GBPUSD: Still looks like a long to me

FX:GBPUSD   British Pound / U.S. Dollar
This is my second attempt at a long.
I think this pair is trending heavily up, and while I think some usd pairs might head down (like audusd             and nzdusd             , at least in the short/intermediate term), this pair looks to be headed up.
Once we cross the quarterly mode I'll be confident in hitting the yearly targets #1 and #2, for now I entered a long here, and also shorted audusd             (and went long usdjpy             , while shorting nzdjpy             ), thus trading a spread without having to trade gbpnzd             or gbpaud             , which are less liquid and don't move as predictably (where do you place a stop in that monster rally? Don't ask me...).

Technicals align nicely here, we have a confluence of both my rudimentary EW analysis, and time at mode, with the quarterly ROC trending up, CCI about to get overbought soon, crossing above -100 after finding support at a fibonacci cluster , which was also the previous daily mode. We have the mode in the trend rising, which is bullish , and rgmov forming a new high over a previous resistance, which resembles a wave 1-2 advance in EW terms (Tim West recently posted a chart about EURUSD             , performing his EW analysis directly on Rgmov, it can give excellent and more 'predictive' results than trying it on the actual price, do check it out.

Good luck if you take this trade,

Closed my spread trade, long eurusd, short gbpusd. Profit was 0.7%.
Total so far 1% with both the spread trade and the EURGBP long.
Now in waiting mode, let's see what the NY traders do.
+1 Reply
HiTech IvanLabrie
GBPUSD near very strong support, could be a selloff on NY session
HiTech HiTech
forgot about this chart where cable bounced off the target
Changed my mind, looks bearish to me now
Yes, decreasing momentum.
I'll long eurgbp asap, not in the mood for gbpusd or eurusd directional trades right now.
GcNaif HiTech
with u on it.
Following A Down Trend Line Break Out, And A True Definition Of Trend = Higher Highs + Higher Lows, I Believe Price Should Lift Off. A Break Above the Prior High of 2015-06-18. Additionally, We Currently Have Mode Building, Following A Series Of 5 Trend Bars W/o A New Low.
IvanLabrie moorekapital
There are more signals, divergent top, I think it's a triangle after an impulsive wave.
Let's not speculate so much and just trade.
If I'm right, going long now will be really disappointing and might probably get you stopped.
Was considering it, but the move had gone too far for me to get an entry. Wanted to pick out the bottom to the 20 for minimal risk.
+1 Reply
IvanLabrie TomProTrader
I had done that, then got out too early, then got in again and cashed out 2%.
Now in the sidelines.
Will long UC and short CJ today.
Watching closely since I think Cad might have remain weak some time before we can go long on whatever cross.
+1 Reply
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