GBPUSD Analysis - 15 Dec 2010

GBPUSD - Trade Setup




I saw a setup on M30. Price rejection on previous support (yellow bar) as well as parallel TL (pink) , fibonacci retracement level @ 87.5% together a doji on H4. I set a buy pending at price 1.5760.



EP: 1.5760
SL: 1.5735
TP: 1.5810





Trade update: SL hit -30pips

GBPUSD Analysis - 15 Dec 2010

GBPUSD - H4 Chart Analysis

With a doji formed on H4 and price rejection on the parallel TL. Does that show that bear is losing steam. We need to have another upclose green candle to confirm the direction.

GBPUSD Analysis - 14 Dec 2010

GBPUSD - M30 Chart Analysis

Price failed to close 1.5900 even though CPI was positive for GBP. I placed another trade at 1.5880 with same SL and TP on the previous trade.

TP was hit at 1.30pm GMT.

Profit: 60pips.

GBPUSD Analysis - 14 Dec 2010

GBPUSD - M30 Chart Analysis

London's opening resulted with 2 pin bars formed and price rejection at 1.5900. I set a sell pending order at 1.5880. It got triggered off within minutes. I need to watch this trade closely as we have news for CPI (GBP) coming up at 9.30am GMT.

EP: 1.5880
SL: 1.5910
TP: 1.5830



Trade update: Closed at BE.

GBPUSD Analysis - 13 Dec 2010

GBPUSD Trade Setup - M30 Chart Analysis

With price rejection during asian time (inverted hammer) with no higher high, thus i waiting patiencely to see if price can break the current bull TL. Indeed, london's opening resulted price closed below the TL. I immediately set pending sell order at 1.5765. Within minutes, my trade got triggered.

EP: 1.5765
SL: 1.5800
TP: 1.5700



Trade update, 9.53AM GMT: closed 50% profit and move SL to BE.
Trade update, 12:16am GMT: trade closed with SL hit. Profit 35pips.

GBPUSD Analysis - 09 Dec 2010

GBPUSD - Trade setup

The bullish engulfing candlestick had confirmed the end of the retracement together with price rejection at previous support/resistance level. Fibonacci level at 61% thus make me very confident to go in for a long. Pending buy order at 1.5770.

EP: 1.5770
1st TP: 1.5830, 2nd TP: 1.5900 (38% fibo extension)
SL: 1.5730



Trade update: decided to close 50% profit when i am 40pips in the money as H4 TL is still quite strong. Price actually bounced off and formed an inverted hammer in M30.

Trade update: 12am SL hit @ BE.
Profit: 20pips

GBPUSD Analysis - 09 Dec 2010

GBPUSD - H4 Chart Analysis


Current price is near the black trend line. If it break and close above it, more bull power will be coming up else price might drop back to around 1.5680.

GBPUSD Analysis - 08 Dec 2010

After waiting for a long time for price to retrace, finally saw a nice green inside candle bar at at 7.30am GMT which also happened to be on the 87.5 % fibonnaci retracement level which also previous resistance turned support level. I set a pending buy order at 1.5700. Within minute, the trade kicked in and i am 26pips in the money.

EP: 1.5700
SL: 1.5660
1st TP: 1.5770 , final TP: 1.5800



Trade update: 1st TP hit at 11.03am GMT. 50% profit at 70pips. Moved SL to +40pips. Final TP hit at 12.25pm GMT with remaining 50% profit at 100pips.

GBPUSD Analysis - 02 Dec 2010

GBPUSD H4 Chart Analysis

With price failed to close above 1.5650 resulting a bearish engulfing candle concluded that the bull steam is over. I zoom into M30 and saw price had already broken the closing wedge and thus i placed a pending sell order at 1.5560. Within miniute, it got triggered.

EP: 1.5560

1st TP: 1.5520, 2nd TP: 1.5420 (38% fibonacci extention)

SL: 1.5600

Trade update, 10.32am: 50% closed at 1st TP. SL hit at BE.

Profit: 20pips

GBPUSD Analysis - 01 Dec 2010

GBPUSD - H4 Chart Analysis

Price really bounced off from 1.5500 as what i have predicted on my previous post due to it strong support level.

I see 2 scenarios at the moment.

1) Price will retest the high of the trading range at 1.5650 (which is previous support turned resistance now). If closed above 1.5650, price might try for 1.5750 or to 1.5780 (50% fibonacci retracement level)

or

2) Price must close below 1.5500 and head south further.

Let's be patience and wait for price to tell us the direction.

p/s Trading range is within the yellow box.

GBPUSD Analysis - 30 Nov 2010

GBPUSD - Daily chart Analysis

Current price is sitting on previous S&R. No trade setup at the moment. Be patience and let the market tell us the direction. 1.5500 is the key price to watch CLOSELY.

I've identified the trading range for M30. No trade setup at the moment as price is testing previous strong support.

GBPUSD Trade

EP : 1.5610

TP : 1.5530

SL : 1.5650

Saw this setup after price failed to close above previous resistance at 1.5650. With a bearish engulfing candlestick together at 50% fibonacci retracement level, i set a pending sell order and trade got triggered within minute.

Trade update, 9.30pm: closed 50% of profit and set SL to BE.

Trade update, 9.48am: SL hit at +40pips for the remaining of 50% size @ 17.43 GMT

Total pips: 40pips

USD INDEX

Current price is hitting it previous support which turned resistance now. It is also at 61.8% fibonacci level. Breaking up will shown sign of bull strength else the bear will come in again.

Trading Time Frame

For reference only.

GBPUSD Analysis - 29 Nov 2010

GBPUSD Daily Chart Analysis

Friday closing broke the previous support @ 1.5650 which shown sign of bearish movement. However, we need to see further price closing below 1.5500 to test the bullish TL.

Immediate resistance will be around 1.5630 ( pink line)

Next resistance will be 1.5820 range ( yellow bar)

Next support will be 1.5520 range ( cyan bar)

GBPUSD Analysis - 26 Nov 2010

EP : 1.5720

SL : 1.5750

TP : 1.5660

RRR 1:2

Saw this inverted hanging man formed after price rejected at previous resistance. Immediately i set pending sell @ 1.5720. Within minute, the trade got triggered.



Moved my SL to 1.5690 when i am 50pips in the money.

6pm : trade closed with 30pips profit

GBPUSD Analysis - 25 Nov 2010

Price failed to break the high of yesterday during Asian time when London opened which clearly shown a bearish day. Currently price is sitting on the previous support level and it might go up to retest 1.5835 with next to 1.5950 if the support hold.

If price was to break below the support level of 1.5750, next support level will be 1.5700 followed by 1.5650. If that were to be happened, most likely we will be seeing her going south further.

Major trend is up. Immediate trend is down (retracement)

Immediate Support level : 1.5750
Immediate Resistance level : 1.5835



Spotted a doji followed by red bearish candle and place a pending sell order.

EP : 1.5775

SL : 1.5800

TP : 1.5725

RRR 1 : 2

Moved SL to 1.5750 when i was about 40pips in the money. Missed the TP by 0.2pips else i would have hit it. After that price went back up and hit my SL.

Profit: 25 pips

GBPUSD Analysis - 24 Nov 2010

Trading range

Current trading price will be within the pink channel.



Pending buy order: 1.5810

SL: 1.5750
TP: 1.600
RRR: 1:3

Trade triggered but hit SL
Loss: -60pips

GBPUSD Analysis - 23 Nov 2010

Based on daily chart

Major Trend Direction: Up

Based on H3 chart

Price is currently around 61% fibonacci retracement level which happen to be on the trendline too. Strong support can be seen at 1.5890 - 1.5900. If price were to close below these support level then the next level she might try will be around 1.5850 follow by 1.5800.

Introduction

After trading for few months, i've decided to keep track each of my closed trades inorder to improve my trading skill. First of all, i only trade on GBPUSD also known as cable or sterling because i like the volatility of this pairs. I do not use any indicators. Fibonacci retracement is the only tool that i used on my chart together with trendlines, previous S&Rs drawn clearly on my chart. Trendlines, S&R and fibonacci retracement are plotted on D1 & H3. I look for setup using M30.