GBPUSD

Lion are u trading 5000 lots?!! lol thats awsome if u are...

Junglelion,
Is that a live account or do you wish it was a live account?

Thats sick if it is a demo even my hats off to you...

Thats a demo account, started from $5000.

I don't discuss my live trades with anyone.


Day 2: Tuesday Analysis

GBP/USD broke the range trade between 9047 and 8953 upwards, trending to next fib level 9124 and bounced off it.

Since it had moved 150 pips from day open ; or 170 pips from day low, a stop here and a small retrace was essential which it did.

On day 3, we expect GU to have 2 scenarios.

1) It breaks 9124, and trades above 9135. In which case the 161.8% level or 9330 is exposed and we look forward to a cool 200 pip move upwards

2) It breaks 9047 yet again and trends down, in which case it will again need to break 8953 level to expose 8672 level.


In either case we will be on the lookout for either 9124 or 9047 whichever comes first.

The move today was mostly based on BOJ Fukui hawkish comments and US elections. If the democrats win, then Iraq war will not continue longer, and we can expect troop pullout.

Which in longer time frame could and will translate into stronger dollar over time.


Edited to add: A day close above 9090 is essential to trend higher on day 3, another 3 hours to go.

I use the vegas 1hr with the VWB system. This morning I saw the gbp breach the tunnel to the upside. I missed some initial pips but I got in at 1.9049. Set SL to 1.9009. I took out one lot at 1.9095, have the second one with a trailing stop and 20 pips profit locked in.

I have a question, if anyone can answer.

I was just now analysing the monthly charts, and I found something which strikes out clear.

GBP/USD went up above 9200 levels in 1990-92 and recently 2005-06, during the presidency of George Bush Sr. and George Bush Jr.

While during the rest of the time it was far far down, less than 7500 levels.

Am I thinking the correct thing or is it just an illusion, does the american economy fall only during the Bush tenure or was there any other time as well.

maybe there's something to do with their presidency term having a deficit in reserves due to wars etc, making the US dollar decrease in value, not sure.

don't quote me on this.

Quick
you were on to day. I got in at 9035 and out at 9099. Your chart just confirmed what I was looking at. LOL

parttime

It seems that the market has rejected 9124, taking a hard bounce off that level.

It still needs to break 9047 to confirm the trend down to 8953

thats an interesting analogy, but if u look back like in 2005 the dollar was strong against the pound... if im not mistaken,.

It seems GU bounced off 9047 ; the darn thing loves fib levels.

I closed my shorts here,

need to sleep for 6 hours now.

yes it does, fibs are so powerful... it amazes me time an again how price reacts to them.

The big money are looking at the fibs and that's why currency moves the way it does.

what do you think the pound is going to do now it shot up today. But it seems to be on its way back down.

Okay, we start day 3 now.

Lets analyze whats happened till now.

First we were expecting a drop during Friday NFP, GU marched upto 9124 and dropped down to 8953, about 170 pips move.

Bounced off 8953 and trended back to 9124, again another 170 pips move.

Bounced off 9124 and trended to 9047, another 70 pips, and bounced off 9047.

Now what does this tell us, what will be the next move.

GU has bounced off 9124 twice, 8953 once and 9047 once.

Which means GU is testing 9124 again and again and making higher lows, the current being 9047. Which inturn translates to trending towards 9330 or 161.8% fib level.

We will be on the lookout for 9124 yet again, if it crosses 9074 I would go long, else wait. We have both the trade balance and BOE rate hike news on Thursday, both being major market movers.

I doubled my account in 2 days, lets see what the rest of the week does to me.

set my buy at 1.9076. hopefully it fills and shoots up like a rocket. i would take 9330

hi lion,

is it a real account or a demo one? what currency are you using?

Watch election-based USD strength over the next few days based on those 2 dirty little words, fundamental analysis.

I trade both live and demo at the same time, demo more to analyze my trades before I enter it with live.

Day 3: GU bounced yet again off 9047 and broke 9074, but on a weak note, so though we do expect it to trade to 9124.

But still remains to be seen whether it breaks it or not.

Overall the trend up is weak, probably due to absence of data today.


I would like to add here: My analysis is purely technical, so though I pay attention to fundamentals, but prefer to ignore it in analysis.

Because if I went by fundamentals, my targets would be vague ones like 8600 or 9400, so I tend to avoid it entirely.


Going purely by technicals allows me to feel the mood of the markets, and trade according to the prevailing mood at the moment, and hence the green green pips.