Thread: Discuss the GBP/USD with a DailyFX Analyst

Possible Retracement zone

Originally Posted by Gavin_DTFX

Possible Retracement zone

Hi Gavin,

no.3 didn`t go above no.1 per my chart - doesn`t it violate Wolfe wave prinicples?

PPI comes in below forcasts - with surging comodities a margin sqeeze hits UK companies as they are obviously unable to pass price preassure to the end consumer - that doesn`t look good.

Patryk

Hi Patryk,

Not a wolfe wave expert - my trendline drawing is a little off though, but I used the principle to get in short on the turn

Originally Posted by AyoBro

Update...... GU is so disrespectful, but not to the descending channel, 'Stay In Line GU, I Told You'...... lol. 5982(50ma, daily) will be the real test, looking for a possible long entry.

Bingo!!! Long entry target has been acheived but no position yet. We are only 30 pips out, so looking for entry after I check channels and indies.

Update....... You better listen GU.

ITD5 due today but I am going to hang on to half of my short

Originally Posted by gaurdas06

Hi Gregory McLeod,

Can we expect a reverse from here ? I've one buy order @ 1.60365. To me it is in the oversold zone.


Your comments will be highly appreciable.

Thnx n rgds

AD

Hello gaurdas!

Cable May Retrace Before Deeper Correction- If the long wicked candle holds on the daily-chart, cable could get into the 1.6112-1.6300 before correcting lower to the 1.5661 to 1.5737 zone.

This is just my two pips worth. However, I am ready to short cable on a break below 1.5969 which was today's low.

Originally Posted by Gregory McLeod

Hello gaurdas!

Cable May Retrace Before Deeper Correction- If the long wicked candle holds on the daily-chart, cable could get into the 1.6112-1.6300 before correcting lower to the 1.5661 to 1.5737 zone.

This is just my two pips worth. However, I am ready to short cable on a break below 1.5969 which was today's low.

I totally agree.

We are looking at a bullish week, supported by the following:
1. Formation of a very bullish "Hammer" Candle on the Daily Chart.
2. On the daily chart, you can see that we have been trading in an upward channel since Jan 2011. It has already been broken, as shown in the chart, but we should see an upside movement reaching very close to the previous week's high (1.6340), forming a double top (ZigZag), which is usually how channels break.

Upward movement should end at around the 1.6300 area, which is a very strong resistance area. Looking at the weekly chart would show you how strong this area is. Several failed breaching attempts since October 2010.

My plan is to place a LONG trade at the daily Pivot (1.6050).
1st Target: 50% Fib. Ret. level (from week's high to low) at 1.6150
2nd Target: 61.8% Fib. Ret. level (from week's high to low) at 1.6200
3rd Target: 78.2% Fib. Ret. level (from week's high to low) at 1.6260

I am kind of a beginner to Forex, and I would really love to hear your comments about my analysis.

Originally Posted by obahlouli

I totally agree.

We are looking at a bullish week, supported by the following:
1. Formation of a very bullish "Hammer" Candle on the Daily Chart.
2. On the daily chart, you can see that we have been trading in an upward channel since Jan 2011. It has already been broken, as shown in the chart, but we should see an upside movement reaching very close to the previous week's high (1.6340), forming a double top (ZigZag), which is usually how channels break.

Upward movement should end at around the 1.6300 area, which is a very strong resistance area. Looking at the weekly chart would show you how strong this area is. Several failed breaching attempts since October 2010.

My plan is to place a LONG trade at the daily Pivot (1.6050).
1st Target: 50% Fib. Ret. level (from week's high to low) at 1.6150
2nd Target: 61.8% Fib. Ret. level (from week's high to low) at 1.6200
3rd Target: 78.2% Fib. Ret. level (from week's high to low) at 1.6260

I am kind of a beginner to Forex, and I would really love to hear your comments about my analysis.

Cable, like all currencies, never moves in a straight line. Pop up then drop or drop down then pop up is more or less expected.

I believe you are on the right track. Thanks for sharing your trading ideas!

Hi everyone,

I think late ITD5 bottom is in - ITD6 is due on wednsday, but since we`re most likely in a downtrend it may arrive as early as today.

edit: - I think we have a neckline retest of the 5-0 revrsal pattern - minimum measured target is 1.59

Patryk

hi good day

we are on clear downtrendon 4 hours , only above 6250 on daily close might turn neutral,
have you see the weekly candle how strong was the rejection of 1.6300

ok - here we go - the FED started POMO pumpin` scheduelled for today - after it has been consumed - massive dumpin`??

Patryk

Originally Posted by Gregory McLeod

Cable, like all currencies, never moves in a straight line. Pop up then drop or drop down then pop up is more or less expected.

I believe you are on the right track. Thanks for sharing your trading ideas!

Just to share what I see
I was long today at neckline break,
added long on some pullback

Originally Posted by piri

Just to share what I see
I was long today at neckline break,
added long on some pullback

Alright, covered all long @1.6188 (+100 pips from neckline break) after touching 1.6198 and pullback

with RSI overbought , it may not break higher in coming hours at least before a decent pullback
may look to reenter long.

Originally Posted by fazi

Hi everyone,

I think late ITD5 bottom is in - ITD6 is due on wednsday, but since we`re most likely in a downtrend it may arrive as early as today.

edit: - I think we have a neckline retest of the 5-0 revrsal pattern - minimum measured target is 1.59

Patryk

That's what i am thinking also. There is alot riding on the statement from the Fed tomorrow - On a scale of 1 to 10 Bernanke has been dovish at a level of 10+. If he scales it back just a little with some subtle statement changes it would probably strengthen the dollar.

US Fed Rate (FOMC) Meeting 3/14 Along with Four other High Level Econ Announcements