Thread: Discuss the GBP/USD with a DailyFX Analyst

Originally Posted by Ikee

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

I agree. I am looking for Tuesday for when price may roll over and head down. I'm actually long right now.

GBP/USD May 21 - 2012


With decent amount of support at 1.58 we like long positions aiming towards 1.59 as long as we trade above 1.5780. We also need to take into consideration that when we start reaching 1.59 long term traders will see their opportunity to go short with stop losses at 1.5950. I therefore see value being long GBP/USD for a few hours but when we start to reach 1.5870 and higher we need to be ready for a reversal which will take us back to 1.58.


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GBP/USD 60 min chart


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I am sticking to the very short term trading today - I will probably buy on a correction down to 1.58 or the bounce of the breakout above 1.5840 i.e. price breaks out above 1.5840 and then when price corrects I buy.

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price view in range near intraday highs



Attachment 128456

cable price view, range near intraday highs


Attachment 128458

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.

Hi Howdyy,

I`ve got a feeling ITD3 top is in - this looks like a failed inv. H&S - FB crashes in premarket trading (below 38$) - things could be ugly today.

Patryk

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Bulls vs bears spread betting market update May 21 2012on DailyFX Live Trading Room - live streaming video powered by Livestream

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QA Bulls vs bears spread betting market update May 21 2012on DailyFX Live Trading Room - live streaming video powered by Livestream

Hello Traders,

I hope your trading is going well! The G8 meeting has given GBP/USD a lift, but it may only be temporary. Retail traders are looking to find a bottom and they may be early. The market may make them pay.

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 2.18 as 69% of open positions were long. In detail, long positions are 6.9% higher than yesterday and 178.9% stronger since last week. Short positions are 17.5% lower than yesterday and 41.9% weaker since last week. Open interest is 0.8% weaker than yesterday and 1.0% below its monthly average. The SSI is a contrarian indicator and signals more GBPUSD losses.

High Priority Economic Announcements for Week Beginning 5/21

Hello Traders! Mark your calenders of these high priority announcements as the "risk on" currency pairs are highly correlated and the tide of economic data surprises could raise all "boats"

placed a sell limit at 1.58389


allowing 10 - 15 manual stop loss


target 1.58130

Originally Posted by root-minus

placed a sell limit at 1.58389


allowing 10 - 15 manual stop loss


target 1.58130

Attachment 128592



limit not filled, opened a sell scalp below limit as price action developed momentum south

Originally Posted by root-minus

Attachment 128592



limit not filled, opened a sell scalp below limit as price action developed momentum south

Attachment 128608




another bearflag develops

Originally Posted by root-minus

Attachment 128608




another bearflag develops

Attachment 128609



adjusted tg to manual after price action developed bearflag for drop, closed out most here


leaving minor open, goodnight cable

GU on 30 mins showing an ascending triangle and hence a break higher would result in some happy pip hunting upto around 5900 min with higher possibility of a 5940 getting printed..
Combining 30 mins and 2 hrs we have supp 5790-95 must holding out else the up side scenario would be dented...

GL...