Attachments: GBP/USD outlook

GBP/USD outlook

#181
Jun 7, 2012 4:05pm Jun 7, 2012 4:05pm

Ill-b-back
Joined May 2011 | Status: Get to the Chopper | 17,905 Posts

Judging by this momentum on the different timeframes and assuming we reach the 38.2 retrace at 5959, then a trading range between 5959 (very strong resistance)and 5418 (roughly last weeks NFP news highs and 61.8 retrace down and support), may develop until next QE news from either Britain or the US.

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#182
Jun 7, 2012 4:20pm Jun 7, 2012 4:20pm

Ill-b-back
Joined May 2011 | Status: Get to the Chopper | 17,905 Posts

A trading plan for Friday.
We are currently retesting support at the presumed 38.2 retrace.
If we move back up (and get a 1hr or 4hr close) above the presumed 23.6 retrace at 5565, then I will likely open a very small buy targetting the bullish 38.2 retrace at 5659.
I will be a very small position just out of curiosity to test yet another trading method.

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#183
Jun 7, 2012 4:25pm Jun 7, 2012 4:25pm

Ill-b-back
Joined May 2011 | Status: Get to the Chopper | 17,905 Posts

Quoting Ill-b-back

Disliked

A trading plan for Friday.
We are currently retesting support at the presumed 38.2 retrace.
If we move back up (and get a 1hr or 4hr close) above the presumed 23.6 retrace at 5565, then I will likely open a very small buy targetting the bullish 38.2 retrace at 5659.
I will be a very small position just out of curiosity to test yet another trading method.

Ignored

Resistance at 5627 will be my first target

Come with me if you want to live....

#184
Jun 7, 2012 4:33pm Jun 7, 2012 4:33pm

Ill-b-back
Joined May 2011 | Status: Get to the Chopper | 17,905 Posts

Currently retesting the broken TL.
Late for work...
by by

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#185
Jun 7, 2012 4:42pm Jun 7, 2012 4:42pm

Ill-b-back
Joined May 2011 | Status: Get to the Chopper | 17,905 Posts

Ok last chart I promise.

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#186
Jun 8, 2012 2:12am Jun 8, 2012 2:12am

Ill-b-back
Joined May 2011 | Status: Get to the Chopper | 17,905 Posts

Not trading today, nothing looks good. In fact it looks crap.
Have a great weekend everyone

Come with me if you want to live....

#187
Jun 8, 2012 3:32am Jun 8, 2012 3:32am

eliteincome
| Joined Aug 2011 | Status: Trader | 2,640 Posts

Man up down caught out with the longs,
closed them out,should have hedged.
Hedged now an will hold until I can figure out what is going on.

Pissed off with my self

Man I bet lot of people are losing shit loads

Still I trade small so I can only lose a small amount

All good but not this week

#188
Jun 8, 2012 3:37am Jun 8, 2012 3:37am

Ill-b-back
Joined May 2011 | Status: Get to the Chopper | 17,905 Posts

Quoting eliteincome

Disliked

Man up down caught out with the longs,
closed them out,should have hedged.
Hedged now an will hold until I can figure out what is going on.

Pissed off with my self

Man I bet lot of people are losing shit loads

Still I trade small so I can only lose a small amount

All good but not this week

Ignored

Hey Elite,
Sorry to hear that mate, it's been a tough market this week but reading fibs makes it easier.
I'm just considering a small buy order here bro and add in if by some miracle we break the upper TL but not decided yet.
VERY SMALL ORDER THOUGH AS ONLY CURIOUS. I've more than made my pips this week.
Take care bro.

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#189
Jun 8, 2012 3:46am Jun 8, 2012 3:46am

Ill-b-back
Joined May 2011 | Status: Get to the Chopper | 17,905 Posts

Thankyou BBKing for reminding me of the blue TL

But I agree, the bearish slope is VERY steep.
Will wait for GBP news...

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#190
Jun 8, 2012 3:52am Jun 8, 2012 3:52am

Ill-b-back
Joined May 2011 | Status: Get to the Chopper | 17,905 Posts

Woops, just realised GBP news been and gone and wasn't good.

Come with me if you want to live....

#191
Jun 8, 2012 5:27am Jun 8, 2012 5:27am

Ill-b-back
Joined May 2011 | Status: Get to the Chopper | 17,905 Posts

Perfect confluence on the 1 hr.
We had a big rise on Wed against last weeks bearish momentum and not as big a retrace on Thursday as I would have expected before the continued upmove to 56.

Are we seeing the overdue retrace now to the 61.8 Fib?
Time will tell...
5447 resistance in red
ps. Last hours buying pressure was encouraging

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#192
Jun 8, 2012 4:19pm Jun 8, 2012 4:19pm

Ill-b-back
Joined May 2011 | Status: Get to the Chopper | 17,905 Posts

Well, a pleasant end to the week, I woke up to see my 5424 entry took profit at the 15min 200 ema at 5465

Looking to next week, I see a potential trap forming.
We are around the 38.2 retrace (between 1.54-56) and are at some resistance. I still think we need to visit 1.5396 at the 61.8 retrace before potentially moving higher since Cable is usually so precise with its moves. If this plays out, this will break today's swing low and some traders may short the break.
Depending on PA and observed buying pressure if we visit this area, I may open a long position and monitor.
Of course, if it continues south, then it is I that has created a trap for myself

Have a great weekend everyone

Come with me if you want to live....

#193
Jun 9, 2012 4:07am Jun 9, 2012 4:07am

Ill-b-back
Joined May 2011 | Status: Get to the Chopper | 17,905 Posts

She looks as rough as guts I agree, but I'm pretty sure it's legit.
If we can close above another couple of levels, then my next 2 targets come into play.

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