GBPUSD

different view using longer time frame

How can you know where, if at all, price will retrace to? there is one principle in trading that says: "trade what it's actually happening, not what you think will happen".

That is why I dont trade counter-trend. I only enter upon a confirmed trend bouce. But then again I am a very conservative trader.

I wouldn't consider a move for several hundred pips in one direction merely a counter-trend, but of course it depends on your point of view.

Often price will retrace to that zone..... not always..... is a target only..

we can only trade what the market gives us..... and no forecast is valid once it is invalidated.....

however, stochs confirm direction, at this point.....

I have not looked at tonights trading to see what is occuring. so I may already be completely out to lunch.....

I was just posting an alternative.......

Have a Great and Prosperous New Year Everyone...!!!!!!!

Are those fib lines blaiserboy?

YeP Fib Lines

In a couple days I will post again, a little more detail

Have a Happy New Year.........!!!!!!!!


dave

Anyone agree with me that GBP will go to about 1.6970 by Jan 1 2006?

Hi,
I am a almost exclusive GBP/USD trader......sometimes trade USD/JPY. looking forward to 2006.........I dont have any formulas or ideas as to the GBP direction, as I trade the lazy mans way just following MA's RSI's and levels.
Having more success trading on hourly signals these days, rather than 5 mins as before
Anyway Happy New year to all
AuzzieM

I am wondering if we are going to see a reversal start.........

http://charts.dacharts.com/2005-12-31/DaveM8.png

Happy and Prosperous New Year everyone........

Hi niceguy777, I have a weekly S2 level posted on 1.6970 and that is one of the numbers I'm watching for.


Cheers !

I'm still wondering if it will go that low, but after that I think we're in for a pretty big reversal. The next few days should let us know!

Wow....glad I'm out of this one...looks like shorts got kicked in the pants today....as did longs in usd/jpy.....

Finally a break out to the top. First target is 1.7747 and maybe even 1.7800.

http://www.forexfactory.com/forexfor...tid=2833&stc=1

If you used Merlin's 30min strategy to play NFP you'd be up 50pips by now. I used a 5min strategy I learnt from someone else and am up 90 pips already.

http://www.forexfactory.com/forexfor...tid=2834&stc=1

Merlin,
I can't find the thread with your NFP strategy. Did you delete it?

double top

Although I was short, I didn't notice the double top.

Thanx
Habeeb

anyone getting ready to short gbpusd? seems like it's up against a pretty solid trendline on the dailies....

http://www.myfxjournal.com/resserver...pusd011806.jpg

looks like images do not appear in threads.....going to retry as an attachment

Just waiting for a good time to enter short. Maybe around the 1.7700/70 area. Top area of current range and down trendline. Do you see other good entry points?