Thread: Discuss the GBP/USD with a DailyFX Analyst

Originally Posted by Howdyy

It appears the 4 low is in now which is due today. Now moving to the 5 high due about May 28. Long trade is now recommended to hold to the end of this week.

Edit: Forgot to mention, this is the 32 lunar month Delta solution that some follow. No inversions here.

Originally Posted by apipintime

Hey Patryk,

The EW count i'm following(red alternate on chart) is suggesting that we are in wave 4 at the moment. A quick pop-up to the 23.6% @ 1.5745 would provide a nice short opportunity to ride a potential wave 5 down. This would fit with the Delta low on Friday/Monday.

Originally Posted by Howdyy

Looking at the Dailyfx home page, it shows that the analyst are mostly bearish the USD. Hence I would say that there is more strength in USD ahead this week.

Hi guys,

Yes a pop is still a possibility, unless there was a truncation - I just saw James Stanley twitted SSI - 3.13 big jump today favours more downside.

Charts that we covered in today's edition of Bulls vs. Bears

Archived session
Bulls vs Bears - The spread Betting Morning Update May 29 - 2012 | DailyFX: Bulls vs Bears on Blip

opened buy 1.56640

tg area 1.56800

Originally Posted by root-minus

Attachment 129983


out at entry, will wait, possible cap here

Attachment 130011


cap held - prices dipped for cheaper buy, booked some towards downtrendline


secured the buy

I really want to be massively short on this, but at the right levels, I'm waiting for the move to around 1.5720/30/40 to get an optimum short entry whilst at the same time scalping the intra day/hour(!!) ranges. There have been several days in the last week when cable was looking to do this but each time it just cannot seem to convincingly break 5710 up or 5650/40 down.

Out of long at 5680 - reversed short & will average in further shorts up to 5710, dont think a break above that level is looking likely now today. Will try to really sweat this range while it lasts - much tighter stops however, what could possibly go wrong...

hi, am seeing 4hr bullish divergence

& 15m bull div, which seems to be happening now..

thinking if 1.5714 breaks we get a real big move up

opened sell 1.56820

Originally Posted by root-minus

opened sell 1.56820

Attachment 130030


scalping

Originally Posted by root-minus

Attachment 130030


scalping

Attachment 130031


booked most, secured

Originally Posted by root-minus

Attachment 130031


booked most, secured

closed 1.56560

Originally Posted by apipintime

Hey Patryk,

The EW count i'm following(red alternate on chart) is suggesting that we are in wave 4 at the moment. A quick pop-up to the 23.6% @ 1.5745 would provide a nice short opportunity to ride a potential wave 5 down. This would fit with the Delta low on Friday/Monday.

Jay

I think we had a truncation and a double top.

hourly delta - no.3 bottom is due tomorrow 9.30 gmt

Patryk

1.5612. Ouch. That must've cleared some stops lurking under 1.5640/30...

Thanks Patryk. I'm short from 1.5970 as a long term hold. Will likely add on the wave 2 pullback, whenever that occurs.

London session review and outlook May 29 - 2012
Review of markets covered in today's edition of Bulls vs. Bears: EUR/USD, GBP/USD, AUD/USD, FTSE100, S&P500, Gold, Brent Crude and WTI.




Regards

Alejandro Zambrano
Currency Strategist | DailyFX Forum (London)
azambrano@fxcm.com

Follow me on twitter: https://twitter.com/AlejandroDFX


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