GBPAUD Long Position Opportunity Using the XABCD Pattern, we can distinguish our 5 leg movement, which the last leg movement will begin at point D to complete the pattern. Rejection on the Supporting Trendline will gives us a fantastic opportunity to go long, so we can take an advantage of going long on the price rejection level with a Limit Order, Applying Risk Management.
FXB
The British Pound and Mark Carney: Lots of Noise, Little ActionThe market may have set itself up for another false alarm on rate action from the Bank of England. The British pound hangs in the balance. I am long GBP/USD mainly as a hedge on my bullish U.S. dollar positioning. At the May 10th policy meeting, I think the risk of further pound weakness is greatly minimized while more upside exists...especially if the dollar pulls back in the interim.
The British Pound and Mark Carney: Lots of Noise and Little Action. drduru.com $FXB $GBPUSD #forex
FXB British Pound:Looking for a bounce or long term bottom soonI don't trade the currencies the way most of you do. So I am sure you have a much better way to trade this. But just looking at the British pound ETF I expect at least a bounce at the 128-130 level. But it could also be a long term bottom esp wtih that volume spike. Hope this is helpful. Take care. Have a great weekend.
Pound/Gold: Up we goI really like how washed out this pair is. Sentiment was absolutely extreme for both instruments, giving way to a gigantic reaction after hitting rock bottom here.
I reccomend being long the Pound, and short Gold overall, one way of doing it is perhaps selling FXB puts at the money, on top of any FX trade that you might want to take. Perhaps you can opt for a pair trade, and adjust size based on volatility, unless your trading platform has a gold/pound pair you can directly trade, in which case, go long with a stop under the low, plain and simple. If you have questions on how to trade it pm me.
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Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance0.57% on such information.
The Bear Market In The British Pound Is Coming To An EndThe FXB (British Pound ETF) is on pace to snap a 7-month correction, following a test of long-term support at the 147.50 level. If this rally lasts through the end of the month consider buying the ETF with an initial stop loss at 146.95 (just below the January low). Major resistance remains in the 165-170 level, but there is likely to be selling pressure in the 160-162.50 area, if it gets there. Keep in mind that this is a monthly chart, so this trade could last into the back half of 2015 and possibly into 2016. For those familiar with options you can also look at buying a Sep 2015 or Jan 2016 $151/$162 bull call spread for a high reward/risk ratio setup.
Pound Sterling long term accumulationthe pound broke out of last year's high and tested it so now its finally going to rally hard after 5 years of accumulation. On a yearly chart, last year was a low volume pin bar back into a high volume absorption bar so all the supply is out of the market and is ready to rise with very little resistance.