GBPUSD Break CTL and go long from within Buy Zone

FX:GBPUSD   British Pound / U.S. Dollar
262 8 5
I am waiting for price to break the CTL. Looking to buy on a retracement into the buy zone range, which is approximately between 1.3970 and 13877. Buy a bullish formation within the range after the CT             line break bullish . Trade price back up to resistance target at 1.4187. Place the stop below the latest low at approximately 13860. Thanks!
Trade active: Was able to catch this from 139.. What the bears are failing to realize is that we have a retracement zone in play on the daily.. the pop north from the buy zone above that gave us a hint last week for about 70 pips was just a little foreshadowing that the bulls would attempt this again. Learn to pick up on these clues and learn to hold into your targets.
Trade active: Taking Pound at 1.42 target because of Non-Farm tomorrow. Happy trading everyone.. This was a good one for us!
Incredible forecast Miss Hope...congrats on kicking the markets a$%...there simply is no other way to put it. Do you have anything smaller riding past the $1.42 marker. Or are you completely all out at $1.42??? Congrats on a lovely win again, thanks in advance for your response.
hope.bleecker teawilgrad
Thanks so much! Yes this moved Ok. I agree with Mirandole that it's weak. The monthly pound is in a consolidation between 171120 and that pivot at 1.3971 which made it an excellent technical buy trade. The journey on the weekly is bullish another 500 pips... I am off because it's going to run into the back of the daily trendline in that 14300 area but I will reenter it. I think we can break that 143 uptrend so I would rebuy it around 141 if we can see that type of a dip. and trade all the way to 14840.. so, all werk long if we get that break I will buy up abcd formations all the way to about 14776 I gage most of the dollar crosses via usdollar fxcm index and for now I am looking for it to fulfill at least a .382 retracement on the monthly at 11471. For now from here I would sell my daily dollar to the test of the morningstar to 12027, then I am looking for the retracement push to 12143 (618 fib), sell backside of downtrendline into 11917 which is the projected D on the two hour..The fxcm index does not always push the pound long... but it certainly helped me last week on pound as well as on aussie, euro and new zealand. I see fxcm index pushing back up to 121240ish (618) before it makes the final move to 11917 There is a very significant pivot at 12034 with a morningstar forming. It likely can drop lower to past support before pushing up to the retracement.
+1 Reply
A good signal for pullback or reversal is volumen. Good luck!
Hi Hope !

Be careful, In my opinion, there is no sign of reversal yet. Trend is your friend and we are down-trending. Now price action is forming a nice bear flag which probably breakdown. On Long Term View we might be close to the bottom but it isn't yet. On macro-geo-politics Brexit or not Brexit incertitude affects pounds.

60min GBPUSD Chart :

Best Regards,
Mirandole Mirandole
By the way your RSI indicator is overbought while price is at a lower high. It's a bearish divergence.

hope.bleecker Mirandole
Mirandole, I appreciate the post...Since you are on the one hour chart you must not have been looking for a very significant down move . I do not scalp. I utilize down push and up push zones on the daily chart and look for entries on the two hour time frame generally trading back to daily fib support/resistance levels whih become extremely clear when the two hour charts become is overbought or oversold. So for example, I bought a fibonacci 127 which moved nicely but only netted 100 plus pips and then fell to the D extension which provided the bigger move of 300+ pips. The two moves took about ten days. I do this on 21 pairs normally with about a 80-70% hit rate which successfully supplies an average of about 500 pips per day. We have a different method that we utilize for our hedge fund which runs solely off the daily weekly and the monthly charts. I appreciate your ideas, welcome future exchanges, and thank you for the post. .
+1 Reply
Mirandole hope.bleecker
Hi Hope,

My last post was wrong and trap advice. I'm very sorry. It seems you're really better than me at trading Forex Currencies. I'm a bit confuse about this. I'm following a Bulkowski like trading system on SPX500. I'll try to publish better posts this platform next times.

Have a nice day,
Best Regards,

PS : Sorry for my English but I'm French.
hope.bleecker Mirandole
You are more than welcome to comment anytime and I appreciate your ideas... You do not have to apologize. we are trading different timeframes and what you saw was correct. Since the art is to make pips without a use of stop reverse, both of our ideas can use some improvement. But you hardly need to apologize. No worries at all.
+1 Reply
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