Thread: Discuss GBP/USD - H2 2012

This will be the new main thread for GBP/USD starting from July 9 2012 - where we share short term ideas about the GBP/USD.

For long term positions please use this following thread

Discuss GBP/USD - Long term ideas and trading

This is a new GBP/USD thread - where we post long term GBP/USD trading ideas - positions/views stretching a week or longer. For short term positions as scalping and 1-3 day positions we have the main thread

Main thread: Discuss GBP/USD - Short term ideas and trading - H2 2012

We hope this new thread will make it easier to find the information you are looking for.

Chart depicts the last up leg, "E", in a triangle move. Once complete, the breakdown through the bottom line will signal a long drop to follow. Points I will watch are the 50% mark and the 100% mark of the projection. Projections to be made once break is verified. Confirmation of break is at $1.5270

Prior chart:
http://www.tafool.com/Charts/gbpusd011812.png

Current (large, no notes):
http://www.tafool.com/Charts/gbpusd070812.png

Small w/notes:
http://www.tafool.com/Charts/gbpusd070812small.png

We might get a bounce but as long as we trade under 1.5550 the trend will be bearish and so will my bias be.

What's your take on GBP/USD?

Originally Posted by Alejandro Zambrano

We might get a bounce but as long as we trade under 1.5550 the trend will be bearish and so will my bias be.

What's your take on GBP/USD?

My thinking coincides with yours. I expect price to be limited on the upside to 1.5550. If it breaks through, the next target is 1.5650. However, downside maybe limited. I think wave D of the triangle is not complete and needs to move below 1.5232 to complete wave c of D. However, this is likely a minor correction that will end in the 1.5400 area before the move up to 1.5900. Wave E up should coincide with wave B of C of (C) in the Eur$ pair.

Good Luck.

Originally Posted by TAfool

Chart depicts the last up leg, "E", in a triangle move. Once complete, the breakdown through the bottom line will signal a long drop to follow. Points I will watch are the 50% mark and the 100% mark of the projection. Projections to be made once break is verified. Confirmation of break is at $1.5270

Prior chart:
http://www.tafool.com/Charts/gbpusd011812.png

Current (large, no notes):
http://www.tafool.com/Charts/gbpusd070812.png

Small w/notes:
http://www.tafool.com/Charts/gbpusd070812small.png

TAfool;

I am viewing this pair a little differently. I think we are just beginning wave c of C of D and price should carry below 15232 to complete. Wave A and C are equal at 1.4875. Also, time wise the triangle has about 6 more months to complete unless it comes in early.

Good Luck.

free fall...

GBP/USD July 9 - 2012


GBPUSD appears to have created a new high this morning in height of 1.5515 and as long as we trade under this high I expect price to reach 1.5450 and 1.54 in case of breakdown under 1.5450. In case this new high does not hold then we will most likely trade to 1.5540 which is the next level where bearish traders will be selling with stops just above the 1.5560 high.

If you have any questions about this scenario or anything else trading related feel free to write to me here on the forum.

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GBP/USD 60 min chart



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GBP/USD Elliott Wave Counts for Long Term- GBP/USD Elliott Wave Counts just completing wave 3 moves down and may have a bit of a counter trend retrace before resuming move lower.

DailyFX.com Bulls vs. Bears: The Spread Betting Morning Update July 9 - 2012


Main presentation and Q&A Session

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GBPUSD - The ratio of long to short positions in the GBPUSD stands at 1.92 as nearly 66% of traders are long. Yesterday, the ratio was at 1.87 as 65% of open positions were long. In detail, long positions are 6.7% higher than yesterday and 70.2% stronger since last week. Short positions are 4.4% higher than yesterday and 18.4% weaker since last week. Open interest is 5.9% stronger than yesterday and 7.3% above its monthly average. The SSI is a contrarian indicator and signals more GBPUSD losses.

5 min GBP/USD trend remains strong - looks like price wants to pop up above today's high - I would not like to see this happen as I am short AUD/USD.

Hello Traders! Chinese GDP, Aussie Employment, and University of Michigan Confidence Survey are among the big economic releases that traders will be watching this week!

Happy Trading!

Originally Posted by aerocom

My thinking coincides with yours. I expect price to be limited on the upside to 1.5550. If it breaks through, the next target is 1.5650. However, downside maybe limited. I think wave D of the triangle is not complete and needs to move below 1.5232 to complete wave c of D. However, this is likely a minor correction that will end in the 1.5400 area before the move up to 1.5900. Wave E up should coincide with wave B of C of (C) in the Eur$ pair.

Good Luck.

Hello Aerocom thank you for sharing your view - we are not far from reaching a good entry for a short aiming towards 1.54 - When the overall trend is sideways as it has been since last 2011 - does EW work better or worse?

GBP/USD Daily and 4-Hour Elliott Wave Counts Point to More Losses- Target 1.5200