GBP/USD trading

Our long strategy worked very well again. You should have been able to book additional profits once again in the 4-30 sessions.

Price closed just above the River level of 9904 so short trades continue to be aggressive. Keep a close eye on the 9904 level if the market moves into this level.

Long Strategy

If you are long, stay long. Exit if the market closes below 9972 on an hourly basis. Final long target continues to be 2.0070. Exit here.

Traders can set new longs on an hourly close above 2.0070. Risk is an hourly close back below 2.0062. Expect volatility here. Target is 2.0168. Exit.

Short Strategy (Higher Risk)

Traders can look to set shorts on an hourly close below 9904. Setup on a push back to this level. Risk would be an hourly close above 9940. Take partial profits at 9791, then look for 9700 and exit completely here.

gbpusd5-1-2007.PNG
 
Please note that I have made adjustments to both the static levels (black) and the dynamic River levels (blue) based on the price action over the last 5 weeks. The static levels will be fixed for approximately 4-5 weeks depending on volatility.

Our long strategy worked perfectly. Longs should have exited at 2.0070. (Actual High was 2.0071). Price moved down from this level.

Price closed just below the River level of 2012. I consider bias at neutral until the River level is resolved. We want to focus on this level to indicate our next directional move. Traders may wish to stand aside until direction is clearer.

Long Strategy (Neutral)

Traders can set new longs on an hourly colse above 2.0062. Risk would be an hourly close below 2.0040. Target is 2.0220. Exit completely here.

Traders can set longs on a move down to Transition the first time down at 9904. Risk is an hourly close below this level. Target is River at 2.0012. Exit completely here.



Short Strategy (Neutral)

Traders can look to set shorts on a push into River at 2.0012. Risk is an hourly close above 2.0040. Target is Transition at 9904. Cover shorts here and set longs per the Long Strategy above.

gbpusd5-2-2007.PNG
 
it should test the 1.9800 handle again, even though it was a nice rally friday, it seemed muted. The premature longs here will get shaken out, before heading back up to 2.000
 
Quote from Spectre2007:

it should test the 1.9800 handle again, even though it was a nice rally friday, it seemed muted. The premature longs here will get shaken out, before heading back up to 2.000
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Absolutely agree with you pal.

Today cable can easily test 1.9880

GL & GT
 
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