Cable Update (GBPUSD)

you'll also like this from daily.

I can only say: buy dips, don't short sell this machine.

Area around week pivot 4220-30 will act as support now, since it's flipped from resistance to support now. Good area to buy dips if we get there also.
potential trade setup LONG 4220-30 area SL 4190 TP 4380. should be good this week.

Would you be kind to share a link with this economic calendar? Or the name. Thank you.

#10 Trade Setup

Hey guys,

I missed the entry on my last trade setup since I haven't been at my computer, would have been in the greens.
Market moved as I expected.

Trade Setup #10 (No entry)
http://www.forexfactory.com/showthre...16#post8835816

My bias will change to short if price makes a new Lower High on the D Chart.
Since the daily trend, speed and momentum are down the trade will be with the trend so risk percentage will go up to 3%.

For now I have placed a sell stop below the 23.6 fib line @ 1.42283. With an S/L above the 38.2 fib line @ 1.42346 (-75PIPS).
Since we are trading with the trend I will use fibE 61.8 @ 1.40096 (+150PIPS) and S/R line @ 1.38596 (+300PIPS) for the T/P.

This gives me a trade setup with a Risk/Reward > 1 : 2.

Sell stop is below SMA 8 so this is where I expect EMA 5 to cross SMA 8 and have an entry signal. If price moves higher I will also adjust my setup.
Rsi isn't overbought yet.


Outlook update GBP/USD 28/03/2016

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) - UP

1. Bias D/H4 (EMA 55/21, High and Low) - LONG
2. Entry H4 (SMA 8/EMA 5, RSI) - WAIT

http://www.myfxbook.com/forex-economic-calendar

preffered EW scenario on H4 GBP USD. We are in a flat correction pattern currently, minor wave c in progress should be complete @ or close to 4340.
Once we reach 4340 complete minor c wave (c) to push prices lower into 3960 region. Once wave (c) is complete uptrend in GBPUSD should resume in wave ((c)) this should send GBP USD waaay past 4500 mark.

get ready to buy dips.

long cable 1.4241 target 1.4310 SL 1.4210
Probably by tomorrow

Agree.

My long setup

you entered too early check out H4 candle

Its pending. Not in yet. Looking for pullback as screeenshot suggests

I concur with you. I am waiting in the same area.

depending on where the next H4 closes we might not get any dip at all beyond what's already in, 4220 is resistance turn support now.
I don't see trading much lower than 4210-20 area at all, it's setting up in an upside flag breakout pattern. It's not cooked yet though.

pretty much same pattern is on now.

nice chart Doc. )))

meanwhile dollar is getting slaughtered dollar weakness could be a reason we don't get any dip in GBP USD.

My chart and reasoning behind it.

gu's not going to 4180 before it does 4340 forget it.