Thread: Discuss the GBP/USD with a DailyFX Analyst

anybody experiencing problems with FXCM platform?
went long last night at 8670 and 8650...but now i cant get on platform for last hour now and its dropped like a stone lol wanted to add more longs.

cant access "MY FXCM"..or even live help chat..

Holding 8651 and 8668 longs

Added another at 8569

Have lowered stops to below 8500

Attachment 17977 Lower support is 1.8450

Originally Posted by JohnG_FX

Holding 8651 and 8668 longs

Added another at 8569

Have lowered stops to below 8500

Hi John

I know you study Elliot wave as well as Delta. What is your take on Jamie's count shown above be cmellon? According to that we could still have a long way to fall?

Ian

Thanks John for updating.

Originally Posted by ian2000

Hi John

I know you study Elliot wave as well as Delta. What is your take on Jamie's count shown above be cmellon? According to that we could still have a long way to fall?

Ian

Hi Ian

I have always liked Jamies counts. and yes I agree we could still go down even further.

As you know I tend to trade with a longer term outlook, I can wait for a confirmation of the delta low (using the 4 bar system that would currently give a "buy" signal on a break of 9110)
or start to build a position now, the trade sizes I am entering are half my normal as I have to allow for a 100-200 pip move against the position.

Believe me I am not particularly comfortable right now, but I'm going to stick with my trading plan for now

Swissy is obviously going for the 1.1000 level, there is a .382 fib just above there at 1.1028

hello

i see the daily RSI on GU is now the lowest in 10 yrs. does anyone have a clue why it is collapsing like this? i mean seems completely insane that a currency can keep dropping like this continuously for so many days

Originally Posted by JohnG_FX

Hi Ian

I have always liked Jamies counts. and yes I agree we could still go down even further.

As you know I tend to trade with a longer term outlook, I can wait for a confirmation of the delta low (using the 4 bar system that would currently give a "buy" signal on a break of 9110)
or start to build a position now, the trade sizes I am entering are half my normal as I have to allow for a 100-200 pip move against the position.

Believe me I am not particularly comfortable right now, but I'm going to stick with my trading plan for now

Swissy is obviously going for the 1.1000 level, there is a .382 fib just above there at 1.1028

A man with a plan. Thanks for the viewpoint. Will you just keep lowering your stops then and add on the way down?

holding 8670 and 8650 hedge activated at 8550 awaiting to see what develops no sign of basing yet

I know we're all going mental waiting for the turn, so I thought I'd post this to see if anyone has thought like this themselves. Sorry if it's been posted before.

I really need a good laugh at the moment.

Ian

Originally Posted by ian2000

I know we're all going mental waiting for the turn, so I thought I'd post this to see if anyone has thought like this themselves. Sorry if it's been posted before.

I really need a good laugh at the moment.

Ian

you must be the one I did the trading with or else where did you get it

LMAO - it's like someone has read my trading mind!!!

LOL Ian, I am laughing hard looking at your chart. Maybe we are in number 8 in your chart here, thinking it's already an absolute bottom?

Originally Posted by upadrasta

hello

i see the daily RSI on GU is now the lowest in 10 yrs. does anyone have a clue why it is collapsing like this? i mean seems completely insane that a currency can keep dropping like this continuously for so many days

It has dropped for 10 consecutive trading days, not including today. According to Jamie's analysis on this website, it is only the second time this has occured since the 1970s.

From a fundamental point of view, much of this move makes sense, given the deteriorating outlook of the UK's economy. However, the speed of this drop, together with the fact it has happened without any retracement, has taken everyone by surprise and, in my opinion, does not reflect that the US economy is still far from seeing any definite signs of recovery, quite the opposite, in fact.

The move has gathered more momentum and support as technical levels on the downside were taken out with ease, commodity prices have continued to drop and equity markets show tentative signs of stabilisation. The combination of these factors have really created a seemingly unstoppable move down and a massive shift in sentiment.

I am holding small long at 1.87 from yesterday, which I will add to with a same sized at 1.85. I am not comfortable entering into a full long position until there are some signs of bullishness on the charts.

I agree with Cmellon's view, that we are likely to see a further big move to the downside before any retracement should EURUSD go to 1.44 area. It is highly ulikely that we will see a big move to the downside in EURUSD and a significant bounce in GBPUSD at the same time.

Are you in any trades at the moment Upadrasta?

Ian, That is brilliant. Literally am laughing out loud here!!!

It's like my exact thought patterns to the market!!!