Congratulations on a very professional trade setup! Very impressive selection of levels - and direction, of course! 
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Looks good - The TP was two tenths of a pip below what is the daily high so far, so pretty damn accurate thus far (it’s already retraced 18 pips from the high)
Should have kept it open, ha
Oh well, never mind - try to do better next time!!! 
There, you see? That’s how markets keep us in line when we forget to be humble before the Price Master!! 
Once again, well done! It is always so satisfying to see a weekly trade come home already on Monday!
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Ha, yes indeed - getting sick of not picking absolute tops and bottoms 
Quite right, it’s not often that it happens - although what’s interesting is that weekly trades which are triggered on a Monday have an overwhelmingly higher probability of achieving the TP, and in a much shorter time frame - the later you move into the week for a trade entry and the odds diminish ( I don’t even bother with Fridays if the signal is not triggered)
I’ve looked into this, it’s a constant variable that happens month in month out - I can only put it down to being aligned with the market at the right time.
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Funny I was looking at a possible long GBP/USD when I woke up in the morning and was too sluggishly lazy with my morning routine and then I see GBP just having an onslaught against CAD, USD, JPY and I’m like well there goes a easy setup for the week. Good stuff though!!
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Yea, it was initially a very early trade - think I opened it manually at about 1am this morning UK time.
However I was eying up the low of Friday 22nd February for quite some time and took the chance prior any confirmation being given. As Manxx mentioned previously, the boot up the butt in GBP was helped by Brexit news / rumors too.
A good combination of news and a sound technical level.
If we look at the daily chart then there is an overwhelmingly strong bull signal forming
Not surprising either as currently 72% of traders / speculators are net Short GBP.USD - they may well get burnt and i’d expect that position sizing skew to become more extreme as we progress with the week.
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Truth mate. Great observation on your end and shoutout to your Babypips spotlight - I think it was a breathe of fresh air calling out the mates with all these astronomical returns with nothing to show for it.
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Update EUR.USD - Trade Triggered
What a move - talk about manipulation when London and New York are closed 
@anon46773462 could this be the perfect entry, ha!.. probably not, only one tenth of a pip below the high 
However, this level, like the GU trade was called over the weekend…it has to have some merit
@BaconSandwich
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Hah! 
You remind me of the bears up here in the North (the real ones, not the traders!). They are just waking up from their winter hibernation and they are very hungry and can really catch what feeds them!
That is an interesting observation, I haven’t really personally studied that aspect in any concrete terms but I have an intuitive feel along the same lines, which was why I was wondering earlier:
But I cannot help a slight feeling of sadness right now. This is perhaps one of the most promising threads to appear here on BP for a long time, if not ever, but we all know what happens to the good threads when the pip vultures awaken - and your results this week are loud enough to start doing just that…so I will be retiring to the spectators’ gallery…
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Well done that was a truly great trade.
I hope that sterling’s reaction indicates that the Brexit deal will get parliamentary approval before the 29th.
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So the position has slightly worsened at the time of typing this, however we are still very much hitting a weekly resistance area (orange box). It’s rather choppy at the moment and looks like I better be ready to move with this trade. In general i’d say my own confidence with trade is around 6/10 right now.
I wouldn’t worry @anon46773462 - I’ll be able to take care of them. But, I understand what you’re saying, feel free to drop by whenever you want and put me back in my box from time to time too!
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Cheers @Diabolo888
However, GBP.USD is a beast of a pair to trade at the moment and incredibly unstable - any Brexit news or rumour and it’s flying off the handle. We’ve almost entirely erased yesterday’s move!
It’s great to see that I wasn’t too far off the high either when listing the short position in GU - it’s the blue line in the attached chart.
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Update EUR.USD Trade…
It’s no surprise that the EUR has seen little movement this week whilst the GBP is hogging the spotlight.
Regardless though it’s looking like the short in EUR.USD has turned into a dead trade with the Stop level imminent. Kind of a pitty as on paper it looked attractive with good weekly resistance, the 1.1300 round number level handle and at a 50% retrace of the past two week swing from 1.1420 to 1.1180.
Ah well.
Perhaps not entirely over, but it’s a rather big ask for the market to turn on a dime. I’m sure we will get an answer overnight.
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I wouldn’t say it’s a dead trade. Looking in terms of SD price has only just reached this supply zone and lower time frames show a double top. I’m in for a short but also not to hopeful at the moment.
Hey peeps, everyone in the thread seem to be very clued up on GBP, so I was hoping if anyone can offer an explanation to the strength of GBP today?
The vote lost by quite a large margin again yesterday but did not move the market at all, everyone says it is because that was the expected outcome and already priced in, okay I can accept that.
But since the vote last night and throughout the day today, from the EU speeches to the vote on malthouse compromise that will take place tonight, nothing seem to be positive, in fact I will argue that the risk of an accidental no deal brexit or EU’s decline on the article 50 extension have increased, so what is pushing GBP up? Does these news that came out today really make no differences in GBP directions?
Thank you for all the opinions in advance!
Hey @Han2019
It’s a tough one, most of what has happened the past few days of this week has been priced into the market already, this is why we’ve seen swings in price lasting literally several hours at a time; rather than one short-term erratic move when an outcome is not priced into the market prior to it’s announcement.
So what does this mean right now for GBP and why does it look like it’s strengthening?
It’s not really based off anything, at all! Price is range bound stuck between the high and low of Monday and Tuesday and any movements within this range are expected - we already know that we will have a vote tonight in the UK, and potentially one tomorrow at 7pm too - I’d expect price to stay in this 330pip range until something happens with Brexit which holds up, because right now it’s the same story on a different day!
Also, a lot of the moves you see right now will be based of rumors, EU members letting out snippets of Brexit based info like “what they see the outcome to be” - it’s all hot air, but when a GBP market is as sensitive as it is right now, well, these things can move the market.
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As @BaconSandwich said above, much is already priced into the current level.
It seems that today’s vote concerning whether to accept a no-deal Brexit is most likely to result in a vote for not leaving with no-deal. But this is not actually legally binding and current law still remains that the UK will leave on 29.3. unless there is agreement to an extension - which is still a unknown factor, although it is hardly likely that an extension would be refused. It is more a question of how long for and what will be done during the extension. One problem is that the EU elections are in May and if an extension were to go beyond that then the UK would also have to arrange Euro elections. So I would assume that any extension is going to only be about one month - which is not long.
There are many alternatives still open including a general election, a new referendum, cancelling the Article 50 completely (which the UK can do unilaterally).
However, today’s boost in GBP is probably partly due to the government’s announcements that, in the event of a no-deal Brexit, most imports into the UK will not be subject to a tariff. In addition, it also announced that there will be no new checks or controls or customs declarations on any goods crossing the border from Ireland to Northern Ireland.
These would be temporary measures if a no-deal Brexit does happen, but they are aimed at soothing the concerns about what kind of “black hole” the UK will drop into in that situation - and anything concrete that helps clarify those murky waters must be good news!
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Thank you both @BaconSandwich and @anon46773462 for the reply, I now have a clearer understanding as to the reasons behind today’s move, will need to have another look at how I look at the news flow and their importance to the GBP movement.
I am glad I came across this thread and will be following it closely, thank you once again!
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