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Golden Levels: GBP/USD

  • #1
  • First Post: Edited Jun 25, 2016 4:33pm Jun 19, 2016 7:55pm | Edited Jun 25, 2016 4:33pm
Golden Levels: GBP/USD

This is thread is for posting golden level chart setups for GBP/USD only.

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Why trade from golden S/R levels?

1. No need to predict. Predicting what the market will do consistently over time is, time taking, stressful and unnecessary.
2. Faster compounding by trading from the best price levels, with a high R:R (Risk:Reward ratio) and high win % rate.
3. Predictable income stream by closing trades for a reasonable R:R (not too low, not too high) and not relying on trends.
4. Less stress: Since our trading is centered around finding specific price levels to trade from, we wait for the market to come to us, not the other way around.
5. Less monitoring the market: Because we define price level to trade from ahead of time, we can use limit orders and/or price alerts.


What are golden levels?

Golden levels are S/R (support/resistance) levels that are more reliable and better priced than most S/R levels. They are found deep within price ranges and are defined by many highs and lows on multiple time frames. An example:

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Another recent example in oil. Note how trading from the highs of the range would have resulted in a loss. Trading from levels that exist deeper in a range and are respected by price form the long and short side are stronger and result in more profit!

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  • #2
  • Jun 20, 2016 6:10am Jun 20, 2016 6:10am
GBPUSD found resistance at 1.4670 level which looks like a major GL candidate for me.
Confluence: Both daily EMA and MA 200 in the area, Fib-50 from last major leg down measured from Nov-2015 (Fib-38.2 is close too, if measured from Jun-2015)
Murrey important resistance 8/8 is here too.

1.4565 is 2015 year low, it was broken today and market might retrace to test it again, check on M5 chart how it was respected on the way up. This level may be a good entry to go long with TP in the above mentioned zone at 1.4650-60
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  • #3
  • Jun 20, 2016 9:48am Jun 20, 2016 9:48am
Quoting factlover
GBPUSD found resistance at 1.4670 level which looks like a major GL candidate for me. Confluence: Both daily EMA and MA 200 in the area, Fib-50 from last major leg down measured from Nov-2015 (Fib-38.2 is close too, if measured from Jun-2015) Murrey important resistance 8/8 is here too. 1.4565 is 2015 year low, it was broken today and market might retrace to test it again, check on M5 chart how it was respected on the way up. This level may be a good entry to go long with TP in the above mentioned zone at 1.4650-60 {image} {image} {image}

The fears of the brexit are subsiding, causing a nice trend. These were good levels (for scalps) and have slowed price momentum into a drift after the spike. There are some level up ahead for shorts.

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Good long term charts, by the way, showing that we are at the upper extreme of the range and price is facing the 200 daily MAs.
  • #4
  • Jun 20, 2016 11:03am Jun 20, 2016 11:03am
Quoting Quinton
{quote} The fears of the brexit are subsiding, causing a nice trend. These were good levels (for scalps) and have slowed price momentum into a drift after the spike. There are some level up ahead for shorts. {image} Good long term charts, by the way, showing that we are at the upper extreme of the range and price is facing the 200 daily MAs.

Entry target hit @ 1.4700. Of course since price is entering back into the recent price range, the short has to be managed until it clear the support zones. SL @ BE for now.

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  • #5
  • Jun 20, 2016 12:13pm Jun 20, 2016 12:13pm
Quoting Quinton
{quote} Entry target hit @ 1.4700. Of course since price is entering back into the recent price range, the short has to be managed until it clear the support zones. SL @ BE for now. {image}

Pressure built up by the spike and drift pattern definately released.

Finally broke down. Used the drop to close out at 100 pips.
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Q
  • #6
  • Edited 4:57pm Jun 21, 2016 9:08am | Edited 4:57pm
If the daily candle closes below the daily 200 MAs and 1.4700, I will look to reinitiate shorts from nearby levels as price is signaling that it may want to turn back into the range for a while.

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  • #7
  • Jun 21, 2016 4:15pm Jun 21, 2016 4:15pm
Quoting Quinton
If the daily candle closes below the daily 200 MAs and 1.4700, I will look to reinitiate shorts from nearby levels as price is signaling that it may want to turn back into the range for a while.
GBPUSD returned back below 1.4670 level. It doesn't look it'll go any high before brexit news...
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  • #8
  • Jun 22, 2016 6:44am Jun 22, 2016 6:44am
Quoting factlover
{quote} GBPUSD returned back below 1.4670 level. It doesn't look it'll go any high before brexit news... {image}

Indeed, that candle gave the green light for some nice scalps.

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At the moment I have no long entry target. Still testing the indicator before the release. These are the golden levels it dug up from the range. I used the highest one to exit the scalp.

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  • #9
  • Jun 28, 2016 8:32pm Jun 28, 2016 8:32pm
Unlike with some other pairs such as NZD/JPY, bargain buyers did not rush in to buy up GBP longs as vigorously after Brexit induced risk aversion calmed down. This is due to the fact that GBP itself was involved and traders were (and are) still worried about the long-term pressure on this pair. This hesitancy is clearly shown in the post-Brexit vote price action. If bargain hunting does materialize a good target entry would be from 1.4042 - 1.4089. The .50 fibonacci extension level created from the high and low, spanning the recent volatility, exists right between this short entry range.

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  • #10
  • Jul 6, 2016 9:24pm Jul 6, 2016 9:24pm
The pound has breached the initial lows around 1.3215 that were formed right after the drop after the Brexit news. The fact that this low was breached and did not act as support for a sustained rally, indicates that traders anticipate GBP to remain weak for some time. This creates an opportunity as previous support turns to resistance. A short entry should be positioned around 1.3215 - 1.3238. An even more conservative short position would be initiated at 1.3289. At least one of the 200 MAs on the hourly chart will confluence with one of these levels, providing additional resistance barriers to price.


Due to the overall oversold state of the pound, any short position from these levels should be held only over the short-term and not beyond the 1.2800 low.


http://www.streamhedge.com/viewchart...-7-7_GBPUSD_H1




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  • #11
  • Jul 15, 2016 1:57am Jul 15, 2016 1:57am
  •  Hpt
  • Joined Jun 2015 | Status: everybody trade at one`s own risk | 648 Posts
GBPUSD M30

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only my view
Hpt

not so much trafic in this "under" threads
from level to level - you need mental strength to reach the summit
  • #12
  • Jul 15, 2016 4:27am Jul 15, 2016 4:27am
I have come to the conclusion. That Brexit is good for UK. Think about it. GU narrow band is 133-135. GU broader band is 1.31 -1.39. For current level, 134.50. That's only 3.5 - 4% depreciation from 140 level. And that's excellent result.

From here, it will be choppy for GBP with upside to 1.36. then 1.38.
  • #13
  • Jul 15, 2016 5:32am Jul 15, 2016 5:32am
Quoting Hpt
GBPUSD M30 {image} only my view Hpt not so much trafic in this "under" threads

Quoting Hpt
GBPUSD M30 {image} only my view Hpt not so much trafic in this "under" threads

Hpt,

Good levels. I would add the following at 1.3900 due to heavy confluence factors.

Q

http://www.streamhedge.com/viewchart/DW21Kxn/2016-7-15_GBPUSD_H4




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  • #14
  • Jul 16, 2016 7:17am Jul 16, 2016 7:17am
I opened D1 GBP/USD chart and level around 1.40785 looks more clear and solid to me with 7 support, resistance touches. It doesn't have Fibo confluence and MA200 is still too high, but it depends whether the price gonna come up. Let's hope it will touch our levels successfully during the next few weeks.

and have a great weekend everyone!
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  • #15
  • Last Post: Oct 11, 2016 7:49pm Oct 11, 2016 7:49pm
there is no any reliable confirmed in the past levels in the current area, so I think some fitting with Fib numbers may work here.
Today's bounce was at Fib-200 from last leg up or post-brexit range boundaries, and that huge spike was to Fib-200 zone from Jun 2015 - Feb 2016 leg down and Fib-261 from post-brexit range boundaries
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