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Video / 22 February 2018 at 7:56 GMT

Why I'm looking to buy cable: O'Hare

Steve O'Hare - First 4 Trading
Steve O’Hare, of First4Trading.net, explains in a technical analysis of charts why he is aiming to buy GBPUSD in a contrarian trade idea.

He is looking to set longs in GBPUSD at 1.3875. His stop is a break of 1.3800 and his target is 1.4000.

O'Hare’s technical analysis of a selected trade is featured every week on Trading Floor.
22 February
tcat tcat
thanks for the idea.
22 February
Cesime Cesime
G,M Steve I hope you are right
22 February
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
GM me too! Our intraday trade idea was buying at the same level with a stop at 1.3835! We have now pulled this into above entry.
22 February
usxau usxau
Good morning Steve! With GDP out in less than an hour and being a USD bull, although only short term, I will sell any spike in cable! ;) Well that's what makes a market! ;) Have a great day!
22 February
FXKhaos FXKhaos
Thanks Steve.
22 February
tonyovsalford tonyovsalford
Thank you Steve👍
22 February
Cesime Cesime
well this is a safe trade now Steve but gave 42 pips earlier
22 February
alki alki
Quite disappointing GDP numbers but still holding on to this trade.
22 February
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Prices have moved higher and stalled at the hourly ichimoku (1.3956). A nice place to take some partial profit here and could bring the stop on any balances up to 1.3855
22 February
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Currently trading 1.3940
22 February
usxau usxau
Order got filled at 1.3950 short! :) love this volatility as it makes for a good 2 way market! Wishing all a great evening! ;)
22 February
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
And you Sabrina! Good luck! ;)
22 February
tonyovsalford tonyovsalford
Is there still anything left in this Steve?
22 February
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
If we can get through the hourly cloud
22 February
tonyovsalford tonyovsalford
lol,You've lost me now @ cloud:)
22 February
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Apologies Tony. The ichimoku cloud is one of my favourite analytic tools. Basically, the cloud acts as support or resistance. If price is above cloud then trend is higher and acts as support or vice versa.
That's a very crude explanation. See chart for highlighted cloud.
22 February
tonyovsalford tonyovsalford
Thanks, I sort of see where your coming from Steve but when would you know? (If yuo dont mind me asking)
22 February
alki alki
Ichimoku or not, my head was in the clouds: opened at 1.3945 but instead of short i went long. Sticky fingers! Closed it in a hurry. I must rest more .-)
22 February
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
When price moves higher and closes above 1.3966 on the hourly chart would be encouraging for further upside
22 February
tonyovsalford tonyovsalford
But this was a Long wasnt it Alki?
22 February
alki alki
I am short with a stop @3975 - just above Steve's cloud.
22 February
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Hi Alki, always good to get rest when you feel tired - markets will be there when you wake. Plenty of moves to come.....
22 February
alki alki
@tony - i was long and got out when it stalled.
22 February
tonyovsalford tonyovsalford
So i should of closed the long and gone short?
22 February
tonyovsalford tonyovsalford
ok thanks
22 February
tonyovsalford tonyovsalford
WOW.........Minefield LOL
22 February
alki alki
@tony - it is always up to your risk appetite and according to your own money management strategy.
22 February
tonyovsalford tonyovsalford
So where we at with this, Confused now...........
22 February
usxau usxau
Gents for what its worth, after y'day's FOMC minutes and the impending elections in Italy, I anticipate a bit more dxy strength! Good luck to all! ;)
22 February
tonyovsalford tonyovsalford
dxy?
22 February
alki alki
HI Sabrina! Always with a smile, don't you .-)
22 February
Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
DXY = Short for dollar index
22 February
usxau usxau
Thanks Steve! ;) Sorry Tony! Wishing all a great weekend! ;)
22 February
tonyovsalford tonyovsalford
Thanks guys, Thanks Sab:)
26 February
Hong Wei Lee Hong Wei Lee
nice, target hit!

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