GBPUSD

[hunter]

What's with this pair? What's happening to GBP? Even GJ is dropping..

What's happening?

Found the news..

"Two factors were at play, firstly the announcement confirming Prudential had bought AIG’s Asia life insurance business (AIA) and the weekend poll indicating that we could well be headed for a hung parliament. Early trading was quite choppy, an early sell-off folllowed by rally to 1.5180/85. The die was caste though once the Pru announcement hit the wires.

So much for sleepy Mondays…

Cable is leading the currency spiral this morning as the Prudential PLC deal to buy AIG’s Asian business for $25 bln in cash and over $10 bln in stock helped tip the scales against the pound. Throw in growing fears of a hung Parliament and the growing dent problem and you have yourself a rout.

Stops have been triggered as low as 1.4784 and now the pound is on the rebound with order boards as vacant as downtown Detroit. It trades now at 1.4915. Look for sellers toward 1.5000 near-term."

[yeahbah]

ab=cd in 15-minute chart, short 1.5025/50

[yeahbah]

ab=cd in 15-minute chart, short 1.5025/50

setup cancelled.

[beast_master]

The selloff of the cable continues. The pair has broken channel lines after channel lines. This time it broke through a major channel line then quickly reversed. An indication there there isn't anymore buyers willing to hold on to the pair. Best price to short at the moment is at 1.52. So I'll probably wait for a pull back.
The chart though shows a bearish flag. According to experts it is best to short this at the break of the trendline below. Since I am no expert, I'll just short the pair whenever there is a sizeable intraday pullback.

[yeahbah]

Observation ko sa mga flags na yan, kapag bearish flag, long ka dapat, kapag bullish flag, short ka dapat. Baligtad lagi nangyayari

[hunter]

i have a sell order @
1.5150
sl 1.5175 trail stop of 25pips
tp 1.4900

what you guys think?

[beast_master]

I went short here already near 1.4970

See the previous chart I posted above? When you try to zoom in on the base of the flag, this is how it looks like on a lower TF . The previous support line looks like a valid resistance line already



See the retest of the trendline and a long bar with a long wick? It looks like an exhaustive retest bar given the magnitude of its trading range. This is a setup I really like. I put in a stoploss of 80 pips. TP is thru trailing stop.

[beast_master]

^cash out na muna ko. I made 83pips here and I don't see strong cause for it to break 1.4850. I'll wait for a slow move up.

[beast_master]

anak ng pating lumusot pa rin sa 1.4850. Sayang. Takot ako magiwan ng trade pag patulog na. Hirap na eh.

[hunter]

sayang, di ko pinatulan ung 1.5000 hehehe..

looks like it hit the support line and going to correct to the resistance line and 200ma..

sell @ 1.5100
sl @ 1.5120
tp @ 1.4800

what you think?