[thalestrader]

Originally Posted by thalestrader »

I thought it would be interesting if we had a thread where we could all post charts of potential price moves in real time.

Well, I still think it will be interesting, but then again, I watch charts for fun!

I'm going to continue with the GBPUSD. I am not trading it, and I do not trade forex (though I occassionally day trade the 6B and 6E).

I am looking at a short trade at 1.6301, based on price reversing the HHHL pattern of the afternoon rally with a potential LHLL.

Inital stop loss is placed at 1.6329

Profit objective is a retest of today's low at 1.6241.

Best Wishes,

Thales

[thalestrader]

Originally Posted by thalestrader »

Inital stop loss is placed at 1.6329

With that new low, stop loss could probably be lowered to 1.6322

[thalestrader]

Originally Posted by thalestrader »

With that new low, stop loss could probably be lowered to 1.6322

lowering stop to 1.6313

This price decline has a good bit more overlap and choppiness than I'd expect of it for a retest of today's low.

[thalestrader]

Originally Posted by thalestrader »

lowering stop to 1.6313

This price decline has a good bit more overlap and choppiness than I'd expect of it for a retest of today's low.

Downside price action has started to get into gear with a low at 1.6262, a decline of 40 ticks. A reasonable profit target would be a limit at the 1.6241 low +/- a few ticks.

I'd like to see price give a natural stop point within profitable territory so the stop could be safely lowered to capture some of the move.

[thalestrader]

Originally Posted by thalestrader »

I'd like to see price give a natural stop point within profitable territory so the stop could be safely lowered to capture some of the move.

No sooner had I posted the previous update and price obliged with a new stop point at 1.6277 which would lock in +25 ticks or so.

[thalestrader]

BOOM!



When price chewed through this morning's low it found a nearly 30 tick vacuum waiting for it!

Obviously, had one traded it with a limit, the limit would have been filled for approximatley +60 ticks. If one were trailing, then at this point I would probably move my stop down to 5-10 ticks above this morning's low.

[thalestrader]

The market has rallied back to test the breakdown from this morning's low. It first rallied to 1.6239 before falling back, and price has now rallied to 1.6242, besting the low by one tick, and has now fallen back a few ticks.

If I were still short here, I'd bring my stop down to 1.6243.

[thalestrader]

Originally Posted by thalestrader »

If I were still short here, I'd bring my stop down to 1.6243.

And that would be a wrap - short from 1.6302 and covered at 1.6243