Join me on my trip through GBP/USD

[youngerprodigy]

After profiting from the end of the last daily uptrend from 4/17 to 4/27 (+124 pips), the short has been more than great to me, swing trading daily and riding the downtrend all the way down to currently (1.5786) and now decisions have to be made.


ENTRY:
looking at the current end of a downtrend, there was a bearsh signal which was combined with a macd crossover and a moving average crossover, uptrend possibly? check out the daily chart underneath


PROFITGOAL:
This chart with fibonacci retracement makes me hope it can't close past 50% for the start of what? a new bullish weeeeek heck yea boy.


So, I jumped the gun, I went ahead and went long at 1.5791 and will be day trading that if this uptrend is true and if this can close with a possible bullish signal not crossing fib or a decent doji possibly.


BTW. my stoploss is bottom of the potential doji, 1.5735, which happens to be the bullish signal i pointed out in the first chart which is literally the same, 1.5732

[granty123]

i hate to piss on your parade but im not so sure about next week being bullish. but i guess well find out next week. best of luck to you

[youngerprodigy]

hahah no no criticism is needed, if it doesnt close right, if fundamentals change I can change positions but people like you help me not get lost in confusion =D what are your thoughts on the GBP/USD?

[granty123]

look at the GBP/USD on the monthly chart and you might notice something

i think it will be bearish for another week.

[youngerprodigy]

Yes, but 7/15/11 had a swing low of 1.5778, wouldnt this act as a resistance point

[granty123]

yes there is resistance there but i think its just a bounce in the overall bearish trend.

[youngerprodigy]

bah yeah true, if there ends up being a bearish trend, how strong thing it'd be? because it did kind of just even out with the recent uptrend

[granty123]

its hard to say. itll be interesting to see how thing shape up next week

[youngerprodigy]

End of daily chart turned out well. Good hopes for this coming week.

[youngerprodigy]

breaking this 30 minute resistance should show a good bull run for tomorrow


if today (11pmish when i sleep) can end at 1.5850+ we should see a good run for tomorrow, 1.5865 is a 23.6% resistance for fibonacci so that is a resistance! good time to swing trade or whatever. we'll see.

Read more: [TW] 5-21-2012 Long GBP/USD By youngerprodigy