Thread: Discuss the GBP/USD with a DailyFX Analyst

Potential for the GBP/USD to start trading a range prior to the NFP news event tomorrow. Easy money if it holds.

[EDIT: Missed the graphics]

[EDIT: No, it's not working - i can't add image but i'm looking at a range between 1.6024 top and 1.5924 bottom. 100 pip range with potential to exploit over the next 18hours or so.

4h ichi chart - chikou span keeps being pushed down by former price wall as predicted, therefore I favour more losses, but if chikou penetrates price wall soon then bullish cross should be confirmed and another rally may happen - again - for bears there is no room for upside move, any sign of strengh wil be quite bullish in my opinon


Patryk

Originally Posted by forexraider

Potential for the GBP/USD to start trading a range prior to the NFP news event tomorrow. Easy money if it holds.

[EDIT: Missed the graphics]

[EDIT: No, it's not working - i can't add image but i'm looking at a range between 1.6024 top and 1.5924 bottom. 100 pip range with potential to exploit over the next 18hours or so.

Here's a chart for ya.

Originally Posted by Sean Hyman

Here's a chart for ya.

yeah, that's the one. thanks Sean.

i think we'll see the same thing across the board, with EUR/USD 1.4670 - 1.4520 and EUR/GBP 0.9170 - 0.9080

Update on chart.
As an alternate, more rally is possible until 1.617 - 1.626. NFP may decide the near term direction for this pair.

Originally Posted by fazi

1.6254 is a daily kijun sen line - could be the target of cerrection - your SL could possibly get cleared exactly at reversal point -This SL is too narrow for a sellstop position in my opinion - it is ok when top is confirmed.

What about early downside TL breakout if top is in place- what entry and SL ?

I`ve sent you email with some candies - enjoy

Patryk

Thanks for the goodies, much appreciated :-)

Well, maybe a top is already in place, but it has been very choppy and I didn't want to risk it (chicken!). So i'll wait for it to break 1.5900 before shorting with an SL above 1.600.

Cable set to test MA200 @1.56 on Dailys a break here and close below will take prices to 1.5340 and 1.4550(Thats pushing it though, and Ultra Bearish)

USDCHF to test 1.1 area

Cable Weekly RSI reveals room for fall

closed my short at average of 5948.

Re-enter long just 1/4 of my maximum fill at 5944, stl 5925, limit 1.6000 which I flip to short entry for same exposure.

Also entry order to long eur/usd 4526 limit 50 pip st 17 pip.

Good night.

Descending Triangle forming on the hourly, probably not much movement until NFP announcement, maybe a spike up, and the break down is my estimation.

Hey Cmellon, I was reading an article yesterday and Carnegie Mellon University was mentioned....is that where your screen name comes from? No need to reply if you dont care to Currently your Delta analysis is Greek to me, and at the moment I cant fit too much new info in my head Maybe, over some time, Ill dig into it. For now just getting a handle on EW basics (which I understand is only slightly connected to Delta). Anyway, I value your conclusions though, that much I can decipher. They are often in synch with what I come up with using the old tried and true trend lines.
As I write, I wonder, could you summarize in your own words, why you chose to use Delta, and how its affected your trading? Maybe you have a blog link on it, dont want you to spend too much time on it. .....Looks like that Triangle is breaking down a bit (support is being tested), may, hopefully, turn to a falling wedge pattern.

GBP/USD should really fall hard if a candle closes above the black neck line on the USD Index chart.

Originally Posted by Abhishek

Hi, do you manually mark all these points for forex waves or do you have an automated program. I have tried doing it, but manually I keep losing track. At least if some program could pick the points, I can try to number the different waves myself.

its an indicator from the RumpledOne

here it is, it repaints badly until candle close

Originally Posted by CodyB

its an indicator from the RumpledOne

here it is, it repaints badly until candle close

All who use Semafor I strongly suggest using the following periods: 8,36,144 - You`ll avoid repainting and level 3 is a real one. Some suggest using periods 18,60,160 or 36,60,160, but I find them too wide - It is a matter of personal preferences - anyways - default settings aren`t the best ones, but indie is very good.

Patryk

Fazi,

You're right, its about personal preferences, I've used it on 4H TF with settings of 9, 21, 63 and they worked quite well for me. If you know how to make use of the Repainting Indicators then its quite a useful one ...

Cheers.

Originally Posted by fazi

All who use Semafor I strongly suggest using the following periods: 8,36,144 - You`ll avoid repainting and level 3 is a real one. Some suggest using periods 18,60,160 or 36,60,160, but I find them too wide - It is a matter of personal preferences - anyways - default settings aren`t the best ones, but indie is very good.

Patryk

well, not much going on except hanging around important places....

both fiber and cable are hovering @ key supports - a break would begin a large decline....

a bounce in cable could take it to 6000/20 followed by 6080/6100, fiber, everyone knows the numbers....

i am short cable - and still very iffy on whether or not we will see 5820 before 6100.....price action looks bearish as we flatline towards the bottom of the current channel - typically indicating a break coming.....

funny little chart i did up....just observing price action, nothing else....seriously....don't take this chart too seriously....but always fun to find something that might work....

Originally Posted by asherewt

Fazi,

You're right, its about personal preferences, I've used it on 4H TF with settings of 9, 21, 63 and they worked quite well for me. If you know how to make use of the Repainting Indicators then its quite a useful one ...

Cheers.

Hi Asher,

exactly - I suspect, a fine tuning depending on currencys volatilty maybe an issue too, but I need some time to do the experiments.


btw - since you`re here - what do you think of bullish cross (ichi) on 4h cable chart?

cheers
Patryk