GBP/USD 5min setups

This is a discussion on GBP/USD 5min setups within the Trading Journals forums, part of the Reception category; EU - now short from 3948, entry and justification charts attached. Edit: 13:30 - 50% exit order in @3920. Edit: ...

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Old Nov 9, 2010, 2:17pm   #376
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Re: GBP/USD 5min setups

ChowClown started this thread EU - now short from 3948, entry and justification charts attached.

Edit: 13:30 - 50% exit order in @3920.
Edit: 13:35 - stops to b/e.
Edit: 13:39 - 50% order @20 filled. 0.5% locked in.
Edit: 13:43 - stops to 3928.
Edit: 13:44 - stops filled. 0.86% (wk: -1.89%, mth: -1.89%).
Attached Thumbnails
9th-nov-eu-1.png   9th-nov-eu-1a.png  
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Old Nov 9, 2010, 2:56pm   #377
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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.
Attached Thumbnails
9th-nov-eu-supply.png  
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Old Nov 9, 2010, 4:23pm   #378
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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!
Attached Thumbnails
9th-nov-eu-fib.png  
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Old Nov 9, 2010, 4:36pm   #379
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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, 4:40pm   #380
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Re: GBP/USD 5min setups

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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, 4:45pm   #381
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Re: GBP/USD 5min setups

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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, 4:50pm   #382
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Re: GBP/USD 5min setups

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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, 5:09pm   #383
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Re: GBP/USD 5min setups

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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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Old Nov 10, 2010, 10:24am   #384
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Re: GBP/USD 5min setups

ChowClown started this thread GU - currently short from 5986.5...GBP news @10:30 to bear in mind.
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Old Nov 10, 2010, 10:34am   #385
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Re: GBP/USD 5min setups

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GU - currently short from 5986.5...GBP news @10:30 to bear in mind.
Exited for a few pips, just not enough momentum to hold longer in the face of inflation report. Will wait now until after news.
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Old Nov 10, 2010, 11:28am   #386
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Re: GBP/USD 5min setups

ChowClown started this thread GU - key supply levels to bear in mind post 10:30 news.
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Old Nov 10, 2010, 11:38am   #387
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Re: GBP/USD 5min setups

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GU - key supply levels to bear in mind post 10:30 news.
GU - waiting for a decent long entry now, ideally want to see some conviction above the daily pivot >39 and in after a test...
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Old Nov 10, 2010, 11:56am   #388
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Re: GBP/USD 5min setups

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GU - waiting for a decent long entry now, ideally want to see some conviction above the daily pivot >39 and in after a test...
Looking to long from 67ish, will use market rather than buy stop. Will track buy entry down though as price is likely to retrace further before next leg, just need to be flexible and go with what's offered.
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Old Nov 10, 2010, 12:05pm   #389
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Re: GBP/USD 5min setups

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Looking to long from 67ish, will use market rather than buy stop. Will track buy entry down though as price is likely to retrace further before next leg, just need to be flexible and go with what's offered.
...nice tap of the pivot and looking for a long around 58/9 now.
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Old Nov 10, 2010, 12:07pm   #390
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Re: GBP/USD 5min setups

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...nice tap of the pivot and looking for a long around 58/9 now.
58.7 filled and 138.2 ext tgt @98 which would be nice, on the way up to that key supply zone around 6150.....i can dream
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