Daniel.B
Short

Level to watch on Cable.

FX:GBPUSD   British Pound/U.S. Dollar
524 21 11
Um well I'm monitoring cable for a retest of resistance at the 50% Fibonacci level to take a short position on it at that area upon confirmation. Simple structure trade. Its also the Daily 50 Moving Average resistance. If price breaks the current resistance I will be looking for shorting opportunities around the 618 Fibonacci level, which also coincides with the Daily 100 Moving average, which has held as resistance since price crossed below the moving average last year.

Cheers =)

Do note that there is event risk today for the pound. Always check your economic calendars, if you don't have an economic calendar then all you need to do is go on google             and search "Economic Calendar" =)
Ya i agree, I don't see sterling rising anytime soon against the dollar. Especially since the England general elections in may are coming up, traders seem to be very uncertain about the sterling strength. Elections will most likely set a new direction for sterling. Thanks for sharing and Good luck :)
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Daniel.B moneymaking
As always you provide very constructive comments! =D Totally agree with you on the elections subduing the pair to this current area of consolidation, with the election being the catalyst to either send it above / below the current consolidation.
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Please let it be below the current consolidation.
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moneymaking PriceActionTrading
Let's hope so :)
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Daniel.B PriceActionTrading
Lol what moneymaking said "lets hope so" hehe, I already entered 1/4th of the position with the rest waiting at the 618 Retracement... During consolidation gbp/usd always tends to have some good retracements only to drop 300+ pips so I'm willing to take the risk.. Patience is the name of the game now =D
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Tolerance too =D
i scaled into this trade at 1.5020 and 1.5060. once each day. Just hoping now.
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PriceActionTrading PriceActionTrading
GBPUSD EXHAUSTION MOVE?
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Daniel.B PriceActionTrading
Yea tolerance also! Hehe I scaled in the first part of the position at the close of the Daily pinbar rejection of the 50% Fib =D You got a better entry than I did haha =D
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One would say we are crazy for selling as price goes higher.
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Daniel.B PriceActionTrading
Lol yea, it tends to be less experienced traders that say that.. This is how enter positions at times, and then average my way into an even larger positions taking like 5%-10% off along the way while adding 10%-20% in on retracements. =D
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