Thread: Discuss the GBP/USD with a DailyFX Analyst

To Trade or not to Trade; that is the question!

For today is Month & Quarter End

Price action could well be abnormally volatile; particularly around London & NY Fix.

Trade with care!

Originally Posted by STORMTROOPER

To Trade or not to Trade; that is the question!

For today is Month & Quarter End

Price action could well be abnormally volatile; particularly around London & NY Fix.

Trade with care!

Ok.......I'll posting Pivots in a while........this move caught me by surprise really...

Here we go...

Originally Posted by root-minus

watching for sell 1.56664 - 1.56686

Attachment 136150



scalping

Originally Posted by root-minus

Attachment 136150



scalping

Attachment 136156



secured


booked most out

Originally Posted by root-minus

Attachment 136156



secured


booked most out

How do you find a top like that? I'm still always a little too early.

Originally Posted by ragould

How do you find a top like that? I'm still always a little too early.

look for imbalances ( in this case, strong bear momentum) , investigate the drop zones

Attachment 136160


if cable gets to around 1.55800, booking out there

Originally Posted by root-minus

look for imbalances ( in this case, strong bear momentum) , investigate the drop zones

Attachment 136160


if cable gets to around 1.55800, booking out there

Many thanks.

GBP/USD June 29 - 2012


GBP/USD is trapped in a range and we are now trading in the upper end of this range, it’s therefore likely that we will trade a bit lower and reach 1.5550. After correcting part of its overnight gains we need to be ready for a bounce back to 1.5650 as long as we trade above 1.5485.

We need however to be opened minded as its not sure if traders will continue to sell the USD vs. GBP on the news that EU Leaders dropped a requirement that their governments get preferred-creditor status on crisis loans to Spain’s banks, relaxed conditions for possible aid to Italy and unveiled a $149 billion growth plan for the region’s economy. I would give the markets 24-48 hours to make up its mind about the short term trend.

A slightly long term trader will use today to sell with a stop at 1.5710 aiming for 1.5485 – as the trend is still bearish if we use a 4 hr time frame.


If you have 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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Originally Posted by root-minus

look for imbalances ( in this case, strong bear momentum) , investigate the drop zones

Attachment 136160








if cable gets to around 1.55800, booking out there

achieved tg

Short Geppy @

123,71

Will add more positions

Originally Posted by Breeze

Short Geppy @

123,71

Will add more positions

Closed @ 123,97....small loss...miscalculations

GBP/USD long @ 1.5517 with a fixed trailing stop limit @ 1.5647. Using 10D high and DPP & W PP. Target from Fib based on 10D High and low. Good for 130 pips

Slim

Chart from today's Bulls vs. Bears webinar

Main presentation and QA Session
Bulls vs bears spread betting market update June 29 2012on DailyFX Live Trading Room - live streaming video powered by Livestream

SSI Details:

GBPUSD - The ratio of long to short positions in the GBPUSD stands at 1.23 as nearly 55% of traders are long. Yesterday, the ratio was at 1.65 as 62% of open positions were long. In detail, long positions are 13.9% lower than yesterday and 5.8% weaker since last week. Short positions are 15.2% higher than yesterday and 22.7% stronger since last week. Open interest is 2.9% weaker than yesterday and 10.4% below its monthly average. The SSI is a contrarian indicator and signals more GBPUSD losses.