GBP/USD

I have exited my GBP/USD short trade and have entered long on the GBP/USD. I will provide updates later.

Happy trading,

LattePIPs

The current GBP/USD trade

From the short entrance recommendation I provided here, your trade should be around -15 pips or so. This has been some bizarre movement on the GBP/USD. I did not think it would move up to 1.4915 so soon.

So, here’s where we are…either 1) the GBP/USD will continue moving up toward the 1.5060 level I forecasted here, or 2) it will continue moving down. Personally, I think it will continue moving up for the next couple of days. Therefore, you can either:

1. Exit your current GBP/USD trade and enter going long
2. Stay in your current GBP/USD short trade and wait for my signal to exit and go long

Personally, I’m staying in for right now to see what the GBP/USD is going to do. I’ll provide updates later.

Happy trading,

-LattePIPs

Enter GBP/USD Short now

Enter a short now on the GBP/USD to target 1.4500. (300 PIPs away since the GBP/USD is currently at 1.4800)

Ok…so I was correct after all

Alrightee-then…

Good news…it was really, really, really early when I recommended going short on the GBP/USD, but it looks like I was correct after all. Even though my strategy signals early moves, I still like to be conservative and verify my signals. Otherwise, we’re stuck holding a position which we would NOT want to be holding.

Bad news…we would be in a nice trade right now. Oh well…that’s the way it is. I’ll be providing another post here in the next 24 hours for another trade idea.

-LattePIPs

Exited GBP/USD Short

Yesterday, I provided an early, early, early, really early…probably too early short (sell) recommendation.

I have closed my short trade for now and am sitting on the sideline. I thought I had a particular longer-term (multi-day) short signal, but read it incorrectly yesterday. Having said that, the current status of the GBP/USD STILL looks VERY WEAK in moving up any further; however, I do not have a multi-day short signal yet.

Happy trading,

LattePIPs

Exit GBP/USD long positions for now

I wrote here that I was a little concerned about the strength of the GBP/USD movement up.

I recommend exiting your GBP/USD long positions for now and potentially enter a short position. (If you enter a short position, try to enter at a key level of resistance.) The GBP/USD is currently at the 1.4800 area.

I’ll write more later when I have more time.

GBP/USD Update – still moving as expected

Hi everyone. I have been discussing this current move up on the GBP/USD since May 19th. For those of you who took my recommendations here, you are currently positive over 200 PIPs.

What the GBP/USD has been doing for the past few hours has been moving up and down in 50 pip movements:

• it failed to take out a short-term level of resistance
• then fell back to a level of support
• then it took out a short-term level of resistance (1.4788)
• and is currently retracing to a level of support (1.4744)…actually, during this writing, it has already retraced to 1.4744.

Now that the GBP/USD has reached the 1.4744 area, we are immediately targeting 1.4915 during the next move up. If the shorter times break against our longer-term trade, I will let you know. If that happens within the next few hours (maybe next 4-8 hours), then the GBP/USD will fall down to 1.4495. If that does happen, we will want to exit our profits before it moves down to 1.4495.

If the current movements are not strong enough to push the GBP/USD up to our 1.5000 area, then it could definitely turn around and begin moving back down into the Daily downtrend. Either way, we can still make positive trades, I just want to state the possibilities. Before that happens, of course, I will let you know ahead of time as usual. The GBP/USD has already hit our first long-term target (1.4780) documented here. Sometimes this happens where the currency pair just isn’t strong enough to perform the full move of the retracement and goes back into the full move of the trend. I’m referring to the 4hr as the retracement move up within the current Daily downtrend. (You can read more about these terms here.)

Happy trading!

LattePIPs

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

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

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

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

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

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