Today I’m short on GBPUSD. 30 minute time frame. Gold is profit targets, Green is Entry and Red is stop loss. I came to this from my Fibonacci Strategy. Entry would be the 61.2 retrace.
Thought I will share with you guys. Since the argument of success in Forex is becoming more and more debated.
Just sent this to my wife. Storey could be about me, instead of university, I’m home recovering from a car accident.
Today’s plan is to start with a long GPB til my 1st Take Profit, if it bounces I’ll go short with a 1st profit at original entry. On the other hand If it goes through my Take Profit I’ll go to the next take profit around the 1.71140. As usual Green is entry, Red is stop loss gold is profit targets
Guess it would help if I posted the chart
Stop Loss is wrong, I put it at 1.70661
Yes, I remember you saying that you were in an accident. That is so frightening. I once saw a guy who was shot in the head the bullet entered just above his cranium and exited underneath his chin and grazed his collar bone. He ducked when the round was fired hence the awkward entry and exit. Somehow he managed to walk away alive and was still walking and talking.
Some people are fighters. I always say to myself, if it were me, would I have walked away? I have great respect for fighters, you never know your will power till those pivotal points.
FxPro GBPUSD h1 xpFwn | cTrader
Seems like US data may disappoint. Strong volume supporting that 1.7055. Close below, short for 1.7035 or a strong break could see 1.7011 exposed. My preference is the upside at a close above 1.7074 will expose 1.7099. Safe entry is 1.7082 close to expose 1.7118.
Happy trading guys.
Hello Professor Emerald!
I wonder how Lipschutz made his fortunes, i.e. which technique or method he used… Good to know that
he too got it wrong, and spectacularly so, at least once!
I am somehow tied in a long EUR/GBP position and cannot do much but stick to my theory that it will
rise a big amount in the foreseeable future. . . The issue is when… EUR/GBP has been driven down more
by the recent EUR/USD fall than by anything else, but overall it maintains a mirror-image correlation to
GBP/USD, so that, should the Cable pair drop significantly (say, challenging the 1.70 level), this could
bring EUR/GBP to new buoyancy, perhaps.
The rate speculation for GBP/USD is now old news, so what will drive the GBP/USD further up? It could
either go stale, like USD/JPY, and do very little, or maybe take the path of least resistance and just
continue up pushed by other drives (e.g. money flow beyond interest rate speculation) OR seize on
a ‘bad news’ story and take a fast ski-ride down back to base camp from its mountainous heights…
Prepare and plan!
Cheers
There is definitely a bias. I expect GBP to stay above 1.7000 for the foreseeable future. The path of least resistance is up. Providing nothing knocks the UK economy back.
By Christmas we should expect some new highs on further news of potential rate rises or strong GDP figures.
GBP/USD finally closed above 1.7074. Eyeing the 200 EMA 1H. Real resistance is at 1.7099 a close above would mean 1.7118.
It will take a brave soul to trade this pair at the moment. I hesitated to take the trade at the 1.7074 now I must wait for a close above 1.7099, not too many pips to be earned and the risk/reward is diabolical at this point. I suspect all the action will happen Thursday/Friday. So patience is required.
Happy trading guys.
Good morning everyone.
GBP/USD looks very bearish at present. 1.6966 is support, a break below will expose 1.6936, daily chart suggesting 1.6920 is the likely rebound, I am looking to get in on this trade if this does happen. GDP figures at 9.30 so I will be watching keenly if this news validates the downside or is it merely a trap for a bigger up move.
The upside alternative is a strong break on volume above 1.7005. This area has been a contested area in the past especially when GBP was making that climb. My gut tells me this Pound weakness is just profit taking. So we should see an end to this fall shortly. The GDP expectations are quite high, it may be likely that the recent GBP rise has already discounted this news. Much speculation but the market will soon have its say.
Hello Professor Emerald!
Certainly, the Pound has had a moderate response to the ‘as expected’ 3.1% GDP growth this morning…
John Kicklighter, Chief Strategist at DailyFX.com, had it right when he said that this would be the case:
Indeed, the Pound did not do much, and in the past two days the EUR/GBP has bounced off 0.7875 and
gone up to clear the 0.7925 level, which is roughly where it may end this week… If it were not for a weak
EUR/USD, this pair could have reacted more… Indeed, GBP/USD did not just move fifty pips but one hundred
pips in the same period (the last two days)… Moreover, since the middle of July, it has dropped 2%
(200 pips), which is more than a mere correction… It is a sign of either price readjustment for a move
higher (in which case, bulls will be getting a very healthy reward), or it is a sign of exhaustion with the
whole GBP ‘hike’ … With the June meeting minutes made available this week, and showing another
9-0 votes against a hike, and with modest or weak economic figures from the UK this week, it is no
surprise that there could (in the conditional tense, because you never know)…there COULD be a shift
in sentiment, or maybe even just a cooling of bullishness for the Pound…
Cheers
Sometimes better to be lucky than good. Today’s trade GBPUSD short. I was in a hurry this morning to get to a doctors appointment. So did my analysis and made a pending trade, based on screen shot below.
Most of the time we get paid for doing after thinking’; as opposed to thinking but not doing. Such as below, when I did my pending order I for some reason did not include a stop loss, even though that was the plan.
Like I said sometimes better to be lucky than good. :41:
Have a Great Weekend everyone
Gp
Amazing analysis Pip…
I totally agree with you. It may be exhaustion but the earlier bulls are still in control that’s what makes me really think this pair may go higher on some other shock news.
In the past 2 days volume has been pouring in but the price congestion has been crazy. Tells me some serious accumulation is going on and when price breaks in whatever direction it will be a big break.
Right on EUR weakness, this has driven GBP/USD to start behaving like EUR/USD as all the speculators are now turning to this pair. Could this be the end of the Euro climb? We will have to see…
You definitely collected on the short. I am still waiting for the breakout. Didn’t want to trade the congestion. I have been in front of my screen almost all day. Well. the weekend is here, I will keep an eye on it, it has to happen at some point.
Just hope I will be there.
I’m getting an early start. Long GBPUSD Green is the entry, gold is the 1st profit target, red is the stop loss
Can’t win them all :17:
This pair broke my short side support to close 1.6955, this was my planned entry point but I wasn’t home for most of the day, so I had no idea till I got home. Take a look at my chart. FxPro GBPUSD h1 PxJwn | cTrader My support and resistance levels were in place.
I don’t like trading at all when I am not in front of the screen. Never mind I will catch others. I waited all week for this trade patiently, It is only like 30 pips but worth 300USD to me. Anyway if it breaks 1.6936 on a close 1.6919 will be exposed. At this point there will be concern from all bulls on this pair.
My oldest son’s girlfriend just broke up with him, when he told his uncle with a sad face, his uncle said “don’t worry Sam, girls are like buses, there’s a new one comes a long every 15 minutes.” I think that’s the same with trading. I use to set my trades and walk away, but too much can happen when you’re not there, especially when you trade the shorter time frames. Anyway nice set up on the chart
LOL!! Yes quite right GP. I am sure it there will be. It near impossible for me to grab the smaller time frames but I have modified my risk strategy to accommodate only shorter time frames for now, partially because once my fund is set up me and my buddy will be more or less full time traders,so most of our strategy will be on shorter time frames. So I am getting use to working with the smaller time frames. In the past I have comfortably traded the daily, it was almost no effort but I had a lot more capital at risk and closed out every 3 days or so. So in reality I placed one traded a week on occasion 2 averaging 60-70 trades per pair in a year. Worked pretty well on consistency but returns were lower overall as I didn’t trade the volatility.
Anyway, hope it has been a good week so far. Going to be doing so more videos soon once I get some time.
FxPro GBPUSD h1 s7Jwn | cTrader
I also post the losses. Not a great start, managed to slot a trade today. I was convinced the 1.6932 support will hold despite broken earlier the pivot at 1.6926 looked like just a small drop at support, volume was rising so I figured well this has to buying coming in but no! I was wrong (not entirely). I went in set my tight stop and then price closed lower eventually to touch my marked out 1.6919 low. Should have stuck with my initial game plan and not assumed the market was going to reverse just because of a pivot. The losers are the bulls simple… The buying was always at 1.6919 ( I am a bit rusty)
On to the next trade… 
Can’t winem all, (Some win, Some lose, So what, Next) If you post a negative result and review why you did what you did, you’re already a winner compared to those who don’t. I look at it like this, the trick is not to worry about making the same mistake more than once; the trick is to make the same mistake the least amount of times as possible.
Gp
For example, while reviewing your chart I realized there was somthing I liked about your previous charts I looked at and on this one realized it’s the text color. Mines white, yours is yellow I switched to yellow it shows up better. So thank you:D