near 5336 btwn now and the reports.

yes it appears that gbp and euro are crawling back from the lows. 153.50 would be a good short

Hey Alex! I know you are out there check your PM's had a quick question on a Pivot Point System for you.