GBPUSD

[yeahbah]

Welcome to the forum kapitapitagang beast_master!

Anong sinasabi ng bolang kristal mo sa GBPUSD?

[beast_master]

Thanks bossing!

Here's my take on the GBPUSD:


The long highllighted heiken ashi candle tells me the rally is not yet done. There are still some more pips to be exhausted on the long side.

However, the price is sitting just above the short term 55 moving average at 1.6320 and just below the longer term 100 moving average at 1.6350. I smell a breakout that is about to happen As to when and In which direction we still yet don't know. But get this. A break above the 100mva should clear the air a bit but there's a trendline resistance at 1.6450, if it breaks next resistance should be at 1.6600 and 1.67. Personally, I'd like to see this test the 1.70 again.

[yeahbah]

Looks like we're on the same page with going Long on GBPUSD

My TA on this and EURUSD will be published on the newsletter page.

[yeahbah]

oh with regards to that breakout that you're anticipating, there's a flat pattern in the H4 chart. Resistance at 1.6740 is a good target for that breakout.

gbpusd.gif (31.17 KiB) Viewed 212 times

[beast_master]

^ yup. But the thing is, this pair has not made a significant pull back yet. So there's a chance that this breakout could be it. On the other hand if it breaks to the upside I am going to ride it for a few pips only or just close it at the end of the london session. I don't plan to carry this trade over to the next day. I don't like the setup.

[hunter]

Cool! more insights..

Is it possible then that it can retrace back to around 1.6250, seems to be a nice entry for long position. Goldman Sachs is calling a 1.8 GU by year end or maybe even before that.

I was just looking at the chart of GJ, and it has a strong resistance in 150.00. would it be possible that it would form a cup and handle in the following days, (kasabay ng retracement ng GU to form the handle) and shoots up to where you guys are anticipating it to be?

thanks!

[beast_master]

^Actually the guys who profited from the recent moves should begin profit taking now for the trend to be healthy. Otherwise if they take their profit near 1.6450, there's going to be a turn around and it's gonna be deep. The short sellers in that zone are going to compound the effects. I am looking at 1.6 to 1.61 as the good spot.

[hunter]

^Actually the guys who profited from the recent moves should begin profit taking now for the trend to be healthy. Otherwise if they take their profit near 1.6450, there's going to be a turn around and it's gonna be deep. The short sellers in that zone are going to compound the effects. I am looking at 1.6 to 1.61 as the good spot.

very well then.. maybe if we all of us who trades this pair have the same entry would make the market come to us? lol! then once it touches it, boom to the moon...

1.6 and 1.61 is good too, psych level.. but isn't res-turned-sup levels (6200, 6180 and 6140) hard to break?

[beast_master]

^ That's correct. It's really hard to predict where it will find it's support. Especially this pair because it always tend to overshoot. However, it pays to take note of the important levels so we'll know the potential supports when we see the price dance around it.

[hunter]

i'm new to this instrument and only understand it a bit.. Kuya yeahbah help naman po..

The price bounced off 38.2% means a bull run right?

what happens next? does it, theoretically, come down and test it again and bounce back to 100%?