GBP.USD

[Craig3215]

GBP looking strong with a break out of that range and the triple play in the macd; divergence, moving ave cross over, and centerline cross over

[dumbass]

currently short gbp 19730 sl 198 target a lot lower

3 rd wave down in progress , confirmed down trend line

risk event 11 gmt boe rate announcement should cut and give a push lower

retracement up has broken down

[roddy]

Hi DB

Nice post, just an observation are you preferring to elliot wave count in preference to butterfly patterns eg d leg in the making at present on this one,are you finding wave count more reliable,or no particular reason?

cheers
roddy

[dumbass]

hi rod

a bit of a shocker got stopped out

this trade was based on 15 min chart , there was a nice elliot wave count but it was wrong

the daily chart is really used for the big picture direction

im as sure as you can ever be in this game that gbp is going lower unfortunately the stop

loss would be 2.001 top of internal wave 2 (top at 04/04 )

so just tried to sneak on down trend with a resonable risk reward so will defintley look for

another short entry

the butterfly has no real relevance until action gets near the reversal zone

been watching euro closely looks like an ascending triangle forming ill post on euro thread

[dumbass]

been following this for a while

there is a good risk reward profile to test triangle hypothesis

d wave completing setting up to go long for the e wave run north

[arco]

>>>>>>>

Or perhaps the Red BF is still in charge ........the action
has passed through the first target zone

[arco]

>>>>>

Action has touched the lower red box as per last chart.........

100 easy pips (so far) for those quick off the draw........

[arco]

That mega fall from the 1st box was circa 250 pips......hope a few
forum members caught some of the action.

The plot just managed to touch the 127.2 line (red box) and also reacted to an old support area. (Dotted green line on previous chart).

......................Could be another interesting week next week

arco

[arco]

8.30 pm tonight - Consumer Price Index (CPI) - UK

Measures the change in prices for retail goods and services, including food and gas. The CPI is the key measure of inflation for the UK and is used by the Bank of England in making interest rate decisions. The report tracks changes in the price of a basket of goods and services that a typical British household might purchase. An increase in the index indicates that it takes more Sterling to purchase this same set of basic consumer items.

In order to manage inflation the Bank of England may raise interest rates, which slows economic growth. Higher interest rates make holding the Pound more attractive to foreign investors, and the higher level of demand will place upward pressure on the value of the Pound.

This announcement tends to move markets on release so there may be some scalping opps if you are around at 8.30 pm NZT

[dumbass]

nice one peat ,

i have spent a bit of time looking at possiblity of usd strength having a bit of a breather

there is a clear 5 waves up and 3 wave correction on the 5 min chart which may suggest

bottom in place at 185 09 similar on eur usd

this should provide a good few pips before decline resumes ( dollar strength)

a lot of traders out there waiting for it though , caution required