GBPUSD: Potential weekly downtrend spotted

FX:GBPUSD   British Pound / U.S. Dollar
We have an interesting trade setting up in GBPUSD             .
The time at mode signal points to an intermediate term decline to 1.4222, that can extend to 1.39366.
What's interesting about it is that the resistance above very strong and that the signal generates close to the expected Fed rate hike week. I think we might get a fill this week, and if the trade works, it will be a very sharp selloff.

For assistance managing positions and entering without having to do the work, you can check out my Zulutrade page in my profile, I'll be sending trades through it from now on for convenience. Seems like a fair way for people to follow my trades without being forced to pay a fixed monthly fee (which only benefits the trader, who doesn't need to even profit from trades to make money! -red flag-).

Follow me on twitter, I'll update charts here but not with trade management and trailing suggestions like before (I do need to pay bills             :) ) Check out my recent TLT             trade for an example of trade management. We will have few trades, but good ones if all goes as expected, the sharp selloff in the S&P500             was the start of a new trending enviroment possibly, and if that's the case, we can expect to see strong volatility , and sharp and wide trending legs for us to take.

Trade closed: target reached: Target 1 exceeded, can hold it with break even stop if in.
Comment: ...
Trade active
Target #1 was an easy hit, if it breaks past the swing low to the left we might see a very sharp selloff.
+1 Reply
Nice one mate, fits in perfectly with my time cycle analysis :)

Very close to get out fill here.
I entered a short term long position to capture the pips between here and my short entry.
Let's see how it goes. Can be a nice long trade too.
ivan with u on gu tgt 1.39 or less.. any down from here 5200/50 need to watch PA....let c
I'll wait for it to move to my entry zone, if not I'll have to use a different strategy. This one's optimal right now.
I Think Trend is Up
IvanLabrie ZubairJadran
I don't base trading decisions on channels, for me the trend was sideways, before resuming the longer term downward direction, which is what I think is happening now.
themarketzone ZubairJadran
I understand the channel, but as long as GBPUSD stays below the bottom of your mid channel, I think it's wild shot to assume GBPUSD will reach 1.6 on its first bullish wave (as you show in your chart. Unless you think that they'll raise rate soon. ...
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