GBP/USD retraced as forecasted and positioned to go further up

June 11, 2010 1 Comment

Alright, the GBP/USD has completely retraced from what I commented on last night. I gave a range and the GBP/USD retraced to the bottom of that range (1.4554). It actually went a bit further to 1.4534. So, if you were up at 3a.m. Central Time and got my comment, then you:

  1. Took your profits
  2. Placed a limit buy within that range provided
  3. Went to sleep and then woke up noticing that the GBP/USD went down as forecasted by me last night and has taken you back in

If you didn’t receive my comment last night, you were either asleep or you HAVEN’T SUBSCRIBED TO MY COMMENTS! hahahaha If you’ve only subscribed to my posts, be sure to also subscribe to my comments. It’s a link within a widget on the side of my blog. It’s directly above “How to Contact Me”.

Here’s a snapshot of what has happened so far:

GBP/USD Retrace

Filed under GBP/USD, Trade Recommendations

GBP/USD moving as forecasted (320 PIPs so far in 3 days)

June 11, 2010 2 Comments

3 weeks and 2 days ago, I wrote here of the bottom which had just begun to form on the GBP/USD. Of course, most people were still shorting the GBP/USD thinking it would continue to move further down. muhahahaha….

So…3 days ago, I wrote here that the GBP/USD had hit the first target, retraced to a level of support and was about to move further up. Therefore, if you had taken my trade recommendation, then you are currently up in profit around 350 PIPs. When I had posted the trade recommendation, the GBP/USD was moving further down, but was around 1.4386. It was around that price for the next 10 hours, then began to move up. Now, the GBP/USD is currently at 1.4735.

We will be staying in the trade for a while. When the GBP/USD retraces against shorter-term timeframes, you are more than welcome to enter more long positions at those key levels of support before it continues to move up further as long as you have risk mitigation in mind.

Over the next few days, I will:

  1. keep you apprised of the state of our current GBP/USD trade
  2. let you know when and where to exit
  3. let you know of positions to enter the next trade

Happy trading!

LattePIPs

Filed under GBP/USD, Trade Recommendations

Word of Warning

June 11, 2010 Leave a comment

As you grow your skill of Technical Analysis, you’ll read many, many opinions out there. Be careful. As you have with me, read people’s analysis over time. It is VERY difficult to watch someone over time to see that if his/her technical analysis is actually true most of the time, or if they’re just writing their opinions which are wrong most of the time.
Fortunately, all of my analysis is historically documented on my blog. I purposely refer to my prior forecasts and analysis so that it’s readily available and “in your face”, that you, the reader, can see that hopefully everything I have forecasted is true…or at least 95% of the time.

It takes time to find people you trust who provide meaningful analysis of foreign currency pairs. Besides my site, I recommend reading http://www.dailyfx.com for technical analysis of foreign currency pairs. However, I was reading an article the other day written on 06-09-2010 about how the person was targeting lows around 1.4250. The main part of the article said:

“After making a lows around 1.4350, Cable has popped higher to 1.4600 where it has found temporary resistance. Actually, this area has served as a significant area to watch as it was strong resistance back on 5/26 – 5/27, and then as strong support 6/1 – 6/2. Will it hold as resistance now? Maybe so, but in case it doesn’t, I have decided to adjust my stop to 1.4620–just above today’s high.
This locks in further profits ahead of the UK interest rate decision (Thurs, 11 am GMT) and major US data this week (Retail Sales, Fri 12:30 pm GMT). I will continue to target recent swing lows–around 1.4250–and I may close down this trade over the weekend.”

While PipCrawler placed their stop at 1.4620, my trade took their stop out and went further up. While Pipcrawler was targeting 1.4250, I had been saying for the past three weeks that the GBP/USD would move up toward 1.5060.

My point here is that these two traders, myself and Pipcrawler, were going two completely different directions. He was shorting. I was going long. Of course, the GBP/USD went the direction I had forecasted, but the point is…it takes time to find consistent analysis out there. Be careful when reading people’s technical analysis. No one will ever be on target 100% of the time, but they should be providing correct analysis most of the time.

Filed under Stuff

1st Target Range hit…now 2nd Target to go

June 8, 2010 3 Comments

Just about three weeks ago, I wrote here that we had found a bottom and the GBP/USD would begin moving up to around 1.4800 to 1.5000. After the bottom was confirmed, I wrote here that, “Getting more specific, we are currently targeting the zone from 1.4780 to 1.5060.”

Well on June 2nd, as you can see in the chart below, the GBP/USD pretty much hit the 1.4780 target by moving up to 1.4769. (11 pips away from what I had forecasted) When I began writing about the bottom the GBP/USD had formed almost three weeks ago, around 1.4300, you were able to enter anywhere from 1.4300 to 1.4450. That’s a nice 250-450 PIPs, depending where you entered and exited.

Now that it has retraced a bit to a strong level of support, it will begin its movement up toward 1.5000.

GBP/USD movement toward 1.5000

Filed under GBP/USD, Trade Recommendations

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