Gbp/usd

[Raj]

My GBP shorts have been limited out at the D ext on the 240 chart....we may get consolidation here, perhaps pullback, well hopefully pullback...market currently working on bullish candle.

:)

[Raj]

market sitting at some sk res, but 15 min chart has sk support...one has to break LOL. More of a retrace would be nice, but we'll take what we get.

:)

[Raj]

Scalping on the 5min on a non-fundy day:

The 240 chart had an ES at the 382 fib, so I watched the 5min chart to see if had any convergence for the short as the next 240 candle was coming up to test the ES. Sure enough, a gartley presented itself with the 127 D ext completion of the small upmove converging with the 618 res of the downswing. Some nice easy pips to start off the week.

:)

[Raj]

Well the daily TB paying off I see, unfortunately Im not in the trade. I'm looking at a simple breakout trade here as we've come back inside the consolidation from before. Straddle trade.

:)

[pipsqueakr]

so from now u have setup straddle of that range Rajmeister? ur orders are in?

[Raj]

Yes boss. Orders in

[Raj]

We're fast approaching a re-test of the 382 fib here, so I'll be watching this area for a CF for the short, or a break above.

:)

[Raj]

Marvelous drop from the 382....60min chart had bearish engulfing.

:)

[Raj]

I'm waiting for price to hit 1.5427 where we find a lot of convergences for a short. It happens to be the D ext of the latest up fib, also there is SK resistance at that level.

:)

[Raj]

I've taken a short on this chart as we're at the downtrendline with 382 convergence. market working on a 240 CF at the moment.

:)

[Raj]

I had to bail on my short from yesterday as the 60min 382 support looked like it was holding, but I managed to snag 55 pips from the large 382 res down to the first 382 support on the 60min this morning.

:)

[liadex]

Raj:

On the 240 the GBP seems to be stuck between a downswing 86 retrace and an SK and is there a RT on a bear crown on the 60 min?? So should I be looking for a short on a smaller tf??

Thanks

[Raj]

Yes Liz, the 86 fib is always good for some pips...Kurt and I took the 60min RT yesterday, i've cashed out this morning for 100+, just in case of cons.

5125 support area must break for shorts I think

:)

[Raj]

watching to see what happens at that ols sk on this chart

:)

[Raj]

Let's watch this one as it approaches the SK res.

:)

[Raj]

Nice 240 Cf and we're in profits. GbpCad was also a beautiful set-up...at the 618/382 and down trendline with TT and ES formation.

:)

[Raj]

I have cashed out at the d ext for today.

:)

[Raj]

We've found res at the SK once again with a fabulous move today...hopefully this was point C and bears will make a run for the low.

:)