Oh I nearly forgot the popular all-annoying question, what are your TP & SL for this trade?
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DislikedActually , I do not use Pivot Points but As you see in the Attached Picture , The Downtrend could be confirmed by crossing the Fractal , when the Triple CCI are less than 0 and also MA50 confirm it. I do not see confirmation by MA50 (Blue Line) but It may change the Direction soon , because all are showing downtrend..Ignored
DislikedNeed a few enlightenments:
1. About the triple interest selloff, I thought the interest payments are due at approximately 5.00pm, probably a few minutes more (giving traders a sure fixed time will give them an opportunity to go long only seconds before and closing the positions seconds after that time, which will be a disaster to the broker) but definitely not more than half an hour after, am I correct?
Different brokers have different times, but it seems most paid interest an hour ago (IBFX is my broker). I don't know if anyone would enter long minutes before the interest is due n then get out, maybe people do that but you can't expect a big selloff just based on that.
2. If yes, why didn't the big boys close all their positions at like say, 5.15pm resulting in a dramatic fall? all I saw for the last thirty minutes was a mere 50 pip drop. If they know everyone's gonna close their position during this time, they would have closed theirs as well as fast as possible which would result in a nice entry point, right?
You can't expect the pair to just plunge right away n fall like a rock (it would if BOE cuts rates or some really bad news), but it won't fall dramatically only because the long positions closed their positions now. If you notice the retracement should of started earlier today but due to it being triple interest, the majority of traders held onto their long until interest was paid and now we see bears coming into play.
3. If, again, yes, so does this slow drop means it was because those big dudes know this pair isnt gonna retrace?
This pair will retrace, possible 200 or so pips until the 50%-61.8% fibo of the last bull-run. If you use auslanco's method then you can see the 15m n 30m QQE have already crossed down, once the 1H QQE crosses down then shorts should be safe for a while (till London maybe?)
and while I post (which is like, never), just wanna say thank you to karmo. Dude you are my idol. You have no idea how much I've learned from your posts
You are most welcome, we are all here to learn, enjoyIgnored
Dislikedhey aus... quick question bout your website...which is awesome by the way....
your post says 10:36 pm for today 11/28/07 for tokyo it is now 6:10 est so what time did the chart go up in est? also what time do you normally post your charts est so us newbies can see them as soon as you post them thank u in advanceIgnored
DislikedAlso Japanese Industrial Production less than 20 Minute... Lets hope it shows good data for us for a good and strong retrance.Ignored
QuoteDisliked21:23 USD/JPY: Oct Japan Industrial Output Seen Firming - Preview San Francisco, November 28. Robust growth in car exports in particular is expected to help lift industrial output a firm 2.0% in October, reversing the 1.4% fall seen in September. While manufacturers look for growth of around twice this, IFR suspects they may have been a tad optimistic, as per usual. Although output has fallen in more months than it has risen this year, it has seen such strong gains in the past few months that it has grown that trend growth is firmly upward at about 0.6% per month, recovering from a slump in the first part of 2007. The relatively weak yen and strong global growth are key factors, as domestic demand has not been the main driver of output. The outlook remains reasonably firm, reflecting the growing importance of China as a market as the US economy slows. [email protected]
DislikedIt means USD is running temporarily up before it get killed, am i right?Ignored