My Wild Trading Numerology: Bullish on GBP/USD

FX:GBPUSD   British Pound / U.S. Dollar
105 3 1
6 Year Timeframe: Jan.2009~Nov. 2014
67% of the time, prices are within Fib.23%~50%.
33% is out of the range of Fib.23%~50%; and in those times, 70% of the price is above Fib. 23.6%.
and in the past two years, price has been bounded within the inner green channel of the pitchfork .
So, I am taking a wild guess that this trend will keep going on, despite recent FED announcing to stop QE and hinting to raise interest rate.
Yes there is a strong support area around 1.5960-40 which shows a good demand area for traders to go long. I think it might be an area where big money might join in. I wouldnt trust the 200 MA and the Fibs too much though. It is easier just to look left on the price action and watch those levels like a hawk if the they make or break. Happy trading and thanks for sharing ))
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I think I really need to study how to trade with price action. I wrote a blog about GBP in relation to EUR and USD. If you are interested to look it over, here is the link
Nice blog! when reading your analysis about the GBPUSD and other pairs then to me price action gives the answer to most of it. I have as many traders tried many different methods such as Elliot waves, Fibs, drawing trend lines, Using MAs, and used various Stochastics etc etc. I have only found one thing to be true and that is price action. So much in the market doesnt makes sense and it never will. No matter what the Fed or ECB and the rest are doing - only one thing helps me to trade with consistent profits and that is price action. As one pro trader have said - trading is not a matter of being right it is about being on the right side of the market and it is of no use to try make charts making sense other than price. This since it wont make sense most of the time..Except supply and demand. I look left on the charts and plot horizontal lines in order to tell when and where a price may rise or fall. It is in plain sigth on any TF and one quickly becomes amazed how little one have use of other indicators (if any) and how often one is on the right side of the market by trading based on price action only. Sorry long post, but give it a shot!
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