Thread: Discuss the GBP/USD with a DailyFX Analyst

Long orders were filled at 1.4711 and 1.8588, s/l 1.4635 and 1.5487 (1.85487 is to allow a new low, this is cemllon's stop).

We have to wait and see if we can survive or not.

Edit: around 6:30 east time are rush hours, so no need to panic, it will calm down.

I loss my second account due to poor entry strategy. my fisrt account due to stop loss.
not that i do'nt have a very good knowledge about forex. please i will the expert on GBP/USD to assit me on how to set and generate entry point.
i use EMA cross over 3,21,55 on 15,1hr and 4hr

Originally Posted by teckybloke

2 new longs at 1.8572 and 1.8560

average long 1.8579

hey ...still havent gone long...due to my account balance decided to close 8650 longs and went short..
still waiting to go long...
i know that delta is most likely in.however how plausable is it that a new low is formed?...seems still very bearish right now..

Originally Posted by FX Newb

hey ...still havent gone long...due to my account balance decided to close 8650 longs and went short..
still waiting to go long...
i know that delta is most likely in.however how plausable is it that a new low is formed?...seems still very bearish right now..

The picture is still bearish but cable came down a heck of a long way very quickly. When this happens its plausable that we get a short term retrace. My current therory is that we have seen a break of head and shldr neckine on weekly chart and have formed an inverse head and shld on hourly charts. For my therory to work we do have to get above the inverse neckline (1.8640) without posting a new low below 1.9511

Providing this happens then we should target 1.89 being to weekly neckline. The studies i use in conjunction with this ie stochatics and macd are pointing to a break higher. Only time will tell if I have this pattern correct and thats why I still have my stops in place 1.8480

Originally Posted by teckybloke

The picture is still bearish but cable came down a heck of a long way very quickly. When this happens its plausable that we get a short term retrace. My current therory is that we have seen a break of head and shldr neckine on weekly chart and have formed an inverse head and shld on hourly charts. For my therory to work we do have to get above the inverse neckline (1.8640) without posting a new low below 1.9511

Providing this happens then we should target 1.89 being to weekly neckline. The studies i use in conjunction with this ie stochatics and macd are pointing to a break higher. Only time will tell if I have this pattern correct and thats why I still have my stops in place 1.8480

hey

thanks for that..still unsure at what level to enter longs..will sit and watch the action.. looks as if we are gearing up for another drop on the 1M..ill see where it ends up and most likely go long then..also same SL as yourself.
just a little cautious of if 1.8540 breaks with momentum

Originally Posted by FX Newb

hey

thanks for that..still unsure at what level to enter longs..will sit and watch the action.. looks as if we are gearing up for another drop on the 1M..ill see where it ends up and most likely go long then..also same SL as yourself.
just a little cautious of if 1.8540 breaks with momentum

Hi newb

Would prefer it not to make new daily low from here (1.8580) but us numbers out soon so anything could happen. As you say watch the action and stick to your rules.

Cheers and good luck

hey guys

dont you find this strange?

1. we have been hearing more bad news abt Fannie & Freddie
2. Ex-IMF Economist says A large US bank will fail.

and in general comments that a lot of bad news is still there from US.

And inspite of all this gbp seems just not reacting to the upside and just seems to be making dead cat bounces. Is it not amazing???

in small time frame, it is in 4th wave now, the 5th wave should take 1.8640/45 out. If daily close is above that, our longs will be more promising.

GL to all.

Originally Posted by y_2008

in small time frame, it is in 4th wave now, the 5th wave should take 1.8640/45 out. If daily close is above that, our longs will be more promising.

GL to all.

I'll raise a glass to that

Originally Posted by upadrasta

hey guys

dont you find this strange?

1. we have been hearing more bad news abt Fannie & Freddie
2. Ex-IMF Economist says A large US bank will fail.

and in general comments that a lot of bad news is still there from US.

And inspite of all this gbp seems just not reacting to the upside and just seems to be making dead cat bounces. Is it not amazing???

IMO, both the pound and the dollar are heavily influenced to the waves in financial market risk. With both economies threatening a recession, credit falling apart and their respective housing markets crumbling they seem to be pretty much in it. What's more, both are financial capitals for their respective regions.

Also, these fears haven't really be substantiated by real events or data. The market grows weary of rumors and forecasts; and technicals and fundamentals will continue to bombard the pair while others try to work out their speculations.

Originally Posted by FX Newb

hey vince..

currently looking to add longs around 8540 area maybe less time will tell..
hopeful today will see the sharp bounce

happy trading..and hope you kept those shorts

I set a S/L at 8650 and managed to earn $320......but looking at the pair now......well I don't get involved what could have been......I will trade a fresh from here........

take what you can and give nothing back.

Originally Posted by teckybloke

Hi newb

Would prefer it not to make new daily low from here (1.8580) but us numbers out soon so anything could happen. As you say watch the action and stick to your rules.

Cheers and good luck

hi

ive now gone long @ 1.8565
hopefully we are finally on the way lol..

anyone else believe for the high to be in on friday?
also monday of next week is a bank holiday here in UK so business will be slow..maybe this will get pushed higher for some profit taking before long weekend

Originally Posted by teckybloke

The picture is still bearish but cable came down a heck of a long way very quickly. When this happens its plausable that we get a short term retrace. My current therory is that we have seen a break of head and shldr neckine on weekly chart and have formed an inverse head and shld on hourly charts. For my therory to work we do have to get above the inverse neckline (1.8640) without posting a new low below 1.9511

Providing this happens then we should target 1.89 being to weekly neckline. The studies i use in conjunction with this ie stochatics and macd are pointing to a break higher. Only time will tell if I have this pattern correct and thats why I still have my stops in place 1.8480

hey there..just surfing the site and noticed (jamies) chart that mentions vunerability as to a 5th wave being lower than the current low (1.8511)..

just curious what you and others read in to this?...
of course it is a possibility but how does that square with delta low of (1.8511)

any thoughts will be a great help

Originally Posted by FX Newb

hey there..just surfing the site and noticed (jamies) chart that mentions vunerability as to a 5th wave being lower than the current low (1.8511)..

just curious what you and others read in to this?...
of course it is a possibility but how does that square with delta low of (1.8511)

any thoughts will be a great help

if you look at what jamie et al were saying about gbp/usd you have to wonder whether anyone has any idea at all were this pair is heading.

Originally Posted by roadie

if you look at what jamie et al were saying about gbp/usd you have to wonder whether anyone has any idea at all were this pair is heading.

certainly the market will keep us guessing for now. Sticking to game plan with long s/l below 1.95

there should be support 1.9575, 1.9560 and 1.9540 overnight. for those of us who are long I think its very important we close the week above 1.9511

there could be a few sweaty moments and squeaky a$$'s (not my quote) along the way!

hope to wake up tomorrow with cable above 1.9640
now that would be nice.

goodnight all