GBP/USD Trade Opportunities | Forex Factory

Options

Go to
Permalinks
Print Thread

Related Instruments

GBP/USD

Similar Threads

EUR/GBP, EUR/USD, GBP/USD, AUD/USD, CAD, NZD, JPY, and more... 15 replies

GBP/AUD, GBP/CAD, GBP/CHF and GBP/NZD thread 126 replies

New opportunities on EUR/USD market 181 replies

why trade gbp/usd when gbp/chf is more predictable ? 4 replies

opportunities tomorrow 10 replies

Attachments: GBP/USD Trade Opportunities
Exit Attachments

GBP/USD Trade Opportunities

  • #1
  • First Post: Edited Oct 16, 2007 9:20am Oct 3, 2007 4:59pm | Edited Oct 16, 2007 9:20am
Pound at the 61.8% fib retracement right now on the hourly chart.
To play it from the long side enter here (2.0325) with a 30 pip stop and 150 pip profit target.
To play it from the short side wait for a pullback into the 2.0375 - 2.0425 area and enter on a reversal candle (e.g. doji, shooting star, etc.). A 30-50 pip stop is plenty, with a 200 pip target. More aggressive entry: don't wait for a reversal candle to close. Enter at the downward sloping trendline that begins at the 2.0494 pivot high ( trendline not shown in the picture).
  • #2
  • Oct 4, 2007 9:42am Oct 4, 2007 9:42am
Quoting joecgoodman
To play it from the short side wait for a pullback into the 2.0375 - 2.0425 area
I entered short at 2.0403. A smart exit if you go for shorter term gains is 2.0333. This is a 61.8% retracement and is right at a major trendline. If you want to stay onboard for a longer ride, at least move your stop to breakeven once price is hitting this 2.0333 level; or more conservatively, after price breaks below 2.0350 which gets it below the 50% retracement of the upmove.
Aggressive: go long at 2.0333; we may very well resume the long term uptrend at that point.
  • #3
  • Oct 7, 2007 11:13pm Oct 7, 2007 11:13pm
GBPUSD has formed a top at the 61.8 fib retracement that started Oct 4, of the fall that started Oct 1st.

Probably good R:R on a short right now.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #4
  • Oct 8, 2007 12:45am Oct 8, 2007 12:45am
Quoting Plutonite
GBPUSD has formed a top at the 61.8 fib retracement that started Oct 4, of the fall that started Oct 1st.

Probably good R:R on a short right now.

I rule, as usual haha 40 pips down, lots more me coming i think.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #5
  • Oct 8, 2007 4:51am Oct 8, 2007 4:51am
Quoting Plutonite
I rule, as usual haha 40 pips down, lots more me coming i think.
Nice trade. If you're still short and you go for quick profits,
then keep a tight stop if and when it nears the 2.0335 area.
It won't go any further than that without some retracement.
  • #6
  • Oct 8, 2007 5:20am Oct 8, 2007 5:20am
Quoting joecgoodman
Nice trade. If you're still short and you go for quick profits,
then keep a tight stop if and when it nears the 2.0335 area.
It won't go any further than that without some retracement.
Thanks, and I agree. Problem is I'm a little longer term than to close on retracements of tiny moves, I usually only use retracements of several previous days of action. I'm thinking 2.000 by the end of the month, with many trades in between.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #7
  • Edited Oct 16, 2007 9:20am Oct 8, 2007 5:42am | Edited Oct 16, 2007 9:20am
Quoting Plutonite
Thanks, and I agree. Problem is I'm a little longer term than to close on retracements of tiny moves, I usually only use retracements of several previous days of action. I'm thinking 2.000 by the end of the month, with many trades in between.
Can you share your reasons for a short bias on cable right now with a 2.000 target by month's end?
  • #8
  • Oct 8, 2007 5:49am Oct 8, 2007 5:49am
Quoting joecgoodman
Can you share your reasons for a short bias on cable right now with a 2.000 target by month's end?
I believe we will hit a trend reversal soon due to the rate cuts and strong equity markets in the US, and the fact that the dollar is at all time lows. I tend to sell when we are overbought and buy when we are oversold. Right now, the dollar is oversold by all measures, and even if I am wrong about this month, there will be dollar strength soon.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #9
  • Edited Oct 16, 2007 9:20am Oct 9, 2007 9:08pm | Edited Oct 16, 2007 9:20am
An non-ideal pinbar formation on GBPUSD daily. No similar action on euro, but hey, euro has been kicking cable butt lately so it's time it gave some back.

I choose not to trade this bad boy because the "nose" is not clearly below other supports and that generally speaks of very choppy action. Instead, the H4 gave a much more comfortable buy indication earlier with a nice wedgie

I closed now at the 61.8 fib of the previous, which itself was a 61.8 fib. Have you eaten your fibs today? The national health association recommends at least 2 intakes of fib levels for a healthy, balanced diet. And if you're pregnant, remember to take one for the baby!

I think there will either be a breakout to 2.0477 then down or a big move down right now. Either way the bears are out. That smell is bull cojones, cooking for dinner.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #10
  • Oct 9, 2007 9:15pm Oct 9, 2007 9:15pm
Re {old} Sig... I guess. It's all about "Who Am I?" until you know.

"And we got to get ourselves back to the Garden..."

Minimal I see is a Dbl Top Challenge.
Pesonally I think it will break beyond.
  • #11
  • Oct 12, 2007 7:34am Oct 12, 2007 7:34am
well i guess it is stalemate for today as bulls fear the exhaustion and bears fear the pinbars
100% of traders are losers. Just that some win more than they lose!
  • #12
  • Edited Oct 16, 2007 9:20am Oct 15, 2007 8:28pm | Edited Oct 16, 2007 9:20am
Well, my beautiful channels are telling me stories and I need to share:

In short, EURUSD seems to be heading lower after deviating from some medium-term means, and GBPUSD is probably going to follow suit, now showing toppish formation with similar shapes. Opinions?
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #13
  • Oct 16, 2007 5:40am Oct 16, 2007 5:40am
Well, your opinions don't matter now, you lazy dumdums, because both trades were correct and are in heavy green. Check your charts to see how it played out.

And Good luck.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #14
  • Oct 16, 2007 6:30am Oct 16, 2007 6:30am
Quoting Plutonite
Well, your opinions don't matter now, you lazy dumdums, because both trades were correct and are in heavy green. Check your charts to see how it played out.

And Good luck.
Very, very nice call, Plutonite!
  • #15
  • Oct 16, 2007 9:10am Oct 16, 2007 9:10am
Thanks. You have to be fast in responding to these, it's 500 pips or nothing
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #16
  • Oct 16, 2007 9:45am Oct 16, 2007 9:45am
What's next on the plate Mr. Plutonite? lol
Trade what you see, not what you think.
  • #17
  • Oct 16, 2007 10:15am Oct 16, 2007 10:15am
Quoting karmostaji
What's next on the plate Mr. Plutonite? lol
Sweet, sweet dessert. I'm holding on to the shorts for now, and possibly opening a newcomer due to bullish pinbars on the H4 Good luck.
Attached Image (click to enlarge)
Click to Enlarge Name: shot2.gif Size: 28 KB
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #18
  • Oct 16, 2007 7:33pm Oct 16, 2007 7:33pm
Oh well, above trade was crushed, was wise to take whatever little profits (if you call 30 pips a "profit") before US news. IMHO anything to do with housing these days is like a bomb in the trading pits.

Now waiting patiently for Euro to break out of it's disgusting range and fall. Good luck.
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #19
  • Oct 18, 2007 12:44pm Oct 18, 2007 12:44pm
Hello
Attached Image (click to enlarge)
Click to Enlarge Name: shot2.gif Size: 33 KB
Virtue finds and chooses the mean. Aristotle, Ethica Nichomachea
  • #20
  • Oct 18, 2007 4:14pm Oct 18, 2007 4:14pm
Quoting Plutonite
Hello
I think I need 1,000 words.

Are you comparing the Beginning of your Scr Sht with the End suggesting a 200 pip breakout to the upside?

Or

Are you saying it must fall from here?
0 traders viewing now