IvanLabrie
Long

GBPUSD: After hitting the monthly downtrend target, trend is up

FX:GBPUSD   British Pound/U.S. Dollar
GBPUSD             has hit the monthly downtrend target, and formed an uptrend setup in the 3 day chart.
If not in, there're a variety of ways of joining this trend, via either some kind of options on currency ETFs, or going long GBPUSD             with a wide stop loss (ideally on a retracement, but might not happen for a while) or any GBP cross with a suitable setup (I'm in GBPAUD             currently, since it offered a very clear entry at 1.852, currently at break even).

Use GBPUSD             as your map for trading other GBP crosses, you can long all of them (maybe except Yen pairs for now) until GBPUSD             hits the mode at 1.53, then it can either turn back down, or break it and rally to at least 1.68.
Monitor monthly CCI , once it gets overbought, we should book some profits from our GBP longs.
I'll update with new entries if we get any, for now, stand aside if not in some gbp long.

snapshot

If not in, go long GBPCAD             now, see my other publication, use a 1 or 3 daily ATR stop loss. 447 pips for 3 atr.
Long term position.

If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.

Cheers,

Ivan Labrie.
Comment: Join my live stream today. I'll do a broad market coverage and discuss a few setups. Starting at 7pm, GMT-3: https://www.youtube.com/watch?v=dFRgg2WwgyQ
Comment: Look at the light blue line...that level HAD to be conquered by bulls. It's acting as resistance, so you can short GBPUSD safely now. At least back to the support below. Stops above today's high are ok.
Comment: Close GBP longs...at least 50-75% and move stops to entry price.
Trade active: You can long GBPNZD, GBPCAD, GBPCHF, GBPJPY, GBPAUD, GBPSGD safely with a 3 atr daily stop and half risk each.

Try to at least go long GBPUSD at market, stop under 1.4375.
Comment: GBPUSD long stopped, rest working ok.
Comment: Reentered gbpusd longs yesterday at 1.4366, stop at 1.4297.
The other GBP longs are working nicely overall.
Leave feedback if you're following the trades I post. Cheers.
i am shorting since 1.4760
Reply
Good. We can expect sideways action in crosses against cad, aud and nzd, maybe eurgbp uptrend continuation.
But, GBPAUD, GBPCAD and GBPNZD remain interesting as longer term longs after the corrections are done. You can time the entry looking at GBPUSD, and the quote currency's USD pair. When one is overextended, go for mean reversion in that one.
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Gbprider IvanLabrie
i set my tp to 1.4380, whats is ur idea :) & Then i thought of long from there
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No tp, will see how it evolves, I just faded a test of monthly resistance. Let's see what it does in the coming days.
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1.4670 hard resistance to break to further move it will turn down for atleast 1.4380 before further move up
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If it retraces we can go long again, so wouldn't mind.
EURUSD is acting pretty strong, we might have a shot at going long EURGBP soon, before it tops again.
Keep an eye on it and EURCHF.
I'll make a post explaining how to use these 3 pairs.
Cheers.
Reply
Gbprider IvanLabrie
thanks for the headsup :)
+1 Reply
I often do these relative strength checks, and look for mean reversion setups in crosses.
Have a good one.
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