FX:GBPUSD   British Pound/U.S. Dollar
It seems to me that GBPUSD             is gathering energy for the last move down - to reach the big-scale 50% reatrecement at 1.6522. The 1.66 key level has proved to be a strong resistance for the recent price action. Should it fail to hold though, price might get to the median line , thus retracing 61.8% of the recent swing down. But the down trend is very strong. GBPUSD             has been in the strongest trend of all the majors. So the odds are rather with the sellers piling up their orders along the bear trend line . The price distance to the target 50% retracement is exactly as much as what market had made to the upside on Aug 20th, so 1.66 seems to be a balance line, along which the action to the upside is going to produce reaction to the downside. Let's see how it develops.
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Disclaimer:
There is a very high degree of risk involved in trading forex . I assume no responsibility or liability for any trading or investment results. My posted statements and charts may unintentionally include inaccuracies. All content posted is for educational purposes only and is not a financial advice. The presented set-ups are not solicitations of any order to buy or sell.
ForceFollower
2 years ago
An update:
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itaskar ForceFollower
2 years ago
my lines are showing potencial support at this point
lines to watch
so lets see if we can move higher(will wait for another touch in daily), 240 is pretty bearish at this point, 20 shows upmove possiblility.
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ForceFollower itaskar
2 years ago
So, either way, we're pretty much at support. But the trend is down and it's strong at that.
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ForceFollower
2 years ago
What's next? As it has failed to make a new high, it's likely to test 1.6522.
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ForceFollower
2 years ago
It turned down for what? :-) Up again to 1.66 (and the median line)? The 1.6522 still left untested...
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itaskar ForceFollower
2 years ago
went long here, based on the daily I posted higher(20 pips stop), targed is based on this downtrendig fork
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first target somewhere around 1.6620
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itaskar itaskar
2 years ago
here is somehting bullish, price is rolling to the upside http://i.imgur.com/DqEdVHX.png
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ForceFollower itaskar
2 years ago
Yes, indeed. It looks like the cable is making a rolling bottom, a curved one, without a spike low to the downside (but I think this one bar will come, sooner or later). Now I wonder, if we're going to break through the 1.66 resistance. Actually I went long as well, just to fathom this bottom, but it seems to be stuck below 1.66.
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ForceFollower
2 years ago
1.66 key level continues to hold. It's a powerful resistance level. Unless we see some bullish determination, it may be finally headed for 1.652.
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FaultyKid ForceFollower
2 years ago
I hope you took this trade and had gone short. What a beauty.
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ForceFollower FaultyKid
2 years ago
Yes. I'm still short. :-) I've been in and out of this market but it's been in the strongest trend recently, so I couldn't miss it.
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Casey_Yeo ForceFollower
2 years ago
Good for you! Seems like you can close shop for the year and go for a well deserved holiday. :D
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alex.a ForceFollower
2 years ago
Great ~
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ForceFollower alex.a
2 years ago
Thanks guys! Yes, I can't believe how big these profits are, even though the position is so small... I've just sold short again, when it was rolling over. :-)
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itaskar ForceFollower
2 years ago
congrats pal :)
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alex.a ForceFollower
2 years ago
I can imagine when one wake up suddenly 130 pips profits ~ LoL ~~ What a dream one can have ~ LoL ~
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ForceFollower alex.a
2 years ago
Yes, that's what's exactly happened. :-) It exceeded my expectations and I had placed no take profit order...
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butterliesel ForceFollower
2 years ago
do you have an idea what next??
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ForceFollower butterliesel
2 years ago
Yeah, keep looking to go short. The higher you enter the more you'll make. :-)
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butterliesel ForceFollower
2 years ago
i thought i will try to short again from around 6160-80, thanks for the kind reply...
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ForceFollower butterliesel
2 years ago
Sure. Trade your plan. The trend is with you.
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