GBPUSD

Under 1.5 today? Looking that way.

Sizing up a 1st attempt basis only counter long at 15000 with tight stops for a quick bounce trade.

I've actually have gone long on this, came within touching distance of my trendline as per previous post, currently 50 pips up and have banked 1 position will leave the other as my short cover.

dl.dropbox.com/u/40497882/Weekly_GBP_USD_upclose.JPG

nice doji printed on daily and if next candle can stay that way they it's got a good chance to fire up a bit more... need confirmation tho.

hoping it be a nice short term swing.

My stop activated straight away . Worse off by about 40 pips past my stop.
Like I said earlier. It's all dodgy the way they handled the release. It's like they wanted to make money by the down grade.
If they even waited 5 mins after the close of the currency market I would have closed my order to open and not taken a hit.
Oh well ...nothing I could do about this trade. This is part of the trading. Just don't like being robbed...lol...
That's the downside to trading.You can't control news especially on the currency market.
Nice lesson in trading here. You can't always have it your own way. Expect the unexpected.
Now waiting patiently for another trade .

This the weekly:

dl.dropbox.com/u/40497882/Weekly_GBP_USD.JPG

WaveSurfer wrote: that's exactly the mind set i'm looking for - how low will it go and thus probabilities suggest GBP will go on a bit of a rally now. lol

cant load up my ig charts, but from what i saw on Friday night it looks exhausted now and the recent action maybe priced in and perhaps time for it to go on a bit of a rally before it dumps again.

all imo.

that's exactly the mind set i'm looking for - how low will it go and thus probabilities suggest GBP will go on a bit of a rally now. lol

cant load up my ig charts, but from what i saw on Friday night it looks exhausted now and the recent action maybe priced in and perhaps time for it to go on a bit of a rally before it dumps again.

all imo.

Last time I bought a big hammer at a key support it made a bearish engulfing the next trading day lol! Hope that doesn't happen to you remo, old chap!

Now that the main uptrend support has gone I'm gonna wait for a good short entry rather than consider any more longs.

The 2009 low was 1.3200 and there's an active P&F target at 1.3500. That would be proper bad news for those of us overseas but earning in Sterling so a nice short would be a good hedge against the falling strength of GBP. I'm looking at possibly going short at 1.545 if it rallies to there. Will have another look later this weekend.