GBP/USD Trade Alert: Bearish Below 1.5950

Last updated 2/1/2010 11:51 AM EST (GMT -5) 7 Comments

FX360 Technical Analyst Staff

Technical Analyst, GFT

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Last Updated: 10 min ago

A new, short-term GBP/USD trade is in progress as price action is correlating nicely with today’s Foresight A.I. timing/trend forecast. Our sell entry of 1.5933 is based off the current 78.6% correction of the initial drop off this morning’s high near 1.5950, which came in at the forecasted peak of approx. 8:30am EST. Prices are now forecast to trend down for the remainder of today’s session (2pm EST). If prices do continue to drop to 1.5905, then we'll look to move stops to break-even (1.5933) and let profits run to at least 1.5875-1.5851 by session close.

Comments (7)

jsmeyer
February 01, 2010 at 05:12 PM ET
Is this still in play? everytime it gets to the 1.5950 range it darts back up.

silver
February 01, 2010 at 06:33 PM ET
He lost 14 pips on this trade. He was stopped out. I think was was suppose to be a day trade only.
hsbc
February 01, 2010 at 07:17 PM ET
sofar this AI thing has been quite accurate but i think its timing is a bit off and also it doesnt consider market flows. however keeping this in mind and staying short gbp on rally may work
Semaj
February 01, 2010 at 07:59 PM ET
I had read somewhere that the AI indicator is best used between 5-9 am EST. I think it was actually designed for the volatility of those hours. I am sure Roger would know better. I entered @ 1.5960 on a 3 min momentum reversal with a 50 pip limit & a 12 pip SL, it's still open. Maybe Asia will push it down?
hsbc
February 01, 2010 at 08:46 PM ET
same thing. i took the trade at 60 but my sl is at 80.
Semaj
February 01, 2010 at 09:20 PM ET
No significant retracement for hours, bull strength possibly. It should make a move shortly, I have price trapped in a wedge and if it breaks to the upside I give up the 12 pips or less if I close it out. No help from Asia yet, if not in 30 minutes the RBA should shake things up a bit. Good luck :)
prakashsiyer
February 02, 2010 at 11:36 AM ET
i am short at 1.5960 with sl at 1.5980. can i continue to hold this position?

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TRADE IDEAS

  • Trades to Watch
  • Trades in Progress
currency trade idea
GBP/USD
Medium term



 Sell Sell at 1.5904
Stop at 1.5924
Target at 1.5874
currency trade idea
CAD/JPY
Long term
Opened 2/10/2012
 Buy Long from 77.6500
Stop at 76.65
Target at 78.9
GBP/CHF
Medium term
Opened 2/8/2012
 Sell Short from 1.4470
Stop at 1.4602
Target at 1.4352
AUD/CAD
Medium term
Opened 2/6/2012
 Buy Long from 1.0740
Stop at 1.0655
Target at 1.085
These are hypothetical trades and should not be relied upon as a substitute for independent research.

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