GBP/USD 123's

[Pipmaster1]

I went long the GU this morning. This is not the highest probability set up I trade so I only risked 2% on this trade. Price seemed have found a support level around the 1.5635 level. Ideally I would like to see price close over the 89 FIB Extension line ( 1.5753) and then give a good retrace. I will likely get in again on that retrace if I get my setup.

 

[Pipmaster1]

I opened my charts this morning to see that price went straight up and hit my limit. The only bad thing about this trade was price has gone too far for me to get in with a bigger position on a retrace. This trade made 4.7% with a 2.4:1 R:R.

 

[Pipmaster1]

I went short yesterday afternoon in the GBP/USD. I am only up a little at the moment, looks like the buyers still could push price up. Silver, however is down $0.61, so the dollar is has some strength today!

 

[Pipmaster1]

I was stopped out lastnight by 6 pips. Ended up being only a 1.46% loss. But it ended my 7 trade winning streak. If price still wants to come down I'll wait for a close under the 89 FIB extension, and a retrace before I go short. I won't think the sellers are in control until we get under that 89...

 

[Mornington Crescent]

we got another of those candles today

 

[Pipmaster1]

I decided to jump back in short. This may turn out to be a bad decision, seems like price wants to fall. Worth the risk.

 

[Pipmaster1]

Wow thats lames, two in a row. Had my stop at 1.5890 and the high was 1.5890...stopped out by 4 pips!

 

[Mornington Crescent]

yesterdays candle was confirmed with lower high this morning

 

[Pipmaster1]

Went long the GU earlier this afternoon. Took a few snapshots, this is a low probability and low risk trade. Looking for another buy signal if is continues moving up.

 

[doyleyuk]

Hi I think the GU is going to go down ????Its broken the last swing low ???

 

[forexkunta]

Yep it did break the swing low, which was a wave 3 down, and the break was a wave 5, so a move back up to the 1.5961ish area is very likely. I think PM is going to make his targets with no problem.

Hi I think the GU is going to go down ????Its broken the last swing low ???

 

[forexkunta]

Hey Paul, been a while

 

[Pipmaster1]

Hello Traders!

I could certainly see the down trend in the 4 hour chart to continue, however I see a retrace up could easily happening as well, hence why I'm long.

At the same time I could still price walking up the 4hr trend line. I trade off the 60 min and 30 min, the 4 hour is only confirmation. But look at the bounce off the trend line on the 4 hour!

I have locked in 2 pips of profit since I seen that Ben Bernanke is speaking tomorrow night, it's is likely that the Dollar could gain some temporary strength and stop me out after his speech.

 

[Pipmaster1]

So price has moved up nicely. I have pushed my original limit a little further out. That limit was somewhat of a guess just to get it close. Now that price is moving that limit was right at the 89 Fib Ext, I would like to see price close over the 89 Fib Ext and then retrace giving me the high probability buy signal.

Depending on what price action is like around the 89 Fib Ext I may just exit the trade, or at least exit half of the position if price is struggling to close over the 89 Fib Ext.

 

[forexkunta]

3:32GMT and we are only 31 pips from that target of 1.5961

Yep it did break the swing low, which was a wave 3 down, and the break was a wave 5, so a move back up to the 1.5961ish area is very likely. I think PM is going to make his targets with no problem.

 

[Pipmaster1]

yep! getting closer, I really hope to see a close over the 1.5954 price level, on a 30 min candle. I am currently up 100 pips

 

[Pipmaster1]

Was stopped out with 36 pips and 1.36% profit. I crowded my stopped a little too tight it looks like. Price at least for the moment looks like its could continue up. Look at the bounce on the 30 min chart at the 61.8%, only stopped me out by 8 pips.

 

[Pipmaster1]

Look at this range price is stuck in for the last month. Do not like ranges! LOL

 

[forexkunta]

Looks a little like a head and shoulders top. Downside could be a massively good trade! And it is already breaking!

Look at this range price is stuck in for the last month. Do not like ranges! LOL

 

[Pipmaster1]

Look at this range price is stuck in for the last month. Do not like ranges! LOL

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.