Thread: Discuss the GBP/USD with a DailyFX Analyst

Originally Posted by Richard Krivo

While a buy may present itself, in looking at the daily chart I would be waiting for price to break/close below 1.5731 for a short entry. Next level of daily support would be around 1. 5640.

Attachment 128846


dx at a double top - l dont often watch dx alongside cable for guidance, rather l watch EG for better guidance, this should help scalp buys regardless

Hey Fazi,
I found this gbpusd with Delta ITD on it and deciphered the 10 point solution. It is very different from the ones posted in this forum earlier.

Originally Posted by root-minus

l see what you see too, but if a find a valid scalp - l will take that too as well as your daily plan

my apologises, just noticed you are an instructor here, should have introduced myself too, Hello, pleased to be part of dailyfx and all traders here - daily plan intact as well as scalp buys, both vaild until resolve

closed buy scalp for now

awaiting further buys

Originally Posted by root-minus

closed buy scalp for now

awaiting further buys

Attachment 128851


capped - bearflags stacked south and downtrendline intact

Here is the current rotation for the 10 point ITD. The #3 high due about May 31.

Short entry: ~1,572 stop: ~ 1,577 limit: 1,566

Originally Posted by root-minus

awaiting spike for touch buy 1.57450

Attachment 128878




bought spike into 1.57450

Ok - hit my first downside target.

Covered shorts and now long at 1.5718 and will add if we get lower. could get a spike down before a reversal on the UK data out in 8 minutes.

Nice divergence on the 4hr

Originally Posted by JohnG_FX

Ok - hit my first downside target.

Covered shorts and now long at 1.5718 and will add if we get lower. could get a spike down before a reversal on the UK data out in 8 minutes.

Nice divergence on the 4hr

Hi John,

Same story here - covered my shorts - no longs yet - hourly delta - no.6 bottom in, no.7 later on - no.8 (ITP) bottom tomorrow 8.30 gmt suggests this may be ITD2 bottom.

4h chart attached - nice 2.14 (pi) extension -although we could get 2.618 tomorrow.

edit: - I`ll be watching 1.573 closely - this could be a good level for no.7 top - if more downside is in cards

edit2: geppy looks like w5 is still needed in order to complete this move down (latest swing down)

Patryk

GBP/USD May 23 - 2012


GBP/USD looks ready to correct part of this morning’s losses but with strong resistance in region of 1.5775 I think it will be very hard to push above 1.58. I therefore think traders will look to go short close to 1.5775 if we get a bounce and keep their stop losses above the 1.5825 high. I don't think we will trade above 1.58 but it’s always good not to the stop loss to close to the action.

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GBP/USD 60 min chart


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Attachment 128933


bullish flagpole



hoping flag will still drop to 1.57940 for lower risk buy

Originally Posted by root-minus

Attachment 128933
bullish flagpole

hoping flag will still drop to 1.57940 for lower risk buy

I would just go short on the bounce

Originally Posted by Alejandro Zambrano

I would just go short on the bounce

*typo, was meaning buy at 1.56940


sold cable at 1.57300 with add at 1.57330

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