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GBP/USD setting up

 
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cameron.s.davis

GBP/USD setting up

I was reading a couple weeks ago that the pound hit its lowest level against the dollar since the 1980s and its seems to have been showing relative strength against other pairs more recently.  Couple that with the endless money printing by the Fed and I think it looks primed for a good move up in the weeks/months ahead.  Any thoughts?

Mon, 04/13/2020 - 5:36pm
 
rameshhaveleforex

What you are saying is partly true but in my opinion lot will depend on how respective countries handle covid19 crisis

 
mondoterra111

I think that you are both correct but ultimately it probably is about demand at any point in time for whatever the reason.

 
rmorin112

Possible bear head & shoulders setting up. Looks like it could fall to1.2250 and if it breaks below 1.2200 it could work it's way to 1.1400?

 
dnoa100

rmorin,

I was thinking the same thing however there's a big dip right before the right shoulder that is causing me concern. Nonetheless a double top also seems to be forming on the daily time frame so it just might be bearish after all. Lets see what happens

 
Rookie

I think we have a good GBPUSD counter-trend reversal setting up, once the price action turned this pattern van be a break-hook and go,

The original downward trend is less than 45 degrees thus the big boys have had a full pullback to find more sellers.
Next the countertrend line is a 62-degree angle, a little to step to maintain.
And the CCI is approaching is at a 116 deviation
lastly, the far-right candle has a wick to the pointing south.
and we are approaching the end of the session.

I have placed a few sell stop orders just beneath the last S&R line.

Note there is a significant list od GBP news after 1 AM EDT, Most likely the news will be moderately negative causing the GBP to further weekend against the USD which has already bounce to the mother on the 4H chart.

If you take the trade and you're not used to letting go, I would suggest using a sandbox.

GU 4H setup.PNG
 
Rookie

Just a quick follow up on Yesterdays the GU set-it and forget it trade just above.

I have set all my stop trades below the pivot before the news evens, while none were significant of themselves the group certainly created a lot of upward pressure on the pair, as I cautioned above, But a few trades did trigger and went for a rocket ride. When I woke the Trade was considerable on the drawdown.

Si I pleased a few races to the retracement and eventually the PA came down but not until the NY Open, then many of the rest triggered, When most had gained 25 pips I closed out the rest of my trades that had not triggered and took my profit wanting to move on to the Open.

Patience prevailed here to tune a loss into a handsome profit.

Enjoy.

5-20 GU Set-it and forget it equity bar.PNG 5-20 Set-it & forget-it Trade Stats.PNG 5-20 GU set-it and foget-it Plot Trade.PNG
 
Kaveh

Great stuff!

 
FredF3VI

My favorite thing with GBP/USD is its a low risk high reward currency if you are on the right side:)

 
dnoa100

Yes Fred, that can be helpful, especially for trend traders who hold positions over night

 
rrdavis21

I agree with Fred. I made over 350 pips using it on Monday.

 
henryewa

I think the COVID 19 is really affecting the market more than anything else right now.

 
martina.imnetwork

thank you for the tips

 
joele

Nice trade!

 
FrankS

Has anyone ever witnessed this many price gaps in Forex? This is the M5, which I do not trade much anymore in favor of longer terms. This is GBP/USD on Friday, 2020-1009. And for the record, I am looking for an RTM trade (Reversion To Mean).

Forex - Gaps - M5 GBPUSD.JPG
 
Rookie

yes, mostly on the weekend gap, this with some pairs is a regular thing when moving over the off-time.
I used to keep track of the weekend oscillation using the CCI and could often guesstimate the Sunday market open.

occasionally on the regular sessions but once refreshed it is gone. apparently, sometimes the Apiary server can not handle all the data received during very heavy loads like from news events.

 
FrankS

So, are you saying we cannot trust the Alveo server to reflect truth?

 
Rookie

No, not at all, any gaps which are rare, are immediately cleared up within seconds if not just one.

and the weekend gap is common on almost any platform.