Update: Time for Another GBP/USD Bounce?

Is Cable’s trend my friend this time? I hope so! Last week I told you about my entry at 1.6468. Well, I decided to double up!

GBPUSD

I was watching GBP/USD closely last Friday and I saw that price had finally broken above the 1.6650 area. I decided to move the stop of my first position to break even and open another 0.50% at market (1.6694). Let’s see if the breakout leads to a journey above 1.7000!

Here’s what I have so far:
Position 1: 0.50% at 1.6468 – Moved stop to break even
Position 2: 0.50% at 1.6694 – Placed a 200-pip stop loss
Position 3: 0.50% at 1.6860 – Order placed but not yet triggered

What do you think? Is GBP/USD’s uptrend over or should I hold on to my positions?

XOXO,

Huck

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  • jabby

    Did’n’t you placed you’r second position a little soon?

    • Hucklekiwi Pip

      Well price was already 200 pips above my original entry and almost the size of my stop loss (around 250 pips) so I figured it’s pretty safe to move the SL of my position to BE and add another position. Let’s see if it works! How about you? Do you have Cable trades open? 🙂

      • jabby

        I have a long position at 1.6457 but for my second position I’d rather to jump in with one of FIB’s level whichh’s not yet triggered

        • Hucklekiwi Pip

          Hey congrats! Where did you place your second order? 🙂

  • pipstradamus

    I believe sterling is overbought, so we should see a retracement even if it’s going to rally further.

    • Hucklekiwi Pip

      Good point! What retracement levels are you looking at? 🙂

  • John

    I don’t the think the GBP bulls will stop any time soon. Guess the bears are in hibernation, although the European winter isn’t that cold 😉

    • Hucklekiwi Pip

      LOL. Fingers crossed for another leg higher for the pound! I’m looking at the FOMC minutes as possible catalyst now. Do you have a pound trade yourself?

      • John

        Not yet. I totally overslept the explosion at 1.6468 that you entered so nicely, so I’m waiting just a little longer for the price to fall. Depending on the news on the BoE minutes and ILO Unemployment Rate tomorrow I’ll enter or wait a little longer. Let’s hope for the best and good luck 🙂

        • Hucklekiwi Pip

          The reports dragged it a bit today but we’re now seeing an intraday bounce. Hope you hopped in! Good luck to your trades too! 🙂

  • PRAMOD DESHPANDE

    On monthly chart as of now it is Bullish engulfing candlestick pattern which reinforces your logic of GBP going northwards. All the best. By the way I have also taken position @1.6655 first pullback on H1 and following your footsteps. Thanks.

    • Hucklekiwi Pip

      Cool, we’re in the same trade! What are your entry and exit points? 🙂

  • Russell Daily

    I’m long on the pullback. 1.6684 So I suppose I agree with you.

    • Hucklekiwi Pip

      Hey it pulled back all the way to 1.6650 area today! Were you able to get in? 🙂

  • tryhany

    i think u gonna lose ur money specially ur second trade.

    • Hucklekiwi Pip

      Haha I hope not! I got a bit concerned when it went below the 1.6650 area though. Luckily it’s now above 1.6700. My fingers are still crossed! 🙂

  • John

    Big retail sales news today, Hucklekiwi. GBP was rather disappointing in the past 24 hours, so I’m very interested how this will turn out. Hope you get your pips 😉

    • Hucklekiwi Pip

      Thanks! I’m also looking to see how strongly it will impact GBP/USD trend on the daily chart. Hopefully it’s just noise for now. Fingers crossed! 🙂

  • tom23

    2014/22/2
    i have a big problem cloud you guys help me to find out a right decision
    * i have already opened GBP/USD buy tread at “1.6641″ it going lost now i thought 1.6641 will be up because i saw pretty support line unfortunately bear candle not turn back that case i have lost 24-26 pips still i am not cancel my order . now i want to know market try to going long down or market will be turn up soon again then i can take my profit ?? . so plz know me about this matter .. tell me what i want to do now still i am going my order continue so is it bad idea or not ? tell me when the market turn up .. or is it try to go long down (GBP/USD) ?

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