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Attachments: Auslanco - GBP/JPY and GBP/USD (newstrade)
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Auslanco - GBP/JPY and GBP/USD (newstrade)

Hey guys,

I have no idea where this may go from here, in all honesty. Fundamentally i think we will see a move lower before any new highs are see. Mainly cos of rate cut (prob only 25bp in US) and same possibloy coming up in UK.

Techincally price is consolidating in a bearish rising wedge, with bearish divergence on the rsi and stochs. (1hr) On the 4hr stochs are moving into overbought and may be starting to turn over. Also coming off 21ema on daily as well.

If breaks down, i would maybe look to initially target 211.40 (S1). I dunno, feedback more than welcome. (Actually thats the reason im posting this, for your feedback)

See chart below,
Attached Image (click to enlarge)
Click to Enlarge Name: untitled.JPG Size: 129 KB
"If it bleeds ... we can kill it"
Quoting DollaBill
The best bang for your buck will be MBtrading or EFXgroup.com. They are both the same except EFX is strictly for forex. Most every pair has a 1-2 pip spread, GBP/JPY is around 4-5, you pay commision on entering and exiting trade. It's and ECN and not a bucket shop. Check ratings on forexbastard.com.

i agree with DollaBill. I've been using MBTrading since i went live in october and i think there fair with the spreads and commission. commission is based on #of lots
Quoting Piphunter71
It would be great if that line breaks...then it can countine down a while and then the fed cuts 25pts tommarrow It will plummit. (My wishful thinking)
Are you saying that you think a 50bps is priced in and 25 would make it tank?
Quoting Bdisciplined
i agree with DollaBill. I've been using MBTrading since i went live in october and i think there fair with the spreads and commission. commission is based on #of lots
Consider a mini lot. That is $1 = 1 pip right?
Now considering paying $5 for entry as well as exit. That adds up 10 pips on top of 4 pip spread on GJ for example. Isn't it high? Or am i missing something?
someone help me out here please....

assuming the USD rate cut....this would mean that:

traders are selling USDJPY...meaning they are selling USD and buying JPY

also, traders are buying GBPUSD....meaning they are buying GBP and selling USD

wouldn't this mean that the overall GJ move depends on how much stronger GBP or JPY is against USD...(since the simultaneous buying of GBP and buying of JPY would cancel any move on GJ)

...so basically, which is stronger....GBP or JPY??
The odds are on my side; let's hope they stay that way!!!
Quoting ffbk
Consider a mini lot. That is $1 = 1 pip right?
Now considering paying $5 for entry as well as exit. That adds up 10 pips on top of 4 pip spread on GJ for example. Isn't it high? Or am i missing something?
the commish on 1 mini is about a buck per lot per entry and exit. To place a trade with 1 mini lot getting in and getting out costs me $1.92,regardless of the # of pips I make.
Quoting bcorsaut24
someone help me out here please....

assuming the USD rate cut....this would mean that:

traders are selling USDJPY...meaning they are selling USD and buying JPY

also, traders are buying GBPUSD....meaning they are buying GBP and selling USD

wouldn't this mean that the overall GJ move depends on how much stronger GBP or JPY is against USD...(since the simultaneous buying of GBP and buying of JPY would cancel any move on GJ)

...so basically, which is stronger....GBP or JPY??
Yeah, something ive been thinking about as well! I would think that given a rate cut is on the cards in the uk, and cable is a little overbought as it is (cut has been priced in 70% remember) i would think the USDJPY move would dominate, and price would fall on GBPJPY.

My opinion, but im not sure on this.
"If it bleeds ... we can kill it"
Yep...I think a 1/4 cut or 0 cut will still make it tank...as for a 1/2 its going to depend on the laugage used after its anounced.

The cut is priced in but traders will be looking for clues if more will be needed in the future by listening to what the fed has to say
Looking good, its all there, today's target 209.30.

R

Quoting MMDealer
Hey guys,

I have no idea where this may go from here, in all honesty. Fundamentally i think we will see a move lower before any new highs are see. Mainly cos of rate cut (prob only 25bp in US) and same possibloy coming up in UK.

Techincally price is consolidating in a bearish rising wedge, with bearish divergence on the rsi and stochs. (1hr) On the 4hr stochs are moving into overbought and may be starting to turn over. Also coming off 21ema on daily as well.

If breaks down, i would maybe look to initially target 211.40 (S1). I dunno, feedback more than welcome. (Actually thats the reason im posting this, for your feedback)

See chart below,
the last U.S. rate cut a couple weeks ago caused a major rally in the DOW which caused the PJ to skyrocket, so what i am saying is trade what u see!
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
Nice break at the 212.34 (again). 211.11 TP
Attached Image
Indicators show the past. Price Action "Indicates" the future.
can it make it?
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy jan 30th.gif Size: 29 KB
change the future, not the past
Quoting 137
can it make it?
Yes sir.
Indicators show the past. Price Action "Indicates" the future.
Now if the GBP can break that pesky 1.9877 we're in business.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
Quoting jarroo
Nice break at the 212.34 (again). 211.11 TP
hi mate
in your chart what is the 212.34 line???is it daily pivot??
if yes which indicator yoy use???
tks in advance
Quoting shahroodi
hi mate
in your chart what is the 212.34 line???is it daily pivot??
if yes which indicator yoy use???
tks in advance
No, its not a daily pivot in the mathematical sense. But is a pivot zone which is made by the actual market . The trick is to look at prices history (the higher the time frame the better)and find where the market (for what ever reason) formed these S/R. I believe 212.34 is one of many that the market has formed. (see chart) See if you can find a stronger one, meaning where price bounces up and/or bounces down at a given price area.

Jim
Attached Image
Indicators show the past. Price Action "Indicates" the future.
Quoting 137
can it make it?
Thought a break down in GBPUSD would follow. Still might happen. I locked in some pips and stopped out at break even.
Indicators show the past. Price Action "Indicates" the future.
other view of beast movement
Attached Image (click to enlarge)
Click to Enlarge Name: 1.gif Size: 19 KB
Quoting jarroo
Thought a break down in GBPUSD would follow. Still might happen. I locked in some pips and stopped out at break even.
nice, you did better than me

yeah i love GJ but actually keeping pips can be really tough...
change the future, not the past
I'm going to wait till the actual rate decision.. and then I'll trade. It would be foolish to trade right now.. all sorts of madness happens before a rate decision.. rumors that a 75 bps cut might happen.. will propel the carry trades. Then if rumors come out that the cut will only be 25 bps.. you'll see a massive drop..

So be careful. Have tight stops.. if you're brave enough to trade before the event of the month :
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