Cable Update (GBPUSD)

I'm Still on long. Waiting for the green light around 1.395 area to add another long position. Any one trade GBP/JPY ? Any comment about reversal ?

GBP USD outlook today: Retail sales release scheduled for today (3 hours). Could be a mover.

GBP USD levels to watch for price reaction: UPSIDE 4180 // DOWNSIDE 4040. 4040 VERY STRONG support, price unlikely to drop below this level at least for today.
Possible low risk strategy - weak support @ 4084 break out enter SHORT trade TP 4040 SL @ open.

Alternatively (low probability) - if we break above 4140 LONG trade TP 4180 SL @ open.

Yes, 1.4050 - 1.4040 will be a strong support for today. Since the crowed is still long, we can expect more drop to year low. On the other hand Easter holidays will make the picture bright for short trades. BUT watch on reversal. GOOD LUCK !!!

I don't see a meaningful reversal until 3950, USD is strong currently. Taking AU/NU/EU/GU down.

I'm actually seeing some support for AU for this current level...... doesn't look very bearish.

Not sure how will that translate in terms of GU, since AU didn't drop as much this week.

YES. 1.3950 area is the most comfortable to go LONG with solid base

Seems like temporary bottom is being formed, closed @ 1.4090

#9 Trade Setup

Hey Guys,

Had me a good run on my last trade and closed in 158 PIPS. Expected it to bounce of 1.4250 but momentum was strong and it ran further.

One HL was formed, Speed was slowing down as shown by the EMA 21/55 (Blue/Brown) so I was expecting a new uptrend. Only what I am seeing now is the 78,6% fib line has been broken, momentum was strong. Price moved back below EMA 21/55. My bias is still set to long since my strategy requires also a new LL to be formed to change my perspective.

The two (EMA and FIB 78,6%) are signs of a continuation downward so I will lower my risk (to 1%) and my T/P to trade long, I could be trading a retracement and I prefer to trade with the trend.
Since 1.4040 is a major Support I'm expecting a move up from there.
This could possibly be a head shoulder pattern to be formed on the H4.

I'm still setting up my trade because I need confirmation of the EMA 5 / SMA 8 to turn momentum upward.

I'm always looking for setups that give me a minimum RISK/REWARD of 1:2.
My estimate is I will trade long around 1.41375 with a stop loss below the last candle (70PIPS 1.40675) and a T/P around 1.42775 (140PIPS). Still thinking about letting some to run.

GBP/USD Outlook Update 24/03/2016

1. Trend D (EMA 200) - DOWN
2. Speed D (EMA 55 / EMA 21) - DOWN
3. Momentum D (SMA 8/EMA 5) - DOWN
4. Momentum H4 (SMA 8/EMA 5) - DOWN

1. Bias D/H4 (EMA 55/21, High and Low, Trendline) - LONG
2. Risk (Fib 78,6%) - 1%
3. Entry H4 (SMA 8/EMA 5, RSI) - WAIT

Happy trading,

Thanks L been reading up see what your all up to holding the short hedge until 100 and 200 emas cross to tp and add a long at the same time, regards B

just leave you with my view gl regards E

the above chart is a total mess imo. not sure what yous trying to say.

I guess what yous trying to say is that current support is weak, I can also see that. If we break first support likely next target is 3960 which is 786 ratio of the up swing.
I'd expect pound to catch some bid @ that area.

anyone going long before news? Looks like GU caught some bid. Also looks like EURGBP is topping out on H4.

I know correlation is not working anymore but USDCAD is topping too. So maybe some USD fresh selling?

correlation still working for instance on AU and GU, GU sold off hard, so AU probably will have to catch up soon, one possible strategy is once GU lands on decent support, go LONG GU and SHORT AU at the same time arbitrage to close the gap. However, I don't see that GU is currently @ strong support, my take we need to test 3960 before we could turn higher on GU.

I guess market take on retail sales is still negative, since last print was 2.3% getting a negative 0.4 is not that exciting at all, overall looks like GU selling is not done yet.

4090(ish) area looks like resistance to me.
Don't think we will retest the TL this week

Going long above 1.4085 up to 1.4145 due to a potential double bottom on the daily and 4H chart.

down a bit before up again.imho

position stats for GBPUSD

http://www.forexfactory.com/trades.p...ions-details=1