Thread: Discuss the GBP/USD with a DailyFX Analyst

Because:

1. Many managers were on vacation.
2. Volumes were thin.
3. EUR/USD and GBP/USD were down too "far" and too "fast", leaving many without on board.

Don't know the patterns of the move. The following chart shows one possibility.

putting an order in to buy cable 1.8600 t/p 1.89 s/l 1.8490

To Cmellon, JohnG FX and all you regular contributors, Thanks from the bottom of my heart for the info you have posted here. I have been caught with my pants down in this pair and though I managed to take a short position earlier on, I'm still in losing mode. Rebounding back to at least 1.9000 will make it easier to sleep. Thanks again for your indepth study and willingness to share your info. Thanks

rumour had it we were 'due' a retracment today - so far it doesn't look that way,

Originally Posted by roadie

rumour had it we were 'due' a retracment today - so far it doesn't look that way,

If the idea of retracement is 200 - 400 pips movement up for a quick profit and cash, then we may not have any retracement as you say.

But if the idea of retracement is higher low and higher high each day, with the lowest point last Friday not broken lower, then yeah, we are going to have retracement.

Welcoming anyone to short this pair to speed up the short covering rally

Nothing to get too excited about today so far. Still looking to enter long around 1.8600 but dont think market has enough pace today. Will just have to be patient I think.

Time for a few zzzzzz

Cheers all

Originally Posted by teckybloke

Nothing to get too excited about today so far. Still looking to enter long around 1.8600 but dont think market has enough pace today. Will just have to be patient I think.

Time for a few zzzzzz

Cheers all

hi yeah i know..i still got my shorts from first thing..looking to dump them and go long but price,as you say has lost its mojo
im still hpefull of 1.8600...fingers crossed

"trade with rules,rule your trades!"...

Watch for range trading today.. Watching for Break of .8650... 3 lower levels for Take Profit Targets..
.8624 / .8598 / .8571.

There is really only 1 to 2 Levels. for Longs right now.
.8692 / .8721

Good trading.

While GBPUSD hasn't been too active this morning, I still think we are setting up for something more substantial in the near future.

After such a steady decline from the pair over the past month, it was inevitable that we have some congestion for shorts to take profit and long- and medium-term traders reassess their positions.

It would be very dangerous to fight the clear bull trend on the higher time frames, but a short-term pop looks like a considerable probability given the consistency of price action recently.

I'm planning to buy @1,8625/00 for 1,8800 and 1,9000.

Stop below 1,8570 and reverse for 1,8000.

What do you think about ?

John,
I don't know if the bull trend is going to continue.. This drop may be what breaks it for the £. The bulls have a long road to hoe to get price action back up to 1.9336.. Then we have 2.01xx and 2.03xx to get through .. 1.93xx could be a hefty resistance point to make..


Just my 2¢..

Originally Posted by FX Newb

hi all..
just back from one to many lol ..
looks like 1.8660 aprox has held...have gone short 100k @1.8654 SL 1.8715
1st take profit 1.8575
2nd take profit to be decided..

off to sleep off the beer..

"trade with rules,rule your trades!"..

morning all!!..well got up an hour or so ago to find my shorts suprisingly still in..my SL of 1.8715 stayed in by smallest of margins (good job i always add 3 pips to my stop loss,often found that if one says 10/15/20 it will wipe them out,3 is my lucky number so always add 3..13/18/23 etc..
i added to my shorts @ 1.8702 50k...
i have taken away stop loss for now as all is pointing to a consolodation
rising wedge..i know it goes against the ITD move up..however i still see potential for price to drop...how far ? who knows?..but will be hopefully taking 100k @ 1.8575 and let the other 50k ride...

anyone see it or have i still got my beer goggles on? lol

closed all shorts @ 8640
going long now..lets see if we get the big moves tommorow

Originally Posted by FX Newb

closed all shorts @ 8640
going long now..lets see if we get the big moves tommorow

Left my buy order on at 1.8605 overnight. It may prove a little low but will look at it again tomorrow morning and decide what to do.

I've seen more action in a nit nurses glove!

Goodnight all.

Originally Posted by cesarpoli

I'm planning to buy @1,8625/00 for 1,8800 and 1,9000.

Stop below 1,8570 and reverse for 1,8000.

What do you think about ?

hey
depends on how comfortable you are with your stop loss but myself i have long order @ 8640 with SL of 1.8485 TP to be decided but in region of 1.895/1.915...so IF we do get a test of current low from friday any spike should be covered.

good luck!

"trade with rules,rule your trades!"...

Originally Posted by teckybloke

Left my buy order on at 1.8605 overnight. It may prove a little low but will look at it again tomorrow morning and decide what to do.

I've seen more action in a nit nurses glove!

Goodnight all.

yeah...the calm before the storm? lol

hopefully tommorow will be more productive...still made my daily target but was hard staying awake...could have been the hangover though ..