GBP/USD Live trades only!

Ok guys let's start rolling. Will be posting only live trades on GBP USD in this thread. Purpose of this thread: get disciplined with my entries. Will not disclose my trading strategy. Here we go! Probably until Monday next week!

today's results peanut butter money x 2 live accounts (ctrader)

Ok live GU traders, here's my current take on GBP USD Daily chart. It's bullish invertes H&S pattern.

GBP USD EW review, waves pointing higher, as well as the inverted H&S on daily! Strategy here: buy into dips now.

Trades in here will be posted primarily during london open +2-3 hours and prior to NY sessions (-2 hours).

I will be posting live trade setups daily or as I see fit, some trading sessions we skip due to ranging price action.

markets are moving fast. Although there's a potential H&D on daily chart GBP USD, we are hitting some solid resistance on GBP USD H4 chart, as could be seen below.

Guys here's my primary trade setup on GBP USD. Long @ or near 3960 SL is 60 points and TP1 is 4360.
This is a strong bullish cypher pattern in the making!

Hi guys how is it going? I know it's a GU only thread, but noticed a nice potential setup on EURJPY H4. I'd like to see EJ push higher still towards 128.20-60 area that watch for reversal SL 60 points and TP is 121.80 (almost 700 pips). I think the reason this trade got good potential is that USDJPY is heading towards 113.80 and once we hit that level UJ pretty much should sell off hard and proceed with the downtrend.

Definately worth watching next week.

Detailed outlook on GBP USD Daily.

The price is currently contained within downwards sloping pitchfork, however the price is sitting on a median line. Bias is still SHORT.
We have a sequence of lower lows and lower highs. This also is a bearish indication.

Having said that, please note that we could be in the process of making an inverted H&S pattern on GBP USD, which obviously would be VERY bullish.

The reversal point for the downtrend on GBP USD is 3960, which we could reach next week. Then we could look for price to confirm reversal - if we reverse @ 3960 than price will likely break the neckline above 4500 and next sensible target would be 5000.

Currently my take on GBP USD - look to short sell rallies, look to short sell upon breaking weak support levels.

I will post detailed entries every session next week on GBP USD, meanwhile prepare to short sell only. We don't buy into weak rallies, just don't make sense.
Direction right now is DOWN.

this is potential H&S pattern on GBP USD on daily chart. I'd like for price to confirm that by reversing @ 3960.

update EURGBP H4 wolfe wave short trade setup. Looking to short sell @ 162 extension @ 0.8000 TP is 7660 (340 pips). SL is 60 points.
This is a trade setup for next week.

trading summary and strategy for next week (GBP USD / EUR GBP / EUR JPY)

GBP USD - we are looking to short sell on break of weak support levels. Trades will be posted live next week.
EUR GBP - we are looking for a reversal trade in EURGBP wait for price to hit 0.8000 level then we SHORT SELL SL 60 points TP is 7660
EUR JPY - we are looking for a reversal trade in EURJPY wait for price to hit 128.20-60 area SHORT SELL SL 60 points TP is 121.80 (almost 700 pips).

Updated EURGBP monthly chart with a potential turning point highlighted. Looking to get short EUR GBP / long GBP USD next week.

final thoughts on GBP USD H4. We will likely push another time for 4180 on Monday than get flushed directly to 3960 maybe in 2 trading sessions, however once we reach 3960 GBP USD will reverse initial target on upside is 4240.

Nice analysis mine is very similar with a speculative H and S and speculative fork

just to reinforce the case that EURGBP is going higher still, here's a look @ EUR USD H4 chart.

Worth noting that price fits well within upwards sloping channel and currently setting up in a bullish flag pattern above 50% of the latest up swing on EUR USD.
1120-40 area acting as strong support now.

Good chance we will be seing 1.1400 next week on EUR USD, once price breaks that flag.

Also notice how price was going down within this flag minor channel and right now it's flattened out and pretty much sits on support.
I'd say very good chance this will be taken higher, therefore EURGBP also goes UP next week.

exactly, my take is that right shoulder could come in lower, and therefore make the pattern actually stronger.

Finally, I'd like to see price touch that line on the chart and confirm bullish cypher formation on H4 @ or close to 3940-60.

Until I see a clean break above 4140-4160 and a decent tall green candle close on H4 my preffered scenario is more downside on GU.

bottomline is that I will trade GU based on what I see on the chart in the trading session, I'm not going to short sell it just because "there is this and that imaginery pattern on the chart".

here's a sample trade I took on GU last week, just to give you an example of my intraday trading on GU.
23/03/2016 GU was already trending downwards, daily open below daily pivot, price action was VERY weak.

So we use previous day's candles to plot support levels for today, which is the orange block on the chart.
Once we have M30 candle close below this weak support we initiate a short trade.

Generally my TP levels are 40/80/120 points on GBP USD and I close all trades before day end, since trades are intraday.

One more important thing, I'm using default RSI, however the way I use RSI is slightly different, I have trigger levels, which are 50-55, when price is below
that level it's considered bearish, when prices crosses above price action turns to bullish. That's the only way I use RSI, no overbough/oversold BS, it's bunk.

Also RSI 50-55 is a great tool to aid you in taking profit on your trades. Basically once RSI turns from bullish to bearish and vice versa you close your trade.
Either that or just use plain TP levels - I'm using 40/80/120 based on 160 pips average day range on GU. I don't want to stretch trades beyond 80% of ADR.

Hope this helps. Other indicators not much really, I just use daily pivot and that's all to it. I plot support resistance manually via zones, not lines and only use previous day to plot support and resistance. Market does have memory but mostly it's short term.

here's another example where RSI 50-55 will improve your trade strategy winning odds.

Also note that once the trendline was broken on M30 charts and RSI crossed below 50-55 we had a signal to short sell. Which was a very good entry.