Technician
Long

(J) Trade 18 : Long After Breakout #forex

FX:GBPUSD   British Pound/U.S. Dollar
6693 84 138
Update: Closed all position at 1.5560.
Profit =
0.8 lot x -40 = -$320
0.2 lot x +10= $20
Total= -$300

New Balance ~ $28 000
===========================================================================

Trade 17: Long GBPUSD             @1.5600
Trade Status: Active
S.L @ 1.5515
T1 1.5730
T2 1.5900

Balance= $28 297 Position size = 0.8 lot ~ 2.5% risk of capital
===========================================================================
Reasoning
  • 50-days and 200-days averages breakout
  • Trend line break
  • Long-legged doji low suggests potential support

Don't forget to click the Thumbs Up
Wish me luck and best of luck for everyone.

For Trades rules and guidelines follow this link
Journey to 100 Trades: Rules and Guidelines #forex


My best regards
Technician
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No_more_Post
2 years ago
too Early, ..
-4 Reply
TahirAli
2 years ago
Nice set up I am in.
Reply
Technician TOP TahirAli
2 years ago
Thanks my friend.
+7 Reply
No_more_Post
2 years ago
GBPUSD
+1 Reply
No_more_Post No_more_Post
2 years ago
better waitng to buy @1.5580
+1 Reply
No_more_Post No_more_Post
2 years ago
Manual closed +27Pips, price stuck at resistance again.
-1 Reply
Technician TOP No_more_Post
2 years ago
Please update your trades in your own threads not mine. Thanks
+2 Reply
No_more_Post Technician
2 years ago
Ok, ^^
+2 Reply
farid_ardavani
2 years ago
there is a weekly pivot resistance on 1.56500 which is resistanced by price action on 4hr timeframe; because of that im short; about your setup, i think its better waiting for a break out above that weekly R1
good luck.
Reply
Technician TOP farid_ardavani
2 years ago
Thanks for your view farid , wish you the best of luck.
-2 Reply
shevectorie
2 years ago
I regard your ideas highly Technician but using price overlay, GBPUSD vs EURUSD are twins.
EU is a more calm version. GU is an erupting volcano. EU recently went down. I have a feeling GU may follow suit so please be careful.
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shevectorie shevectorie
2 years ago
I am actually long GU with 135+ pips but there's something wrong with the momentum.
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Technician TOP shevectorie
2 years ago
Well, there is no right or wrong in trading, so i cant say you are incorrect. But In my view, GBPUSD has been very resilient even after today's bad inflation numbers.
+2 Reply
shevectorie Technician
2 years ago
I see, this is reassuring! :-) Thank you very much.
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Technician TOP shevectorie
2 years ago
Reassuring for the short or long ?
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shevectorie Technician
2 years ago
For the long. I have an open position and WAS nervous about it but now Im okay, thanks to you. :-D
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Technician TOP shevectorie
2 years ago
Well, dont take my word on it, i have been a loser for the past 4 trades :D. Good luck :)
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shevectorie Technician
2 years ago
Hopefully this will start a new winning streak :-) Wishing this trade all the best.
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shevectorie Technician
2 years ago
I been up all day vectorizing the GU. Finally had time to do an in depth analysis. No reason to panic.
Playing with vectors on the GU
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aziz92 Technician
2 years ago
Agree, sometimes you are right because of wrong reasons and other time you are wrong even with correct reasoning. So right or wrong is irrelevant. What's relevant is how you manage your risk.
+3 Reply
EverythingForex PRO shevectorie
2 years ago
Be careful making that assumption that GBPUSD and EURUSD are twins. They are more like fraternal twins. Normally, they are about 80-90% correlated. But at this time, they are not. Daily correlation is at 55.3%. Weekly is at 87.7%. Good to keep correlations in mind but each pair has it's own personality. Trade what you see. GL.
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maher_benhsin
2 years ago
good, im already in :D
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Technician TOP maher_benhsin
2 years ago
Best of luck
-1 Reply
Casey_Yeo
2 years ago
Good luck mate. This is what I see. Re-test of broken trendline?
snapshot
+2 Reply
Technician TOP Casey_Yeo
2 years ago
Yep buddy, this is another possible scenario,there are different reasons that support each scenario. One more thing that support the bullish view is
snapshot

Also we are still in a higher highs and higher lows structure.

So a trader has to choose which scenario he favors and see that is supported by more evidence. I have chosen the bullish when, which might be right or wrong, nothings guaranteed in markets.
+1 Reply
Haspy123 Casey_Yeo
2 years ago
same here
Reply
CoolCreekCTA
2 years ago
This is interesting & I appreciate your work. Great trade idea on the crude oil- A++. But I like your short trade on GBP from 2 days ago which I posted 4 hours ago on that idea. Today's doji closed on the mid Bollinger Band. I like the short side trade at current levels: sell @ 156.30/ SL 156.82/ target 154.55
http://gyazo.com/6780e0b7232fcbfbde07e633bda42bda
Best wishes
Reply
Technician TOP CoolCreekCTA
2 years ago
Thanks. Good luck to you too.
-1 Reply
sudersanrao
2 years ago
Hi Tech,
I am in the trade. Good Luck to all of us.
Rao
Reply
Technician TOP sudersanrao
2 years ago
Thanks
-1 Reply
DavidRicardoFX
2 years ago
I agree with you Tech! Wish you the best of the lucks!
Reply
Technician TOP DavidRicardoFX
2 years ago
Need it , thankful..
+3 Reply
Hi Tech. Always good to see different points of views. Many times I agree with you but in this instance, I don't. At least not for the short term. Long term, I am net BULLISH on this pair. But short term BEARISH.
GBPUSD: 3 POTENTIAL Bearish Patterns Set Stage 4 Retrace
snapshot
Reply
Technician TOP EverythingForex
2 years ago
Great to see your view, appreciate your contribution. Honestly, I am not a big fan of harmonic patterns, except the Three Drives .
Reply
EverythingForex PRO Technician
2 years ago
Not everyone is. To each his own, But I don't trade using harmonics in isolation like the pure harmonics guys do. I always do so in harmony with other factors. In this case, overhead structure in confluence with harmonics is why I am short-term bearish. But good luck! Love your work and much respect for your opinions.

Again, don't pay no nevermind to the haters.
Reply
Technician TOP EverythingForex
2 years ago
We have a similar view, i also use them in conjunction with other tools. Thanks mate , best wishes.
-1 Reply
Victor.Y.F PRO EverythingForex
2 years ago
harmonic patterns only work at long term period, like yearly and monthly. If you use a wrong tool at right market then it's wrong. I used to believe harmonic but most of short time period it's wrong.
Reply
shevectorie Victor.Y.F
2 years ago
I use it as a strict continuation pattern only and never as reversal signs. i.e. A bullish gartley should have an uptrend beforehand.
Reply
Scientist
2 years ago
It looks like now is a critical point but I am leaning towards move up. I will enter long around 1.56430. I use 1H charts so my initial goal is not too far.
Reply
Kenyanpiper
2 years ago
shouldn't you have waited for the price to hit the lower channel line to get a goo RR
Reply
Yahia.Awes
2 years ago
You are very transparant here, I don't know why people harras you so much...
Reply
bass_ramy
2 years ago
Too Late.
Reply
bass_ramy bass_ramy
2 years ago
I appreciate your effort and your transparency and i believe your view is the correct one, you are buying @ the bottom of the channel but there is a danger of the Broken DTL (Down Trend Line) retest, the last remark was positively meant and i don't believe luck has anything to do with it so instead i will wish you Discipline, patience and consistency.
Reply
Realisto_FX PRO
2 years ago
I entered long yesterday after bullish engulfing pattern
Bullish GBPUSD
Reply
Sniper_Trading
2 years ago
Got Quick $30 . thanks !
Reply
BTCMarket PRO
2 years ago
Interesting pair, although seems a lot of resistance trying to regain this upward sloping trendline. Made a long legged doji on the daily and daily rsi showing signs of resistance. Will be interesting to get daily closes above 1.5630's
snapshot
Reply
BTCMarket PRO BTCMarket
2 years ago
Hourly not looking much better. Latest UK jobs report plus market seemingly unconvinced Carney would ever raise rates before the fed so this could be enough to keep this pair under pressure. Bears in control here.
snapshot
Reply
CoolCreekCTA BTCMarket
2 years ago
Agree, I'm still short from last night as mentioned above
Reply
workingtraders
2 years ago
nice work :) Keep up the good. Common goal to take some pips out of the market. Good vibes.
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Dinkan
2 years ago
This trade is above Weekly pivot and consolidating around daily pivot. I think this is a very good buy position. TP should be around 1.56504
Reply
Technician TOP Dinkan
2 years ago
Hope so :) .
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Dinkan Technician
2 years ago
My take profit that is around 1.56504 hit! Thank you
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Tijmen_K
2 years ago
Very nice trade settup as always!
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CoolCreekCTA
2 years ago
I closed my short at 15565 (see above from last night). Went long @ 15600 & sold that @ 15629 1 hr ago. I have order to short @ 15655 with target of 156.65
Your chart is tool that I am using & I thank you for your hard work.
Good luck to all.
Reply
CoolCreekCTA CoolCreekCTA
2 years ago
closed short @ 155.65 now trying to short at 156.35 with target of 155.22
Reply
No_more_Post
2 years ago
Now , we got new option to post our trade that is the Buy and Sell Panel, so nobody can not post after the price go up or down many pips. ^^ Nice
+1 Reply
No_more_Post No_more_Post
2 years ago
Because post after the price move many pips already for me no meaning, same like a review after trade not a live trading .
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TahirAli
2 years ago
Looks like this pair is not gonna move any where until US CPI data comes out tomorrow morning.
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TahirAli TahirAli
2 years ago
Now since US CPI data has been announced with almost no effect on this trade,I am planning to double my portion as soon as the market open on sunday evening.
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Technician TOP TahirAli
2 years ago
I may add as well another one or max 2 minis if i see a dip below 1.5600. But that doesn't mean i am sure this thing goes higher, coz simply nothing's sure.
Reply
Prome PRO
2 years ago
I didn't like the shooting star candle formed yesterday so I closed my position! good luck to everyone in! :)
+2 Reply
NickCoulby PRO
2 years ago
Should be a nice long.. Why was the updated account balance left off this trade?
Reply
Thorm
2 years ago
Hey Technician!

What are your thoughts of this trade now? The way i see it, its ranging/choppy so the odds of price going either direction is 50/50. I would do manual close.
Reply
Technician TOP Thorm
2 years ago
Hey, I am still in the trade since nothing has really changed. If we break below 1.5550 support i might exit earlier.
-1 Reply
tcas
2 years ago
Think it's a nice chance to take profit. Good luck.
Reply
Technician TOP
2 years ago
US Dollar index is also near previous swing high(resistance), so if that resistance hold for now and we see a pullback , first target for gbpusd could be at hand.
snapshot
-1 Reply
CoolCreekCTA Technician
2 years ago
I'm long 2 GBP @ 15602 will sell 1/2 @ 15660 1/2 @ 15690 (I Hope) stop is @ 15579.
If you're still long let's bring this one in for us both. What is your current upside target?
Reply
NidalDarawsheh
2 years ago
Hi Technician, I agree with buying a dip below 1.56, a retest of the nick line line will be ideal entry for me as well, this is what I see
snapshot
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daif
2 years ago
I advise you to take a vacation
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Technician TOP
2 years ago
Added 0.2 lot at 1.5550
-1 Reply
InvestorR Technician
2 years ago
potential Harami Cross? Reversal in progress, hopefully, Good Luck!
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No_more_Post
2 years ago
It's the time to S.
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InvestorR No_more_Post
2 years ago
S?
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Technician TOP InvestorR
2 years ago
He means stop loss. He is very happy.
-1 Reply
Technician TOP Technician
2 years ago
or maybe short.
-1 Reply
No_more_Post Technician
2 years ago
Yup, If people said S = Stop loss ,I would say I am so surprise.
-1 Reply
nigwe Technician
2 years ago
I am not in this trade, but I will feel exceptionally delighted if you win it. Please, do not be discouraged, this is what makes you a REAL trader, the courage to keep going despite all odds. And just in case this turns out a loss too, there are 82 more trades in this journey. Simply ignore wild talks, ok.
+2 Reply
No_more_Post Technician
2 years ago
R u kidding ?, People knew that L = Buy S = Sell SL = SL BE = Break Even .

??
-2 Reply
tcas No_more_Post
2 years ago
Didn't know it. Thanks
Reply
Technician TOP
2 years ago
Update: Closed all position at 1.5560.
Profit =
0.8 lot x -40 = -$320
0.2 lot x +10= $20
Total= -$300
Reply
tcas
2 years ago
It's time to stop lose money! What do you think to sell audchf? I believe it will go down very soon.
Reply
andrein
2 years ago
Technician, why did you close the position?
Reply
Thorm andrein
2 years ago
Just look at the charts. It started to be choppy and ranging. When this happens its same as flipping a coin.
+1 Reply
shevectorie
2 years ago
Re entry is now possible with pullback.
Reply
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