orvilleawright

GBPUPSD (Daily) - Took 240 pips profit

FX:GBPUSD   British Pound / U.S. Dollar
Took 240 pips profit on 1/4 of my short position. Stop loss on the remaining 1/4 position is at breakeven. See related ideas for more details.
Yes great job, where do you see GBP heading over the next 3 months? and by end of the year?
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orvilleawright JPAZ_Holdings
@JPAZ_Holdings, Thanks. For the purpose of my trading I do forecasts on a much smaller time horizon. Generally from a couple of days up to a month or so. However I will take a quick stab at this :) The GBPUSD has been correcting since October 2016 and is now overbought on the weekly chart. In the last 5 weeks the correction had acceleration to the upside with price showing significant separation from the moving averages. Based on my trading timeframe the trend is still up but because the price is over extended my short term trading bias is to sell. Over the next couple of weeks I am expecting a retracement at least to the 1.365xx zone (brexit gap to the downside). My guess (based on the weekly chart) is that price will move to the downside over the next couple of months. Price is almost at the weekly 200 period SMA. It could easily go as far as the 1.30xxx zone (which is the 50% fib retracement of the correction from the October 2016 lows). But again, that's just a guess. My trades are based on how price is actually behaving rather than where I think it might go in the medium term. Even if I knew that price will fall to the 1.30xx zone, based on my trading timeframe, it is till extremely important how price behaves while it moves towards the target. In other word I place a greater emphasis on how price gets to its target rather than the target itself. Hope that helps and good luck with your trading!
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