Do you think it's time to short GBPUSD ?

Hi all,

The cable is now over 1.91, A long terme survery should stop the bullish trend.
I think it's time to take a short position with targets over 1.8650 and if the market realy correct, a second target just before 1,85.

Sterling is the only currency who now a so strong bullish wave, € and CHF still in moderate rates.

I'm waiting for your comments.

Good trades for all.

mmmmm.... well technically speaking I am starting to see a long setup. Not confirmed yet but I think it still has some juice left in it.

well, if you take the Cable in isolation, where on any timeframe above the hourly is the justification for shorting it at current levels?

I don't see any neutral/reversal behaviour on my charts to signify that outlook yet, do you?

looks to me like it's merely consolidating each small resistance pocket before cranking higher......as & when it begins showing signs of exhausting/topping out at these previous ceiling zones will I maybe consider feeding small shorts on a lower high basis......until then all you're doing is selling into strength?

I guess we'll have a better view of events after this weeks data has printed....but it sure doesn't fill me with a whole bag of confidence to simply 'short' it on the basis it's knocking on the door of a prev major ceiling level.........

90 tics profit.
Have a nice day

well done, good stuff.......

as a matter of interest, when & where did you short it?

have you pared out @ 90, or are you running/trailing it to your aforementioned levels?

LOL

I like your motto

EXACTLY!

My comments:
For short and intermediate term : YES
For long term Cable still bullish

I never understood the 1h tunnel. Bouncing mean it won't or will shoot through the other side of the tunnel?

im also short from the 9090 level, stay humble on this trade... the pound can turn around and head back up at any minute, I need to see further weakness before im more confident of the downside projection, There multiple spring points can can repel from, the 9000 level is one of them, albiet not as strong support as some of the lower levels,

If this pair follows the lower fibs on the 4hr time frame, then we should see a nice retest of previous support levels. However it would be wise to lockin profits along the way or take profit for that matter, keep an eye out for any positive divergence as well...

This thing could retrace lower and then shoot right back up I plan on protecting my current short position, will most likely move to BE then lock in 50 pips at a time as price moves lower if it moves lower.

Never lock yourself into one frame of thought when trading, always think of multiple possibilities.