GBP.USD

Quote:

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quote:posted 5/5/05

but did get some GBP out at 1.9065 earlier today on that inexplicable brief spike

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Closed this out after NFP at 1.8943 for 122 pips.

Xerof

Todays rally back to 1.8870ish may have been enough of a correction. IMO sell a break of 1.8800 tonight with a 50 pip stop

Xerof

Yesterdays volatility just shows how wide stops (or how small positions) need to be in Sterling. Thankfully I stayed out, as would have been caned

GWD's latest update on TT is, I think, indicating yet another (savage) bounce may occur before it heads south again.

In any event rallies should be sold IMO - picking the level to sell is the difficulty.....but maybe 1.8810?

I took a small beer from GBP overnight.
Just 23 pips - entered in my sleep and
exited this morning over porridge and honey.

For laid back traders with big stops I think GBP will
travel further south in the medium term.
There is a beautiful Gartley working which has gone
past its first reversal point, and that leads
me to think GBP will head down to lower
figures. The long standing uptrend line is
just poised waiting for a kissXXX from Mr Gartley
which will turn it not into a frog but a
Bullish Butterfly - perhaps. We shall see.

arco

Entered again overnight @ 8681 currently +48 pips

Anyone else playing?

Not yet, but with trailing stops on everything else, ready to leverage up further......looks like its broken the triangle that TT participants have been talking about

My 'mate' Stormy Forex has also had a golden week on CAD/GBP/EUR and AUD picks....

Xerof

Never bought into that triangle theory.....it
just didn't fit with my TA.

Xerof - Are you paying for Stormy calls?

No, he occasionally posts free analysis on his site, and/or posts them on www.trade2win.com, but seems to only go public when he's very confident with the tea leaves

Xerof

sori, had misquoted website address

Like EURO, GBP has done 5 waves down on 60 minute chart. 1.8600 area should contain any corrective rally

I don't have a position here, but will consider selling a rally to 1.8600


Xerof

Bought 1 unit of GBP/USD at 1.8476 with a s/l at 1.8448, target 1.8568

Seems very, very oversold to me this morning

Xerof