Thread: Discuss the GBP/USD with a DailyFX Analyst

Originally Posted by JohnG_FX

Hi Stryker

Agreed - also looking for a small bounce today on cable and then down again. I'm expecting a low on Monday/Tuesday and then a bounce that should last about a week.

GBPAUD has been the saving grace for me this week. just closed scalp longs from yesterday and gone short again @ 1.6051 with stop at 1.6180 could get a bit higher and will add.

Brother JohnG_FX... always good to hear from you.. First attempt on GBPAUD and it took me good 30 secs to find out where this pair is on my charts instruments..
Happened to go st to the weekly and I have my jaws dropping to the floor.. I suddenly felt thirst for a CUP of coffee or tea..
I'm sure you got the msg................. This ... well .. most likely gonna go nuts on AUD here.. What to imply is that GBP up and AUD lower on the coming sessions perhaps weeks ahead.........
Now I'm not good in handling the CUP of coffee or tea, but lemme know what you think on this tgt......... the tgts are generally the blue lines...
Dang this pair looks awesome on charts... just did the 8 hrs and I dunno who to curse out....
Anyways, I'm sure you will enjoy this... as this was meant only for you.............
GL..

Originally Posted by stryker

Brother JohnG_FX... always good to hear from you.. First attempt on GBPAUD and it took me good 30 secs to find out where this pair is on my charts instruments..
Happened to go st to the weekly and I have my jaws dropping to the floor.. I suddenly felt thirst for a CUP of coffee or tea..
I'm sure you got the msg................. This ... well .. most likely gonna go nuts on AUD here.. What to imply is that GBP up and AUD lower on the coming sessions perhaps weeks ahead.........
Now I'm not good in handling the CUP of coffee or tea, but lemme know what you think on this tgt......... the tgts are generally the blue lines...
Dang this pair looks awesome on charts... just did the 8 hrs and I dunno who to curse out....
Anyways, I'm sure you will enjoy this... as this was meant only for you.............
GL..

Good to see you still posting regularly

Yes that's what I'm looking at. I want another correction lower before going long again but then it should be a very nice longer term hold.

Edit : Posted the original setup back in January on the EW thread : http://forexforums.dailyfx.com/ellio...ml#post1032956 (Elliott Wave Trading Discussion)

Price dropped considerably to the 32 LM #2 low due May 16. There may be a little retracement to the 3 high due May 20, then more drop to the 4 low due about May 24.

GBP/USD May 18 - 2012


GBP/USD is right now trading against its downtrend which is fully normal. I expect price to stall out close the region of 1.5860-1.5900 - this will be a good opportunity to short as we will be in a short term overbought condition. This means that the risk will be lower compared than the potential gain.
After a reversal takes place I expect price to reach 1.5750 and possibly 1.5700. In case the price trades above 1.5950 then I will not consider this as a normal correction rather the end of the downtrend. If this happens I would not be short as the trend will not be bearish.


If you can any questions about this scenario or anything else trading related feel free to write to me here on the forum.

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GBP/USD 60 min chart


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I would not like to get caught with a long trade. The road to the bottom is 400 pips........
With two retracements on the way, there is still over 1000 pips to be made getting there........

Hello Traders,

The US economic announcement cabinet is empty as all eyes will be on the Facebook IPO and the G8 Meeting in Camp David 63 miles from Washington D.C.

This G8 meeting will last 3 days and end Sunday. The statement following will be heavily watched as some type of collective intervention or other announcement could be in store!

Happy Trading!
Greg McLeod
DailyFX Forum Moderator

SSI Details:
[GBPUSD - The ratio of long to short positions in the GBPUSD stands at 2.83 as nearly 74% of traders are long. Yesterday, the ratio was at 4.24 as 81% of open positions were long. In detail, long positions are 15.1% lower than yesterday and 10.8% stronger since last week. Short positions are 27.5% higher than yesterday and 32.9% weaker since last week. Open interest is 7.0% weaker than yesterday and 4.7% above its monthly average. The SSI is a contrarian indicator and signals more GBPUSD losses.

Charts from today's edition of the webinar Bulls vs. Bears @ The Trading Room 10:30 GMT (11:30 UK time or 06:30 EST Mon - Fri)

Recorded version
Bulls vs bears spread betting market update May 18 2012on DailyFX Live Trading Room - live streaming video powered by Livestream

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Happy Trading!

It is looking promising to be short the GBP/USD today

Originally Posted by Alejandro Zambrano

It is looking promising to be short the GBP/USD today

I agree with you, but we may have more to go with this counter trend rally. What you hold short over G8 weekend?

Various time frame charts and a move under 5788 was surprising... however price has formed a possible inv HNS on the 2 hr chart and would be interesting to see a 5844-46 break now.. 5770 is supp on dips.. A move under 5770 dents the view on GU for a higher move..

GL...

Looking for a bounce to around 1.5940. Then the weekly chart shows my long term outlook for Cable......

Originally Posted by Ikee

Looking for a bounce to around 1.5940. Then the weekly chart shows my long term outlook for Cable......

4h take.........

The #2 low was two days late. The #3 high is due now, May 20, and the #4 low is due about May 24. Look for more downside to come this week.

Originally Posted by Howdyy

The #2 low was two days late. The #3 high is due now, May 20, and the #4 low is due about May 24. Look for more downside to come this week.

Hold that 2 days late thought. Settle down have a coffee, have a snooze, another coffee. This retrace could take 2 days.