Thread: Discuss GBP/USD - H2 2012

Originally Posted by sratansi

I ended up making my money on short but it was touch and go to stop at a loss! Will play volatility tmrw in early uk morning trade after 30 pips going to take stock and see

Congratulations sratansi!. I wish you success in tomorrow's session! I just closed my GBP/USD long for +37 pips. I closed my Euro long for a small loss early as it was taking much too long to move.

short cable at 1.62410


targeting nearby 1.62235 for now

Originally Posted by divided@zero

short cable at 1.62410


targeting nearby 1.62235 for now

GBP/USD at Top of Channel Offers Attractive Short @1.6239--- I agree!

Greg;

I agree. Just posted my EW showing 2 equal corrective waves at the .618 fib. When it breaks, look for 1.6080+/-.

Good Luck.

Originally Posted by Gregory McLeod

GBP/USD at Top of Channel Offers Attractive Short @1.6239--- I agree!

Nice tools.

Good Luck.

Originally Posted by Gregory McLeod

GBP/USD at Top of Channel Offers Attractive Short @1.6239--- I agree!

good afternoon Gregory

Originally Posted by divided@zero

good afternoon Gregory

Good afternoon DAZ! The "early bird" gets tomorrow's worm I see! Or in our case pippage. GL to you!

Originally Posted by Gregory McLeod

Congratulations sratansi!. I wish you success in tomorrow's session! I just closed my GBP/USD long for +37 pips. I closed my Euro long for a small loss early as it was taking much too long to move.

cheers it was all down to you guys here really appreciate the advice.

Originally Posted by Gregory McLeod

GBP/USD at Top of Channel Offers Attractive Short @1.6239--- I agree!

Whats's your short term target for GBP/USD as the pattern looks good to me also.

Originally Posted by divided@zero

good afternoon Gregory

Originally Posted by aerocom

Nice tools.

Good Luck.

Originally Posted by aerocom

Greg;

I agree. Just posted my EW showing 2 equal corrective waves at the .618 fib. When it breaks, look for 1.6080+/-.

Good Luck.

Good Luck to you too! I'll take your price target over mine any day of the week!

Getting the hang of the tools, notice I am ignoring its bullish counts. Speaking of which, I am going to remove now as they could be confusing.

Originally Posted by sratansi

cheers it was all down to you guys here really appreciate the advice.

You were right initially, you would have to have waited through that "momentum overshoot" I was talking about. Some would have hedged and closed out the long side at 1.6239 and kept your initial short. Me being in the States, I can't hedge so closing out the loser quickly and S.A.R (stop and reverse) is how I am thinking. Once top of channel was hit, I reversed to get short. GBP/USD at Daily R2 Pivot usually can't handle the rarefied atmosphere and usually comes back to earth. R2 could have been a "blow-off top" as weak bears are driven out putting the most amount of people on the wrong side of the trade. Then they all have to run back in and chase the market lower... I don't know for sure... I am making this stuff up....may be half of it....you have to admit...it does sound good!

Originally Posted by pipsguesser

Whats's your short term target for GBP/USD as the pattern looks good to me also.

Aerocom has a target of 1.6080. I can see 1.6173 in the near term but I am known to leave pips on the table!

Originally Posted by Gregory McLeod

Aerocom has a target of 1.6080. I can see 1.6173 in the near term but I am known to leave pips on the table!

Given your view on cable how do you see EUR/USD and EUR/GBP? if we are to get to 1.6080 then either EUR/GBP pops up or EUR/USD comes lower too. Of the two I think its likely that EUR/USD comes lower but reading the EUR/USD forum many seem to think we are headed higher and that being the case it's hard to see cable sell off. I love GBP shorts right now as a proxy for EUR/USD with less risk to the upside, if the eurozone blows up then the UK will be dragged down, by how much I don't know but certainly more than the US. We have seen some big EUR/GBP flows the last 48 hours and I can see GBP adjusting to reality soon and catching up with the big FTSE sell off from the recent high. I know the SSI suggests a short position in the market but the people I speak to have most clients long GBP right now, positions they have held pre QE3, my feeling is that unless we get some more upside movement soon they'll look to reduce. Anyway long story short I am short, stop at 1.6325 looking for 1.59 and below to 1.56 over the next month......

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from the last chart it seems shorting might be the way forward, but the volatility of the market might mean playing the peaks and troughs...