GBPUSD thoughts

[andymac]

currently long gbp,aud,
dixy (usdx) looks about to break down. i keep a chart always as it is basically the usd, the other side of the trade
was just reading triple above about gold and made me think about it. i trade aud,euro,gold, couple of indexes, you guys made me look at gbp last night
they all have a relationship to USDX, relationship changes now and then, but i find it gives me a good lead into many of my trades.
don't actually ever trade it, liquidity sucks, just as a lead for others

 

[andymac]

i agree with you about too many correlations. but my solution is to not bother with cross pairs. all i trade is vs USD or indexes.
like triple not more than 2 at a time, got this from Pete 2
so my current 2 trades are basically the same trade gbp and aud vs usd
but often, as right now, one moves and the other does not. i noticed last night gbp moving nicely as it is now. entered aud trade at same time, has gone nearly nowhere
entry 1.29031 target 29440 nearly there and stops past BE.
AUD barely above entry
update - stopped out aud, - 43pipsr
further update - re-entered AUD at.71990 after .618R

 

[willoneau]

trading GBPUSD liquidity and volatidity is usually good when Frankfurt and London open also interesting when they overlap with US market

 

[willoneau]

I don't trade the Asian market too wipsawie for me

 

[willoneau]

i agree with you about too many correlations. but my solution is to not bother with cross pairs. all i trade is vs USD or indexes.
like triple not more than 2 at a time, got this from Pete 2
so my current 2 trades are basically the same trade gbp and aud vs usd
but often, as right now, one moves and the other does not. i noticed last night gbp moving nicely as it is now. entered aud trade at same time, has gone nearly nowhere
entry 1.29031 target 29440 nearly there and stops past BE.
AUD barely above entry
update - stopped out aud, - 43pipsr
further update - re-entered AUD at.71990 after .618R

Entry 2903? which pair

 

[andymac]

closed both now as i did not like look of dxy
aud - 14
gbp plus 121

 

[andymac]

Entry 2903? which pair

Entry 2903? which pair

gbp/usd

 

[andymac]

trading GBPUSD liquidity and volatidity is usually good when Frankfurt and London open also interesting when they overlap with US market

yep agree, timing suits me too, i usually only pay attention from around 4pm till about 9 in the evening WA time

 

[Triple B]

Gday Andy . I do look at the DXY at times. however When you look at say EUR /USD USD /JPY
GBP/USD pairs at the same time it really tells the same story.

 

[andymac]

so here my chart of USDX, you can see it was coming down and made a perfect ABC down spiking right onto %100 making A=C so this is why i bailed out on the 2 trades, i was thinking usdx may keep on going down but when it stopped right at 100 then maybe a bigger bounce upward therefore maybe gbp and aud going downward

 

[andymac]

hey triple, thanks i have been enjoying you two guys bantering please keep it up

 

[willoneau]

My longer term look in GBPUSD is still short but i feel at moment can go either way.

 

[Triple B]

Looks like previous support at that level all the way over to the left. I hope it bounces so my last remaining open position short gold drops like a rock

 

[willoneau]

Enjoy the chat and also points of view while sitting in front of screen

 

[Triple B]

Will do you look at the longer timeframe chart ,say 4hr to find support ,resistance trend lines etc?

 

[willoneau]

yep agree, timing suits me too, i usually only pay attention from around 4pm till about 9 in the evening WA time

You don't stay around for US open andymac?

 

[andymac]

dxy back down at lo testing 100% if it breaks it this time could go a way

 

[willoneau]

I use the 30min chart to give me longer view but i find because of my trading time frame (5min) any further out then yesterday is heading further into crystal ball territory.

 

[willoneau]

I don't use trend lines, can be subjective but only my opinion.

 

[andymac]

not too often will, sometimes if i am feeling bright but if i am a bit tired i flick it, this is hard going and if not really switched on i make even more stuffups