Thread: Discuss GBP/USD - H2 2012

I am watching the 15 minute chart and noticing a breakout. I am Long GBP/USD at 1.5824 with a 2 ATR stop at 1.5811 and a 3 ATR Limit at 1.5847.

I just read James Stanley's article on Managing Risk Using ATR. I decided to apply it to a 15 minute time frame rather than the 4-hour chart that he uses in his example. I highly respect his work as I had the opportunity to see him in the Dallas FXCM office before his transfer to New York. It is a good read and well worth your time while you are waiting for this or other trading opportunity to develop.

I am long cable as well at 1.5821. but for the moment i have stop at 1.5802. no the best risk/reward but worth a try...

Originally Posted by davidsayli

Firstly i put fibonacci and look at fibonacci 50 level. And then i look at the left side of the chart which point had been a resistance level i saw the 1.5835 and then i decided this number. it is very simpple Mr. Dimake.
i am not Nostradamus

Well David......Nostradamus has not helped me make any pips lately, so you rank up there!

Hey Cable Crew! You know all you guys and gals out there that like trading GBP/USD! It the oldest continuous circulating currency but it can burn up the charts in both directions once it gets going!

Roll Call!

earndollars
citytrader46
meonia
bal
simonward
markie6

Where are you today? What's going on with you?

Originally Posted by davidsayli

i think it will be enough profit @1.6050

Hey David,

Here is an Elliott wave count with Advanced GET targets that agree with your profit objective. Let's see if Cable has enough "rocket fuel" to hit these levels.

on a shortterm chart (5min) i dont want cable to trade below 1.5819 so i move my stop up to 1.5818

Originally Posted by Gregory McLeod

Hey David,

Here is an Elliott wave count with Advanced GET targets that agree with your profit objective. Let's see if Cable has enough "rocket fuel" to hit these levels.

yes, Mr. Mcleod you are right. my weekly target over 1.6000 but it has potential to the 1.6100
i am looking at big picture



it looks like a consolidation time like a gold chart...

Originally Posted by Dimake

oh I understand now, thank you for ur response

You are welcome Mr. Dimake
i hope it was usefull
i was very busy at that time. i could not prepare a chart for you. sorry for it.
i am working at construction of a shopping center as a field engineer. i have no time to come to office nowadays...

Originally Posted by Gregory McLeod

Hey Cable Crew! You know all you guys and gals out there that like trading GBP/USD! It the oldest continuous circulating currency but it can burn up the charts in both directions once it gets going!

Roll Call!

earndollars
citytrader46
meonia
bal
simonward
markie6

Where are you today? What's going on with you?

Hi Gregory,
as i told this morning Looking to enter long position at 1.57950 to 1.59950 or if price pull back from pivot then 1.58090 to 1.60090, now my position at 1.58120 and target till 1.5912 (below 100% fibo)

Originally Posted by heussepa

on a shortterm chart (5min) i dont want cable to trade below 1.5819 so i move my stop up to 1.5818

Tightening stops sounds like a good idea. Why give the market back any more than necessary?

New high in GBPUSD? Brace yourself , up to 1585

Originally Posted by davidsayli

yes, Mr. Mcleod you are right. my weekly target over 1.6000 but it has potential to the 1.6100
i am looking at big picture

David, do you see GBP/USD getting over the 1.6520 area?

My thought is that Cable is in a complex Elliott wave 4 that will lead into deeper correction below the December 2008 lows in the 1.3350 neighborhood. I don't think it will happen until the 1.6100 level is reached.

What are your thoughts on this?

Originally Posted by earndollars

Hi Gregory,
as i told this morning Looking to enter long position at 1.57950 to 1.59950 or if price pull back from pivot then 1.58090 to 1.60090, now my position at 1.58120 and target till 1.5912 (below 100% fibo)

Sorry earnforex! I needed to go back further in the queue to see your post. Thanks for that. I wish both of us luck on thismtrade. I am holding a similar position.

Still long at 1.58 ... have another small buy order at 1.5837 ....won't be risking too much


edited , to shift stops and accumulate risk.... stops now 1.5815 ...just in case...

[QUOTE=earndollars;1305212]Hi Gregory,
as i told this morning Looking to enter long position at 1.57950 to 1.59950 or if price pull back from pivot then 1.58090 to 1.60090, now my position at 1.58120 and target till 1.5912 (below 100% fibo)

My call is to go short on cable. The manipulators are just deceiving the crowd again. The usual stop hunting just before a major news release is what is currently going on with GU and EurUSD. Both will be heading sharply south soon so short is the way to go. Technically GU daily and 2hr TF represent .618 and .50 fib retrace respectively since the last major declines from 1.63 to 1.5267 (daily) and the decline on the 2hr from 1.5912 to 1.5753 is currently at the 50% fib. The major trends for both GU and EU are still down hence the trend is still your friend and not the tricks of the manipulators. In an earlier call on GU to go short with stop above 1.5848 my stop got pushed but I am not perturbed one bit because I know what is going on. Down is where things will head. If Cable's current rally was genuine USDCHF would be heading south not north simultaneously with cable. That is one clue that another deception is at hand but I am not going to buy into their trick. Here are the charts depicting my views. The medium term target for GU is 1.5267 retest with a stop above daily R2 at 1.5893.

Cheers