GBP/USD 5min setups

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Old Nov 9, 2010, 1:56pm   #365
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Re: GBP/USD 5min setups

ChowClown started this thread ...EU - looking left and we're now at yesterday's key supply level, interesting area to watch and see which way it breaks.

Edit: 14:24 - now at the previous supply level to the last one, so will be interesting to see if this kicks in and fulfills the right shoulder of the H&S pattern developing.

Edit: 15:13 - bulls have it for now, so looking for a long to initially target supply @70-75.
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Last edited by ChowClown; Nov 9, 2010 at 3:18pm.
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Old Nov 9, 2010, 3:23pm   #366
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Re: GBP/USD 5min setups

ChowClown started this thread ...just spotted the fib setup on EU too (for a short), respected 50 and then 61.8 quite nicely before backing off...juicy targets around demand levels c3850...so with this in mind now looking for a pullback to short from, need to leave office around 430 though so might have to pass up the opp as not comfortable leaving ....just noticed the break down!
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Last edited by ChowClown; Nov 9, 2010 at 3:34pm.
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Old Nov 9, 2010, 3:36pm   #367
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Re: GBP/USD 5min setups

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Originally Posted by ChowClown View Post
...just spotted the fib setup on EU too (for a short), respected 50 and then 61.8 quite nicely before backing off...juicy targets around demand levels c3850...so with this in mind now looking for a pullback to short from, need to leave office around 430 though so might have to pass up the opp as not comfortable leaving ....just noticed the break down!
Watch what happens @ the 138.2 extension of this move...
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Old Nov 9, 2010, 3:40pm   #368
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Re: GBP/USD 5min setups

ChowClown started this thread
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Originally Posted by ChowClown View Post
...EU - looking left and we're now at yesterday's key supply level, interesting area to watch and see which way it breaks.
Gives confidence to short in this area as we're into yesterday's supply again.
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Old Nov 9, 2010, 3:45pm   #369
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Re: GBP/USD 5min setups

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Originally Posted by ChowClown View Post
Gives confidence to short in this area as we're into yesterday's supply again.
Will wait for the RN to break before shorting.
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Old Nov 9, 2010, 3:50pm   #370
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Re: GBP/USD 5min setups

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Originally Posted by ChowClown View Post
Watch what happens @ the 138.2 extension of this move...
came within a pip and bounced back, happens all the time and that's why 138.2 exts are excellent initial tgt levels imo.
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Old Nov 9, 2010, 4:09pm   #371
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Re: GBP/USD 5min setups

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Originally Posted by ChowClown View Post
Will wait for the RN to break before shorting.
Looks like i'm going to have to pass this one up...still waiting for the RN to give a confirmed break and need to leave at 430. Good luck if you're short already or still waiting. Until tomorrow
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