Thread: Discuss the GBP/USD with a DailyFX Analyst

Originally Posted by MrWilson

I'd like to see price at least in the 1.69's for that Inter point High

....

Getting there

Originally Posted by Breeze

Change in positions.

long GBP/USD @

6814
6772
6710.....heavily
6640.....heavily....profits booked @ 6800
6546.....heavily....profits booked @ 6800

long GBP/JPY @

150.54
150.35
149.54....heavily
148.50....heavily....profits booked @ 150.00

Just closed all Longs @1.6852

Originally Posted by MrWilson

Getting there

Lately...GBP's had more strength than EUR too.

Originally Posted by YusuFX

Hey, YusuFX, why don't you provide a bit of commentary with these. It will be helpful to those who are new to andrew's pitchforks.

Originally Posted by Breeze

Change in positions.

long GBP/USD @

6814
6772
6710.....heavily
6640.....heavily....profits booked @ 6800
6546.....heavily....profits booked @ 6800

long GBP/JPY @

150.54
150.35
149.54....heavily
148.50....heavily....profits booked @ 150.00

very very nice Breeze

I'm still not doing any trading with GBP/USD right now, its a total 50/50 chance at this point. This 1.684 level could break to the upside for a big move or it could be a significant level of resistance causing a big move down.

What I am interested in though is EUR/CHF since it is coming really close to the 1.5080 "intervention zone"

Attachment 41646

For anyone that doesn't know what the purpose of the intervention is, read this

Market tests Swiss National Bank forex intervention resolve

I also wanted to say congratulations to Breeze as well, it definitely takes a brave trader to continue to leave a position open in spite of it being down 300+ pips at one point.

What I am interested in though is EUR/CHF since it is coming really close to the 1.5080 "intervention zone"

the market does seem to want to test the resolve of Jordon and the SNB

Originally Posted by CodyB

the market does seem to want to test the resolve of Jordon and the SNB

Will be the same with Mark Carney and USD/CAD. EUR/CHF has been a hoot for a while. Just bang in a long pdq less than 1.5100 and it's shot up. Put in a few 100K lots in the past for fun, and it's always worked. Not many pips, but guaranteed cash.

let's see with the SNB. My house in France is only 30 mins drive to the Swiss border. I can see a recessionary period developing with the local community, and IMO CHF should become weaker. CHF is supported by gold however, and gold is flying.................a difficult decision from SNB.

I've been watching 1.5020 for a long entry for ages now.

Originally Posted by CodyB

the market does seem to want to test the resolve of Jordon and the SNB

Yep, I agree Cody. That's why it wouldn't surprise me if we get a breakout sometime real soon. The volatility keeps shrinking and shrinking....so a huge break is likely coming very soon.

Originally Posted by Sean Hyman

Yep, I agree Cody. That's why it wouldn't surprise me if we get a breakout sometime real soon. The volatility keeps shrinking and shrinking....so a huge break is likely coming very soon.

Thanks for the chart Sean, I dont think gold can sustain this much longer but then again I didnt think it could make it much over 1100 either and am looking for a break higher, well prepared for a break lower as well and SNB has made thier line in the sand and with everything stretched they way they are right now.........whatever happens it will be interesting to watch either way

Goodmorning everyone and congrats to all of you who made +pips, and thank you all....we did it...!!!...well post a chart in a few.

Originally Posted by MrWilson

Getting there

Hey MW,

Are you still counting this as a leading diagonal? If so, do you have cable close to completing Wave (v) of the LD, as Wave 3 was 61.8% of Wave 1, and Wave 5 is a perfect 61.8% of Wave 3. Jay

CodyB,

Who is that a picture of on your avatar? Is he inside a big castle? He wasn't on any movie, of any sort, that I know of.