Profit is where readiness meets Opportunity
Charts, Charts, Charts! 1 reply
Few analysis methods 6 replies
DislikedOf all 4 of the majors the pound has easily been the harriest this month. THis makes shorter term directional plays pretty tough. Many times we are left to "buy a break" and just control our risk which I personally find not very much fun.
Here is a potential technical setup for a GBP/USD buy. While the pound has been going down since the January 23rd, with all of the data this week, speculative buyers could come in.
Since we have seen the 50% fibo in the picture act as short term topside resistance a break of this could signal a buy. If we decide to take this play we will be looking for a short term target. If you notice in the picture we have 2 3/8's fibos falling in the exact same place. this could act as the target for this short term trade. This trade could be worth as much as 60 pips. I personally will be watching for a good close above 1.9620 to take this trade and probably will not hang with it long if it falls back below that level.Ignored
DislikedWe had a very nice technical winner play out on our GBP/USD Fibo set up during the european session. This trade was worth around 60+ pips depending on where you entered. As we suspected it found strong resistance at the double fibo level or 1.9688 and has since nearly returned to the long trigger.
Here is the 1 hr GBP/USD chart illustrating how it played out.Ignored
Dislikedand there both driving me crazy
at least the chf gave me 51pips went long agin 1.2460 today
but I still long from 1.2398 looking for that 1.2550Ignored