GBP/USD 123's

[forexkunta]

Just so you know, Elliott Wave counts as this is the beginning of a wave 3 down. Something you MUST be in as it drops. It should draw Cable in the 1.4000's over the coming weeks.
This is not my forecast, of course, but EW international.
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I completely agree! The short trade is setting up. Notice price closed under the 89 Fib Ext. The probability of it going to the 144 is very high. My highest probability setup is if price now retraces to the 55 channel on the 60 min chart (yellow or blue line).

Ideally I'd like to see price go right to the blue line and fail on Sunday night and then London will open and price falls off a cliff.

 

[Pipmaster1]

You very could be right, that is a big move thought 1,000-2000 pips! Either way I need to wait for a retrace back up before I jump in short, otherwise my stop would be way too big. Gotta wait for my trigger. I hope you're right...after I get my trace of course! LOL

 

[forexkunta]

U should be getting happier by the minute.

You very could be right, that is a big move thought 1,000-2000 pips! Either way I need to wait for a retrace back up before I jump in short, otherwise my stop would be way too big. Gotta wait for my trigger. I hope you're right...after I get my trace of course! LOL

 

[forexkunta]

Here is a setup that you like on G/J. I just couldn't help my self and took it. It is on the 4H t/f, but for 336 possible pips, I couldn't resist.

 

[Pipmaster1]

Very nice forexkunta! I jumped in the GU a hour or so ago. Looks like I jumped the gun a little be. Hope it just crashes!

 

[forexkunta]

From what I am seeing in the wavecounts, Cable needs to push up to around 1.5920 before we could call this move up complete. It won't be long before I jump on the short as well. I am figuring on about another 25 pips on the long trade before I reverse. And when that happens, I will also take a short position on E/U to complement Cable. Both are primed for a major drop.

Very nice forexkunta! I jumped in the GU a hour or so ago. Looks like I jumped the gun a little be. Hope it just crashes!

 

[forexkunta]

Good luck on the short! :clover: I just placed a take profit on my long at 1.5919, and then a sell limit at 1.5920. Just have to wait and see at this point.

 

[Pipmaster1]

Good luck on the short! :clover: I just placed a take profit on my long at 1.5919, and then a sell limit at 1.5920. Just have to wait and see at this point.

Holy Crap, you sure called that one. London opened and price was a freaking missile right to my stop. Even the 4 hour chart looked promising, I was up about 15 pip or so at the London open too. Nice call.

 

[forexkunta]

That call was compliments of the Wave Principle. Unfortunately, I had my stop too tight and the pullback midway of the move up got me for a gain of about 14 pips, so I missed the missile shot. I did however, catch it on G/J, and am looking at a profit of about 116 pips at the moment. Since this was a trade that was triggered on the 4H t/f, I am looking at a much larger move up on G/J. It seems that futures at the moment may support that view as well.

Holy Crap, you sure called that one. London opened and price was a freaking missile right to my stop. Even the 4 hour chart looked promising, I was up about 15 pip or so at the London open too. Nice call.

 

[forexkunta]

Ok, I think it is time for the entry on Cable. The DOW has poked above the 61.8% retracement of the last week or so. I think that move is very close to being complete, and a new move lower should commence soon. Cable has consolidated over the last several hours, and I entered at 1.5933. Stop is tight at 40pips just in case of another small move up, which very well could happen. Time will tell

 

[Pipmaster1]

Well any thoughts as to where price is heading?? I am still waiting for the short trade but I am waiting around for a clear signal. Notice the Daily chart meeting with an older barrier back from last October, that does have a short feel to it. I wouldn't mind seeing the buyers push price to the 377Fib ext at 1.6237ish. I would certainly look to short there not really sure if price will go that high though...any thoughts???

 

[forexkunta]

Just wait for your signal. At this point. It will ultimately go short, but the wait seems to be maddening. I have been trading G/J, so movements have been more worth while. Here is my current setup. I am waiting for it to come to me, atm.

Well any thoughts as to where price is heading?? I am still waiting for the short trade but I am waiting around for a clear signal. Notice the Daily chart meeting with an older barrier back from last October, that does have a short feel to it. I wouldn't mind seeing the buyers push price to the 377Fib ext at 1.6237ish. I would certainly look to short there not really sure if price will go that high though...any thoughts???

 

[Pipmaster1]

Well I guess its a good thing I was patience and waited for clear signal...which I never got. I was a little surprised to see price jumped up again this morning. Hopefully I can get in before the end of the month. sadly I am down 1.7% for the month and I'd really rather not have a losing month! :clap:

 

[forexkunta]

Sometimes no trade is the best trade! Heard that before. Good job!

Well I guess its a good thing I was patience and waited for clear signal...which I never got. I was a little surprised to see price jumped up again this morning. Hopefully I can get in before the end of the month. sadly I am down 1.7% for the month and I'd really rather not have a losing month! :clap:

 

[Pipmaster1]

Don't see a 76.4% failure on the weekly chart like this very often. LOL, assuming this candle closes red.

 

[forexkunta]

I am betting it will. I just went short on the 4H. 1.6229

 

[Pipmaster1]

I am betting it will. I just went short on the 4H. 1.6229

Nice entry, I waited an extra 24 hours or so and didn't get any better price than you did! I broke my trade up into two orders. One at 1.6223 and the other at 1.6228. Sure would like to see this drop hard.

 

[forexkunta]

Looking nice so far!

Nice entry, I waited an extra 24 hours or so and didn't get any better price than you did! I broke my trade up into two orders. One at 1.6223 and the other at 1.6228. Sure would like to see this drop hard.

 

[Pipmaster1]

Took off the risk and locked in one pip. Not moving as fast as I... lol never does! :clap:

Silver is down -$0.43 this morning which is a good move in silver, so hopefully we'll see the dollar gain strength across the board.

 

[Pipmaster1]

Since I just removed all my risk I had stepped away from my charts for about 20 mins and came back and saw the buyers had made what looks like a last gasp. So I shorted another 6 lots using the same stop 1.6222. This added 1.35% of risk back on to the overall position. However depending on how price action acts and if it looks like it will dropped hard I'll ride this down to 1.6035 which is a 8% gain. Making this added position 6:1 R:R! As a little side note, notice the 4 hour chart how price went right to the old support trend line and found resistance!

This would over all make 31.69% or lose 1.35%, now that is a nice set up!!!