Thread: Discuss the GBP/USD with a DailyFX Analyst

Here you go Vincy I posted this in the EW forum a few days ago, I havent updated it.

JJ

Originally Posted by VINCY BALBOA

hey Forex friend...


in Eur/Gbp.........


First Justy Shown his View kind of Triangle ...... in daily.


second Aye (Me) shown this Chart Before..Impulsive as well in DIAMETRIC FORMATION neo wave style..


then You shown Your View...

after that Jay has his view....


But Can You show Your chart again ?


thanks

Originally Posted by forex friend

Here you go Vincy I posted this in the EW forum a few days ago, I havent updated it.

JJ

I have a slightly different view on EUR/GBP and have just posted it in the fibonacci forum... I expect price to rise into fibonacci resistance at 91.64 followed by further down side...

some pretty significant movement over the past hour or so, looked like cable was about to fall off a cliff, no signs of support left on hourly charts, unless we get a double bottom in 6250, 6300 area. If the pair doesn't break and close above 6450 she may drop pretty far. I'm hoping for a spike to 6550 to take profit on my long at 6420 from Friday...we'll see
a move over 6470 should give way to 6550

Thanks Brad

ill go take a look!!

EDIT: just checked out your chart, my was a daily longer term chart, yours is shorter term hrly, hence the conflict. Yes price may well rise from here giving me better shorts, my bet is that price does not make it much above 9040-70. however if it does make it higher all the better as i will short more from that level.

Cheers

JJ

Originally Posted by brad_1199

I have a slightly different view on EUR/GBP and have just posted it in the fibonacci forum... I expect price to rise into fibonacci resistance at 91.64 followed by further down side...

Originally Posted by forex friend

Thanks Brad

ill go take a look!!

EDIT: just checked out your chart, my was a daily longer term chart, yours is shorter term hrly, hence the conflict. Yes price may well rise from here giving me better shorts, my bet is that price does not make it much above 9040-70. however if it does make it higher all the better as i will short more from that level.

Cheers

JJ

If you look a little further back in the fibonacci forum you'll notice i've been following eur/gbp for a while and my analysis is not based solely on the hourly chart... I work with a top down approach starting from the monthly chart and work my way down through the multiple time frames.. I use elliott wave analysis, candlestick analysis and important long term fibonacci levels to aid in decision making as well... Rarely do I ever post an hourly chart, I am a longer term trader and pay attention to the long term charts... I only posted that hourly chart since i feel most traders on the forum are short term players... I bet we see price touch .9164 before it goes any lower...

Hey Brad

I know your a long term bear, and i agree 100%.

I am looking for price to get to at least 8300 level by feb of next year if not sooner.

You right most people on the forums are shorter term players, however i would not try and long this pair on the hrlys as it may not yield the right risk reward for the trade. Sure it may make it to 9160 like you say. but for me i am looking for better risk reward and not going against the count that i posted unless my count is proved wrong.

I am sure you know what i mean.

Originally Posted by brad_1199

If you look a little further back in the fibonacci forum you'll notice i've been following eur/gbp for a while and my analysis is not based solely on the hourly chart... I work with a top down approach starting from the monthly chart and work my way down through the multiple time frames.. I use elliott wave analysis, candlestick analysis and important long term fibonacci levels to aid in decision making as well... Rarely do I ever post an hourly chart, I am a longer term trader and pay attention to the long term charts... I only posted that hourly chart since i feel most traders on the forum are short term players... I bet we see price touch .9164 before it goes any lower...

as i mentioned i am prepaired heading down for 2nd retest

Hey, ok so I'm pretty new to forex and I expected the good data that just came out (ISM manufacturing etc.) to mean that the dollar would improve against the other currencies but there was a massive jump in the GBP/USD which I understand is a "risk is good" effect? will this correct long term or should I accept my loss?

Hi everyone,

It seems that last weeks triangle idea plays out quite well - we may have completed a sharp E wave - ratio is perfect, equal double zigzag - cable looks double-bottomish to me.

Patryk

Originally Posted by fazi

Hi everyone,

It seems that last weeks triangle idea plays out quite well - we may have completed a sharp E wave - ratio is perfect, equal double zigzag - cable looks double-bottomish to me.

Patryk

Hey Patryk,

I believe your call for a B wave triangle is spot on. The only difference I have, is that we have just completed wave C of the triangle. Either way, a long against the Wave C/Your Wave E, may be a good risk to reward setup. Jay

Originally Posted by apipintime

Hey Patryk,

I believe your call for a B wave triangle is spot on. The only difference I have, is that we have just completed wave C of the triangle. Either way, a long against the Wave C/Your Wave E, may be a good risk to reward setup. Jay

Hi Jay,

This could also be the case - if a triangle is in play - I love zigzags - they`re so predictable

Patryk

Originally Posted by fazi

Hi Jay,

This could also be the case - if a triangle is in play - I love zigzags - they`re so predictable

Patryk

Just out of curiosity, did you count your 'E wave' as a double zigzag?

Originally Posted by apipintime

Just out of curiosity, did you count your 'E wave' as a double zigzag?

Yes, - this looks best to me - I like this equal swing case - while overlapping pirceaction makes it hard to find two 5ves - 5min chart

edit: to be specific - this looks like a double double zigzag

Patryk

Originally Posted by losingmyshirt

Hey, ok so I'm pretty new to forex and I expected the good data that just came out (ISM manufacturing etc.) to mean that the dollar would improve against the other currencies but there was a massive jump in the GBP/USD which I understand is a "risk is good" effect? will this correct long term or should I accept my loss?

hello losingmyshirt, welcome to the forum. I cannot say whether you should take your loss or not. Strict Money Management is the key, dont risk more than you can tolerate losing. start with small lot sizes and maybe fairly wide stops outside support. I would also say don't trade solely based on a news release, the market goes crazy right after, often going in the opposite direction first of the medium term trend. Get your technical analytics down, be aware of news and prepare for the spike that it brings about.
Now Im not a superstitious fella, but a different screen name may be in order Long term trend is up on the pair. Trade with the trend the trend is your friend they say. Of course if you over trade with the trend you can lose your shirt, because currencies fluctuate, they pullback and retrace against the trend. So patience is always key as well. If you are watching the pair go down, wait, may be the play. Waiting is a position.
Im in long at 6420 since Friday, I'm looking for a candle close over 6450 to build confidence in my trade, Im targeting 6530 ish. Of course, I could be wrong. A break below 6310, would have me anticipating a further drop of some significance. Time will tell.
Oh and remember, just because long term trend is weak dollar, does not mean the pair won't be bearish for days or maybe even a couple of weeks at a time.

Oh, have you taken the courses fxcm offers? they will be helpful.

I agree with all you've just said addressed to Loosingmyshirt KP. Its all in the message. Its good to see you pass some advise every now and then to those among us that are not too familiar yet in the FX world.