In my previous post on this pair, I gave a outlook on the path that this pair should take:
After a brief period of consolidation which resulted in a triangle pattern being formed, we are now seeing a breakout of that triangle down. I don't know that this is a false breakout or a true breakout but this is a trade going with the larger trend and also with my wave count.
WAVE COUNT I have been labeling this recent retracement wave up as a wave iv of v of 3. That means this next move should be down in a wave v to complete the larger wave 3 if my count is correct. And so far, it looks that way. The wave iv retraced all the way up to the end of the wave i but did not close into it (with the exception of a brief spike up into it's price territory upon opening due most likely to the reaction to the Paris bombings). PATTERN As I've shown in the previous post on this pair, there is a POTENTIAL Crab that is waiting to be filled.
MY TRADE PLAN I have gone SHORT on this pair as per my analysis and will hold SHORT to my TP1 which is at the .886 retrace of this wave 4 although I do expect it to head even lower to complete the wave v. I'll decide at that point whether to keep or take profit.
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*DISCLAIMER: Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!
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EF, there are many traders who are starting with forex and will follow your ideas thinking that you are going to be always right, because you are a professional that devotes full time to this matter, specially if the title of your post is as agressive as SELL@1,5190
The pait is already at 1,5291 and nobody knows when it will stop going up.
I believe that in these cases it would be good from you some type of advice to avoid others' huge losses (and I am not writing this because I was stopped out, but because what I describe happens very frequently to the newbies and also to many others who are not so newbies = follow professionals).
All the best.
Rayge
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hit my sl 1.528
migzhagiazo
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great idea! :) still waiting for targets. by the way, i shorted from 1.54. so still waiting for target at 1.49
EverythingForex
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thanks. but it's only great if it works out. I can't publish targets here as I can only give those to my members. My apologies
migzhagiazo
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yep. no prob. its my own targets :)
krishmurali0702
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but the usdindex seems to fall which in turn will hike gbpusd.
EverythingForex
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Correlations are important but they do not work 100% because no pair is 100% 1:1 correlation to another. If the US Index falls, it does not mean that GBPUSD MUST rise. In likelihood, it MAY do so but not MUST do so.
krishmurali0702
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yes. i went short after the major support break at 1.52 as per my analysis
. turned out well for quite sometime but then turned back and hit SL.
EverythingForex
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My question to you is: where was your SL and why did you put it there? I ask this because stops need to be put where they have a reason to be there and not just random or based on what you can "afford" or "stand" losing.
The pait is already at 1,5291 and nobody knows when it will stop going up.
I believe that in these cases it would be good from you some type of advice to avoid others' huge losses (and I am not writing this because I was stopped out, but because what I describe happens very frequently to the newbies and also to many others who are not so newbies = follow professionals).
All the best.