Thread: Discuss the GBP/USD with a DailyFX Analyst

Originally Posted by ian2000

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

There was pullback double bottom in Oct 06 at 8517/24 which might give some support.

8500 will give a 200 pip move on the day. If it breaks below there today I will be very uncomfortable, I'll review it when/if we get there.

Gold falling fast this morning, have to see what happens when the US opens

All hell break loose again. Seems we are heading 8375.

does anyone else think that this usd rally should of ended by now?

yeah...maybe a major bounce later today?...leaving a reversal candle...

still platform down .....placed another long at 8560 also hedged at 8560 finally with trading desk.

should be a fun afternoon

As John pointed out there is some resistance where we are now. It fits in with an old LTD point and Jamie's Elliot wave count. There is no guarantee though. I've just added a small position.

their is still no sign of basing yet hedge and wait for a solid revasal signal

looking at the daily chart I see head and shoulder top formation formed from July 07 to March 08.We broke the neckline on the 12th August. This pattern gives us a minimum target of 1.72 which ties in nicely with the lows in March 06. Over the next few trading days we may get a bounce back to the neckline currently 1.8918. A test and failure to break back above this level for a few days would make the possibility of seeing 1.72 much more likely. I will be looking to go long for the possible bounce and will rely on the studies to decide when but I will operate with tight stops. Any profit trades will run with ascending take profit level.

Will post again when I enter. Cheers all

Calling for the mighty power of Delta ITD point, I command the market to REVERSE starting Monday!

hi cmellon - i;m curious - do you ever sleep?

Originally Posted by roadie

hi cmellon - i;m curious - do you ever sleep?

LOL... of course I sleep... and sleep a lot too
I spent more time analyzing and less trading.... I find out the less frequent I trade and the more I analyze, the better the result.

Originally Posted by cmellon

Calling for the mighty power of Delta ITD point, I command the market to REVERSE starting Monday!

Cmellon. By the power of Delta, I command you to command the reverse from this afternoon, as I want a nice restful weekend!!

Excellent question. The man must hold the world record for staying awake
Hee Hee

Ian2000

Thanks for the laugh...

I have replaced all the other reference charts that I have on the wall next to my desk, with just this one. (LOL)

lol im with you on that...still got a problem with my platform and they cant fix it..so trading desk it is..

anyone think the double touch of 8509 is base for today?,
i believe so (stupidly lol)..and adding another long

I'm in long at 1.8531, will this bounce come........ SL at 1.8490 as it if hits this there will be alot of stops being wiped out and down we go another 50 pips.
1.8520 was some good support May 06 to June 06, also the EURUSD is toying with 1.47 mark which I hope will hold today. As John said also we have a fib mark at 1.1135 in USDCHF so should see some stalling there for the USD.

Well while I've been waiting for my laptop to stop freezing we've popped up a bit.

TP is 1.8720, 61.8% fib.

Daily chart attached.

GL all