GBP/USD Trading

I was following gbp/usd last night and it was just right below resistance level @ .9785. This is a major resistance and the price has tested the line several times and then back down. It finally broke and in the upswing again. The next resistance level is around .9849 on 4H. It has tested this level a couple of times in the past. I am a little wary there but will maintain course.

Entered long @ 1.9791 +33 pips so far.:slight_smile:

Update 1:
We have a new active wave in the making. see attachment #2
+50 pips
yep I’m trendy and happy

Update 2:
Do you guys like rocky road? This is a major move and GBP is definitely on the rise. The road to 2.0 is going to be rocky. I heard that GBP has not entered this high territory since 1992 so look out.

Before I left this am for work I check my computer one more time and decided to move up my SL @ 1.9864 when I saw we are approaching another major resistance on the 1D chart. Lock in profits for now +73 pips.

Major Resistance Areas:
1.9921
2.0000



This long position got closed this morning. GBP turned back around and my SL got hit. End up with 73 pips in the bag. :slight_smile:

It would have been another good short opportunity after it turned around but I was at work. :mad:

I missed the early part of the downward move during london session but caught the price fib retracement level around 62% this am so I made my entry there.

short entry @ 1.9748 + 80 pips so far.

Final Update:
I closed this position when I got home from work . +70 pips gain.

Will wait for next entry opportunity.

Hi guys, I was following gbp pretty close this am before the london session. I was pretty sure my bias would be to short this pair. I really thought that the bears have taken over the market but was surprise to see a huge nice looking bullish candle right immediately after the session started. I waited to have my confirmation and sure enough it happened. So here are my 2 long entries.

long @ 1.9684 + 39 pips so far.
long @ 1.9700 + 27 pips so far. (added position)

Another happy trading. :slight_smile:


Dear Ram,

Could you please explain why you longed at 1.9684

What was your entry criteria prior to execution ?

Thanx.

Regards,
E. Lang

Hi Elang,

A visible gap occured @ .9684, rsi > 50, stocs heading up & not ob/os zone, cci > 0, momentum ok. every indicator was within reasonable expected parameters. as soon as the price got over the next resistance @ .9696 I added to my position.

I was following the trades for awhile then the price came back down after hitting major resistance @ .9730. After it dropped big time I closed both positions. It’s a big battle bw bulls & bears right now.

wow – what a comeback. +2 pips

Interesting approach.

I noticed the gap myself, but i’d never traded on windows before so i prefered to wait it out untill after it broke the falling trend line.

The price reached .9733 and came back down to test the trend line from what i can see, so its either up or down now.

Regards and thanks once again.
E. Lang


The signal and setup is confusing now so I’m staying on the sideline and let the smoke clear out. There will be another day.

Good Trading Ramrocket. What setting are you using for RSI,macd,stoch. Thank you for sharing your insights. I have learned alot from you and Elang.

Paul

Hi Pwegner, glad to help.

RSI=10
MACD=5,10,10
Stocs=10,3,3

Happy trading! :slight_smile:

Thanks for your help Ramrocket. Have a good week trading.

Paul

Hi guys, the last 2 trades I made the last couple of days were losers -30 pips.

Each losing trade gives you something to learn. One thing I have learned this past 2 days is that to minimize your risk and enhance your trade success is to place your entry near or at S & R levels.

When the signal occurs and you can place your entry there then you protect yourself from potentially wide stop losses.

Trade from late last night during asian session:

Long entry @1.9616 +46 pips so far. The price went above 120EMA so I am expecting a rally from point of entry.

Update:
It’s been rough trading hours. I set my SL @ 50% fib level and the price retraced all the way back down 50 and hit my SL. :mad:

Euro is having a hard time breaking R around 1.2970 and have tried multiple times to approach it then gets repealed immediately. Seems like Gbp depends on the Euro to make the break before it can continue.

+40 pips profit.


There is not much to do this last couple of days. GBP is in trading range. I would rather stay away from trading this pair when its in range. Maybe today something different will happen.

Range Filters:
What do you guys use for filters to know when this pair is in range?

I use ADX. I check to make sure it is below 20 & preferable falling.

Thanks topgun. I remembered you mention that in another thread. I was experimenting ADX today and I think I will use 10 instead of 14.

I might join you by using 10 instead of 20. I have seen nice trends form with it at 20 so I don’t think I trust that setting. When it is real low like below 10 it’s great watching the pairs bounch between two support & resistance lines all day :slight_smile: . You can sometimes time it perfectly by having your TP get hit and then your limit order to go the other direction. Let me know how you make out using 10.

Topgun

Open long entry @ 1.9676
SL = 1.9643
+58 pips so far.

Hi guys, I need your advice.

http://www.babypips.com/forums/forextown/694-trading-full-time-leave-my-j-o-b.html

Short cable to 9635 and then long from 9635 :smiley: now!

Not my call, I got it from FXS Community - Home

This is my first time seeing GBP/USD & EUR/USD trending the opposite direction so my GBP trade got stopped out. I entered 4 trades last night during asian session. 3 are currently active.

long gbp/usd @ 1.9486 sl = 1.9471 (stopped out - 15 pips) :mad:
long eur/usd @ 1.2961 sl = 1.2946 (+38 pips)
short usd/jpy @ 121.60 sl = 121.75 (+23 pips)
short usd/chf @ 1.2527 sl = 1.2542 (+37 pips)

Update:
I’m closing all my positions. Time to go to work this am.
eur/usd +41 ips
usd/jpy +26 pips
usd/chf +42 pips

I’m happy with 109 pips profit. :slight_smile: