Thread: Discuss the GBP/USD with a DailyFX Analyst

http://s15.radikal.ru/i188/1003/62/746a1670cafa.gif

Originally Posted by SA trader

Hi Steve

Price may drop lower 1.49`s, whats your take? think we are nearing the bottom

Hi all
I prefer to short, too scared for long
I wait it pullback (correction) to 1,5080 or 1,5230
and then short it if going down again
any suggestion ?
Regards,
Stev

i think еhe prices will go to close gap 1.52 are ,ye
we will see xD

Once again ... it comes down to resistance just above the 5th wave square-root Low of 1.0308 for this USD/CAD Pair ... which very well may be tested given the recent de-moralizing of the Bulls. Watch for the completion of twelve 8H Bars down from Thursday's (Feb 25th) High of 1.0682 before considering this extended Swing to the downside fulfilled.

250 Winners no Losses in 2 hours today. I was really in the zone on GBP/USD. I just used a standard (20,2) setting on the Bollinger Bands and my 14,3,3 setting on stochastic. At first I had 9 and 10 pip limits but I observed that I would be up 2 or 4 pips in profit and then my positions would go negative. So I changed to a 3 pips limit and a 40 pip stop and I just let her rip short as price penetrated the upper band. I kept stacking as price retested resistance again and again. This was a lot of fun as I was using a $2 million demo. It was actually 1 hour and 20 minutes

Originally Posted by leithtec

Once again ... it comes down to resistance just above the 5th wave square-root Low of 1.0308 for this USD/CAD Pair ... which very well may be tested given the recent de-moralizing of the Bulls. Watch for the completion of twelve 8H Bars down from Thursday's (Feb 25th) High of 1.0682 before considering this extended Swing to the downside fulfilled.

wrong topic

The trend is down, but probably not the safest place to short since it's so far away from tis major moving averages. Any short term "snap back" could be justifiable. In other words, it could have a short term "bear market rally" before a resumption of its larger downtrend. We'll see.

Kansas city Fed president Hoenig speaking now on CNBC and wants to raise interest rates in the US Fed. Looks like gbpusd is dropping because of his statements.

yeah, great update. I used to watch cnbc all the time but I find the commentators are too irritating

Originally Posted by Gregory McLeod

250 Winners no Losses in 2 hours today. I was really in the zone on GBP/USD. I just used a standard (20,2) setting on the Bollinger Bands and my 14,3,3 setting on stochastic. At first I had 9 and 10 pip limits but I observed that I would be up 2 or 4 pips in profit and then my positions would go negative. So I changed to a 3 pips limit and a 40 pip stop and I just let her rip short as price penetrated the upper band. I kept stacking as price retested resistance again and again. This was a lot of fun as I was using a $2 million demo. It was actually 1 hour and 20 minutes

omg 1m charts , crazy

Originally Posted by 4xis2ez

Kansas city Fed president Hoenig speaking now on CNBC and wants to raise interest rates in the US Fed. Looks like gbpusd is dropping because of his statements.

Thanks for the update. Good stuff.

Originally Posted by Stev

Hi all
I prefer to short, too scared for long
I wait it pullback (correction) to 1,5080 or 1,5230
and then short it if going down again
any suggestion ?
Regards,
Stev

Hi Stev

I am Clifton I understand your fears but you need not be afraid to place a buy on the GPB/USD at this time. The bears are tired and hybernating with there bellies full of beef after all that bull killing. Prices are set to rally back up to the 1.5200 area. however I would advise that profits be taken at 1.5140
Stops should be @ 1.4830. There is a clear gartley formation on the 1 hr and 2 hr charts but the most obvious indication that the bulls are ready to roam is on the 8 hr chart. The ABCD swing from 1.5815 to 1.4782 is complete as indicated by the low wick on the 8hr chart @ 1.4782. Pull up the 8hr chart and have a look put on the RSI and the DMI indicators and things will get clearer. Technically the New ABCD swing on the 8hr is as follows A = 1.5575 B= 1.4782 C ?? currently forming hence the bullish move. A .50 fib bounce will take it to 1.5180. The bears have woken up if prices dip below 1.4850. I hope you and other traders don't have open positions going short because much of your profit will be taken back. Bank your gains there will be ample time to sell again later.

Cheers

Possible bounce off of trend line and pivot point S2 support. Very oversold.

Your chart illustrates a tight wedge forming probably due to break later this week.

Some important areas to watch.