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Thread: GBP/USD Daily Chart Reviews

  1. #101
    BigPippin's Avatar
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    Default October 18, 2012

    The weekly open was holding strongly until we hit the afternoon portion of the New York session when sellers hit the market with force! GBP/USD eventually dropped a solid 70 pips before settling at the 1.6050 level.


  2. #102
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    Default 88.6% fibo

    I have been posting recently on the 88.6% fibonacci retracement level. It is a less common number than the widely used retracement levels of 38.2%, 50.0% and 61.8%. Nonetheless, this 88.6% holds a better risk/reward ratio. For GBPUSD, last friday's downward move retraces near to the 88.6% of 1.6000.
    If there are no significant gaps on monday opening, i am planning to go long. Stop loss is below the previous swing low of 1.5975.

    Long near 1.6000-10
    Stop loss below 1.5750-60
    First target profit 1.6100
    Second target profit 1.6180

    Trading is a mind game

  3. #103
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    Default October 19, 2012

    Another day of consolidation then a break lower during the NY session! Those triple zeroes at 1.6000 held pretty well though!


  4. #104
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    Default October 22, 2012

    If you were courageous enough to take that bullish divergence signal early in the Tokyo session, you could have earned yourself a smooth 50 pips!


  5. #105
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    Default October 23, 2012

    The first half of the day was absolutely boring, but then risk aversion kicked in and took GBP/USD down for a sharp drop! Playing the break of 1.6000 would've turned out to be an day trade.

    Last edited by BigPippin; 10-24-2012 at 12:27 AM.

  6. #106
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    Default October 24, 2012

    Hopping on the retest of the daily open would have been the only way to catch the smooth 100-pip rally during the London session!


  7. #107
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    Default October 25, 2012

    We saw a nice little breakout above the PDH in the Tokyo session that extended well into the New York session thanks to UK's better-than-expected GDP report. That move alone was worth about 90 pips, son!


  8. #108
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    Default October 26, 2012

    Pretty quiet day for Cable, as the pair pretty much stuck within range. Scalpers could have made a killin' playing that 1.6100 level though!


  9. #109
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    Default October 29, 2012

    All we saw on GBP/USD was a slow and gentle slide that began at the day's opening price and didn't end until the end of the New York sesh.


  10. #110
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    Default October 30, 2012

    Pretty quiet day for Cable, as we barely got any reports, not to mention U.S. traders were out thanks to intense rains. I hope all my homies are safe!


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