GBP/USD trading

[kalzayani]

10 Big figures in GBP/JPY from 202 area
Probably in a week

Might Hit even 215

Focusing now on this trade

 

[Canados]

Quote from kalzayani:

Maybe will look Like this

24 hours


<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1815881>

sorry for my ignorance...what this chart is about?

thanks a lot

 

[Padawan]

Quote from Canados:

sorry for my ignorance...what this chart is about?

thanks a lot

They look similar to Bollinger bands or something....don't know, but those buy/sell parameters looked like they worked.

 

[cashmoney69]

nice upward channel on the 4hr

 

[bigmrfrank]

Quote from cashmoney69:

nice upward channel on the 4hr

Price is in the middle of the channel so it's not that strong of a signal or indication at all.

 

[Mup]

Cable is taking the brunt of the HBOS rumours.....

 

[sam0182]

I figured I would bump this and see if I can draw any feedback on the pair and my views...

I went short last night @ 1.977, looking to play some of the UK rate news this morning as well as the overall downtrend on the hourly.

I have limit sells doubling in size just shy of 1.985 and again just shy of 1.99. I use Oanda so my initial short entry is pretty scaled down. S/L for all is above 1.992...a solid break and hold above this figure would indicate at least a temporary end to this downtrend IMO.

We were unable to break 1.985 last night and after consolidating into an ascending triangle on the 15 minute charts this morning, we broke out to the downside and right on through 1.975 as well as the previous daily low @ 1.9730.

My charting...

Hourly below...

<a href="http://s24.photobucket.com/albums/c26/sammybiker/?action=view&current=gbphourcopy-1.jpg" target="_blank"><img src="http://i24.photobucket.com/albums/c26/sammybiker/gbphourcopy-1.jpg" border="0" alt="Photobucket"></a>

Zoom in shot of the 15 minute...

<a href="http://s24.photobucket.com/albums/c26/sammybiker/?action=view&current=gbp15copy.jpg" target="_blank"><img src="http://i24.photobucket.com/albums/c26/sammybiker/gbp15copy.jpg" border="0" alt="Photobucket"></a>

Thoughts? Feedback?

 

[sam0182]

...1.97 fast approaching

 

[sam0182]

Quote from sam0182:

...1.97 fast approaching

Stopped out for +20 pips...not dumping like I wanted and I'm not holding this one into the weekend.

 

[cashmoney69]

i saw a falling wedge formation when i put it on the 4hr, a bullish pattern. You just need a breakout to confirm the trend.