Here’s the 15 minute chart and a baseLine. This is going to be our profit target.

And
here’s the EntryLine.  If the pair closes above this line, on this 5
minute chart, I am going to buy the pair, with a stop loss 15 pips
below the lowest low it has made so far, and use the BaseLine as the
profit target.

Our GBP/USD trade has gone pretty much exactly as we expected, and it has been a good time.  At first I was a bit frustrated by the trade because the pair wasn’t moving as fast as I’d like it to down towards the green BaseLine, but then it really picked up speed around 1:00 AM Eastern Time.  I was sleeping of course, which is when all the quick moves happen.

Click here to see the original trade idea.

And here’s the chart.  The pair is close enough to the green line that I am taking half my profit by closing half the position, and moving the stop loss on the rest of the position to break even.  At the very least, if I were to keep the entire position open, I would move the stop loss to break even so that nothing really gross can happen to your trade.

We’ve been looking at completed trades all day today, so it’s nice to actually have a new trade idea appear. 

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Here is the base green line.

And here is the shorter term line that we can use to enter the trade:

The GBP/USD is falling, and fast.  I believe it will reach our green baseline in the next week or so.  Maybe faster.  If you’re not already in the trade, this is not a good time to enter — all kinds of violent reversals and such can happen as a pair nears its goal.  We’ll have more trades coming, so stay tuned.

See the last update and the full trendlines here.

The GBP/USD has broken the blue trendline and is making its way down.  The move down, like everything else this week, has been a challenge, as it just doesn’t seem that any currency pair had any real momentum until today.  It’s kind of a holiday week, so it’s understandable that people were lazy.  But today things seem to be heating up. 

Here’s a link to the original trade idea, so that you can see all the lines and the setup.

And here’s the updated chart:

The GBP/USD trade is doing nicely.  The red line was broken, we’ve made it down to the blue line (what I call the "EntryLine") and now we’re getting ready to break the blue line and go further.  We’ll look at all the next trade possibility in a moment, but here’s the updated chart:

And here’s a link to see the original trade idea: Click here.

And now an update on what we’re going to do about the blue EntryLine:  we’re going to watch and wait on the 1 HR chart for a close below the blue EntryLine and then we’re going to sell, towards the green "BaseLine".  May the force be with you!

The GBP/USD short term trade is open; the red SteepLine is broken, and the pair is making its way down to the blue trendline — you can’t even see the greenline on this chart, but we’ll get back to showing that level if the pair can make its way down.

My stop loss is up at 1.9975.  Here’s the chart:

I could not help myself.  I added another trendline — a red one (the steepest kind we draw) to the setup.  Now on the GBP/USD we can trade a close below the red trendline down to the blue.  There are a lot of people talking about how the pair is overextended, including James Chen, my fellow blogger here  at FXStreet.

Here’s the new trendline:

Here’s another way of looking at the GBP/USD.  There are so many ways to look at support and resistance; this happens to be another double-trendline setup that I like very much.

Oh, and a manure thief really did fall into dung.  Not making that up.

Here is the 4 HR chart to start us off, so that we can see the green (base) trendline.

And here’s the 1 HR setup that we can use for the trade.  I am waiting for a close below the blue trendline, as usual.

The GBP/USD got to our first trendline … and could be getting ready to smash through it and on down to the green one.  Let’s start things off by reviewing from whence the green trendline came.  This is the 4 HR chart:

Now let’s get a closer look, by dropping down to the 30 minute chart. I think you can manage/open this trade from the 15 minute chart or the 30 minute chart.  Either would be fine with me.