GBP/USD 5min setups

This is a discussion on GBP/USD 5min setups within the Trading Journals forums, part of the Reception category; Originally Posted by ChowClown ...just spotted the fib setup on EU too (for a short), respected 50 and then 61.8 ...

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Old Nov 9, 2010, 3:36pm   #379
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Re: GBP/USD 5min setups

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...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   #380
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Re: GBP/USD 5min setups

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...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   #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, 3:50pm   #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, 4:09pm   #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, 9:24am   #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, 9:34am   #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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