Technician
Short

GBPUSD: Could be the time to short

FX:GBPUSD   British Pound/U.S. Dollar
1045 34 6
Update: Closed my short at 1.6500
Profit(pips)= +75x2 = +150
Accumulated profit(pips) = +2452


Expectations for a close interest rate hike was dampened today as BOE Head carney signaled no need for a rate hike anytime soon in an interview during the world economic forum. Meanwhile, the recent decline in inflation figures as i mentioned in my previous post supports the idea of unfolding of long positions and a correctional move. Price also fails to settle above 1.6500 mark on a weekly closing basis.



Trade number: 67
Accumulated profit/loss (pips) = 2472

https://twitter.com/thefxchannel
thefxchannel.com

Pre-trade stats:
Number of trades:67
Winners: 34 Losers: 22 Cancelled: 10
Profit/loss (in pips) = 2472
Open trades: none Pending trades: 2
Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is moved to breakeven
4. Second unit at second target
5. If 90 percent of first target is reached without triggering entry, trade is cancelled
My live trades here https://telegram.me/joinchat/DgsnQ0FzifLqyI2YAoMqqQ
amr.mahmoud.549
2 years ago
good work pro but we need more analyse for currency's please
Reply
alex.a
2 years ago
Perhaps, after GDP? ;)
Reply
Trade is active now
Reply
dojitrader
2 years ago
Good Luck to you and all ~~~~~
I entered at first resistance around 1.6560 so, of course, it immediately
went to second resistnace @ 1.6585. It is forming a shooting star on
the 30min/1hr chart so I might even add to this at the bottom/top of the hour.
But, you know what they say about GbpUsd *** It's the Devil's Currency***
So, I probably won't let this go much beyond 1.6600 which is beyond
the .618 fib.
Reply
Technician TOP dojitrader
2 years ago
Good luck man, hope all benefit
Reply
dem0nd
2 years ago
I'm following. Let's hope it works!
Reply
Technician TOP dem0nd
2 years ago
Yeah. Hope so
Reply
dem0nd Technician
2 years ago
Is it still working? seems like it got stuck :(
Reply
Technician TOP dem0nd
2 years ago
yeah still
Reply
dojitrader
2 years ago
Yup, The Devil's Currency !
But, I tightened stops when it just sat under 1.6585
so the loss was minimal.
Maybe it's just me . . .
Seems like no market/instrument I look at, lately,
honors any kind of support or resistance.
Probably just one of those times in trading
or
is something in the air - some change a com'min down the tracks ?
Reply
Technician TOP dojitrader
2 years ago
Its a tough period actually, markets are heavily volatile as emerging markets issue hit the scenes. So sharp moves is expected. I also have three trades now, gbpusd nzdcad and crude oil, feels a bit concerning under such conditions.
Reply
AshleyWeyers Technician
2 years ago
Are you still in the GBPUSD trade?
Reply
Technician TOP AshleyWeyers
2 years ago
Yes I am
Reply
AshleyWeyers Technician
2 years ago
Me too. Get a bit nervous when it does not move for so long.
Reply
Technician TOP AshleyWeyers
2 years ago
I feel nervous when u tell me that u are also short.. Did u short based on my analysis ?
Reply
AshleyWeyers Technician
2 years ago
Had my own short setup around structure resistence, your analysis coincided, but I don't normally hold trades this long. Trying to stick to "plan your trade and trade your plan". I have found a few times that I close a position for a bit of profit and the market moves just after that and goes according to my plan.
Reply
Technician TOP AshleyWeyers
2 years ago
Ok great. good luck for both of us in this one again.
Reply
dojitrader
2 years ago
Food for thought . . .
I guess you'd have to say that Resistance held.
Just a question of which one and I was just to married
to the 2nd level.
snapshot
Reply
Technician TOP dojitrader
2 years ago
I suggest you ignore lower time frame resistance and support level, and focus on the more major ones
Reply
dojitrader Technician
2 years ago
Sound advice !!!!!
In this case the only Res of importance would be the high of Jan 2nd
1.66027 and would have served this trade well - win or lose !!!!
Hope you make lots of pips ~~~~~ Maybe the candlesticks will give me
a chance for re entry.
Reply
Technician TOP dojitrader
2 years ago
snapshot


A daily and four-hour chart would be provide more reliable levels, i also suggest that you wait for stability above a certain resistance to increase the chances for a breakout. I don't believe in precise numbers, i look for support and Resistance regions and ability to hold above or below those regions. IMHO.
Reply
dojitrader Technician
2 years ago
I do tend to be a bit aggressive when I think I've got good levels to trade against
and I do like to trade stability in the form of seeing what candlestick formation
might set up around the support and resistance. I especially like candlesticks
for helping me with triggers and a stop placement for lower risk.
Sometimes this does get me in to tight and I need work on that for sure.
As always, thanks for your comments and insight !!!!!
Reply
Technician TOP dojitrader
2 years ago
Ur welcome, and anytime
Reply
Sam0101
2 years ago
So GBP/USD still going down?
Reply
Technician TOP Sam0101
2 years ago
I have no idea, i am not forecasting here, i am trading :)
Reply
Sam0101
2 years ago
haha, the ideas exchange are great. yes of coz we r trying to short it ^^. Coz m still learning the way u analyse through the chart. N it comes to me pretty clear n accurate. Thanks
Reply
Technician TOP Sam0101
2 years ago
Good luck
Reply
JesusDiaz
2 years ago
Great chart analysis. I do think that gbpusd will try and test 1.67 before heading down. Here is my trade on GBPUSD. I did post a trade idea on GBPUSD yesterday. Check it out
snapshot
Reply
JesusDiaz JesusDiaz
2 years ago
GBPUSD FOMC PLAY
Reply
JesusDiaz JesusDiaz
2 years ago
I posted this last week.
A short on the GBPUSD

I also see a pattern setting up for a long and ride all the way into that level. I will post a chart up soon
Reply
Technician TOP JesusDiaz
2 years ago
ill be watching
Reply
I closed my short position for now for 75 pips profit.
Reply
I am taking a rest for the upcoming few days, mind feels exhausted with ideas :)
Reply
and... first target hit :|
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out