GBP/USD

[caribean]

Caught me by surprise not reaching my level at 620 on the 20th.... did the next day, my target 220ish, still only on intraday plays though, not holding anything overnight.

 

[Kryzz]

Approaching the lower boundary of the channel, looks set to break

 

[Mr J]

It does look out of puff doesn't it. I'd think it looks bearish on everything possible - broke a major trendline, ready to break that channel, ready to break a low from a week ago, solid downwards trend on a faster timeframe, solid resistance just above etc. It's also pretty clear that any indicator has probably shown divergence and indicating a reversal.

 

[Tradesurfer]

I believe it broke out of the channel (I am still short based on weekly- short entry around 1.67 and change

target 1.55???

 

[caribean]

long to 270ish for me

 

[caribean]

Hoorrrraaaaaaay!! the chat is finaly working!! (for me)
hmmm, pity there's no forex traders there

 

[Mr J]

Where'd the 270 come from?

I saw a lot of talk about a bear trap on forex factory, so I went short. Working so far . No, it was a short off a reaction from on an hourly trendline, hoping to ride it to the previous low and beyond. Low risk stuff.

 

[caribean]

Where'd the 270 come from?

I saw a lot of talk about a bear trap on forex factory, so I went short. Working so far . No, it was a short off a reaction from on an hourly trendline, hoping to ride it to the previous low and beyond. Low risk stuff.

Not prepared to divulge how i arrive at my targets.
All i can say is, there was at least 6-10 mini swing trades, both with and against the trend, but you were right , it did become apparent early that the previous bottom was the possible target.
If the mods have any objection with the lack of charts, i would not be offended at all if i was told, in any case, i have no plans of making a habit of this, i was just bored

 

[Mr J]

Sorry, I thought you said short at 270. I don't see why there would be an objection to a lack of charts. They can be interesting, but definitely not necessary.

 

[caribean]

So far a classic consolidation/break out, to the long side
what i love about fast intraday trading, you can change your mind quickly,
and of course you can stuff things up pretty quickly too

 

[caribean]

276 is the make or break level, not the previous high, IMO
it is also the level i was refering to yesterday.

 

[Kryzz]

You'd be pretty happy atm right caribean? What target are you looking for now if you don't mind me asking?
Next resistance seems to be at around 385ish

 

[caribean]

Hi Shaun, the levels you have there look interesting, but what i'm watching for as well is what happenes at around 332 and 344 for a retracement to the high of 304, if that happens, then i watch for continuation long to around 390
And of course things might not work out like that at all
Good luck with your trading.
Ohh, must add, as you prob. know the round #'s cannot be ignored either, close to levels we're looking at, what do you think?

 

[Kryzz]

Ohh, must add, as you prob. know the round #'s cannot be ignored either, close to levels we're looking at, what do you think?

True, maybe a retest to around 400 then back down to recent lows, daily trend still looks to be rolling over, so in other words no idea lol

 

[caribean]

Anyone on the GBP tonight?

 

[Stormin_Norman]

Anyone on the GBP tonight?

british holiday today remember.

 

[caribean]

Hey, yes i do, still trying tho
i can never remember whats on, so i print the news calendar and have it right in front of me

 

[caribean]

Volume and spread on 6B still good

 

[Oromis]

I believe it broke out of the channel (I am still short based on weekly- short entry around 1.67 and change

target 1.55???

I'm in two trades already else I'd be in this with you.
Good luck.

 

[Glen48]

1.55 hope so I was going for 1.6244
Fingers crossed and more to come I am sure