IvanLabrie
Long

GBPUSD: bullish setup update

FX:GBPUSD   British Pound/U.S. Dollar
We have a very good bullish setup that just confirmed.
The daily corrective downtrend has expired, and there's a 15 day rally forecast currently active.
Stop loss should be below the 1.5328 mark, and an entry on a retracement would be ideal.

Looking to market buy asap             , but ideally a retracement into the green zone would be better, with a tight stop at 1.53775.
If we move above the quarterly mode at 1.5918, we can be sure of further bullish continuation as a distinct possibility.

Good luck,

Ivan.
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Equities and Commodities. Contact: skype @ ivanlabrie, PM here or QQ (2954487803).
HiTech PRO
a year ago
I am actually planning to short cable this week targeting 1.5260. There is strong resistance at 1.56, so beginning of the week up then if holds, down. I'll post my analysis later, but dont' see any bullish trend for now
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IvanLabrie TOP HiTech
a year ago
I have a clear setup, based on time at mode.
Has served me well, so I don't hesitate on taking these signals.
+1 Reply
HiTech PRO IvanLabrie
a year ago
hope it works for you
+1 Reply
IvanLabrie TOP IvanLabrie
a year ago
(see the related ideas, I've been tracking all these swings in GBPUSD more or less accurately)
Post the chart here once you're ready.
I agree that there's resistance above though, here's my map:

snapshot
+1 Reply
HiTech PRO IvanLabrie
a year ago
well eur signals on cycle down, gbp getting ready, although I don't have a signal yet, but will wait for confirmation to short near 1.56
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IvanLabrie TOP HiTech
a year ago
We might be able to short higher, once this bullish setup pans out too.
The arrow points to a potential retracement level (black one).
I want to short the euro rally in particular, but don't want to miss out on the rally.
+1 Reply
Gweedy
a year ago
I am looking at a short as well. But seeing your idea has made me think twice. It'll be interesting to see how this playes out next week. Good luck buddy.

GBPUSD
+1 Reply
IvanLabrie TOP Gweedy
a year ago
Replied in your thread, thanks for stopping by.
+1 Reply
Nice chart, Ivan. My take on GBPUSD 4h and 1d is this wave is almost done receding and the next larger wave on the 1d is preparing. I also think Friday may have been a fake-out though, so I'm still planning on entering around 1.5236-1.5420. Will watch closely. Thanks again for the chart!
+1 Reply
IvanLabrie TOP jakeshake
a year ago
Good idea, better be safe than sorry. I'm risking 0.5% per entry, so no big deal.
RR is 6:1, and up to 17:1 and 24:1 if yearly targets are hit.
+2 Reply
IvanLabrie TOP IvanLabrie
a year ago
snapshot


Yet more detail, as we move up, we will trigger higher time at mode signals, or retrace from the resistance levels if the trend fails.
+1 Reply
I need to see price closing above 1.555 to support bullish bias , otherwise I´m still short
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IvanLabrie TOP Realisto_FX
a year ago
TF?
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Realisto_FX PRO IvanLabrie
a year ago
Daily time frame. I´m ready to enter long tomorrow , waiting for the close
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I am going to enter long for short term.
+1 Reply
look4edge
a year ago
i see upside limited, longterm weak, heading sub 1.45 levels
snapshot
+1 Reply
IvanLabrie TOP look4edge
a year ago
Ultimately, but who trades in that tf?
Not me...I see the move up, as a C wave completing the first impulsive leg right after that huge decline in 2008.
But not that important to be right in that timespan for me.
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look4edge IvanLabrie
a year ago
understand, i see rather low retest coming with usd strength and 1.5800/1.5900 as difficult to break
snapshot
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IvanLabrie TOP look4edge
a year ago
How do you label the other two legs since the lowest low?
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look4edge IvanLabrie
a year ago
leading diagonal 1-5
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IvanLabrie TOP look4edge
a year ago
Interesting take. Well my rgmov indicator seems to subscribe to this thesis, since it's not giving too bullish readings.
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IvanLabrie TOP IvanLabrie
a year ago
Placing a small risk short here:

snapshot
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HiTech PRO
a year ago
I am with you now, trend up confirmed according to my analysis
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Looks like we might hit it in time.

snapshot
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HiTech PRO IvanLabrie
a year ago
tomorrow loads of news on EUR, should drop GBP as well, but as your target is not that far, could be reached first
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HiTech PRO HiTech
a year ago
oops didn't see your target is so large... hhhh at the moment seems unlikely to be reached before the double bottom near 1.53
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IvanLabrie TOP HiTech
a year ago
Double bottom, not something I see as possible here.
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HiTech PRO IvanLabrie
a year ago
Ivan, you are still bullish?
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IvanLabrie TOP HiTech
a year ago
longer term yes.
I couldn't manage to post my updates, was managing 6 15m/1h trades.
I sold *usd pairs today, made 1.25% and now risk free in most.
Holding NZDUSD and gold shorts in full though. (still short USDSGD)
Looking to go long EURUSD again soon, waiting now. Shorted that jobs blast.
Reply
Time about to expire and no rally.
Looks grim. Unless we see a strong range expansion day come out of nowhere I'd be tempted to go short.
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