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Daily GBP/JPY analysis

  • #12,041
  • Jul 27, 2007 11:37pm Jul 27, 2007 11:37pm
Hi Auslanco,

Can you pls add me to your yahoo friends list.

My yahoo id is [email protected]

Thanks,

Mike
  • #12,042
  • Jul 28, 2007 12:18am Jul 28, 2007 12:18am
Quoting markam
auslanco,

glad to see that you are back here after that feeding frenzy 12 hours ago. I don't think I have ever witnessed anything like that before.

It's been quite an enjoyable week trading. I'm sure making money was part of it, but the real-time running of jokes, commentary and analysis was pretty cool.

Hope you hang around. You definitely made me more disciplined and analytical this week.

Mark

Agreed. What a fun week.

Certainly a 1,100 pip drop with this behemoth in a mere 7 trading days is bound to bring out a certain level of fervor and even a measure of mindless dribble from the masses. I certainly give "A" credit for clearly reading the movement and boldly sharing his perceptions.


Dr. D.

  • #12,043
  • Jul 28, 2007 1:56am Jul 28, 2007 1:56am
i hope everyone enjoyed the ride. right now we're at 38.2 fibo retracement from the last run between 221.07 and 251.08. there's still room down to 50% retracement but this one would be tested later.
by the way... july 20th was one of the days marked by sq9 time calculator (gann users know what i'm talking about)... september 3-4 is next one.
have a great weekend.

Quoting Scrat
239.62 or 236.08 for now.
Nihil Sine Deo.
  • #12,044
  • Jul 28, 2007 2:35am Jul 28, 2007 2:35am
Quoting Scrat
i hope everyone enjoyed the ride. right now we're at 38.2 fibo retracement from the last run between 221.07 and 251.08. there's still room down to 50% retracement but this one would be tested later.
by the way... july 20th was one of the days marked by sq9 time calculator (gann users know what i'm talking about)... september 3-4 is next one.
have a great weekend.
Tell me more on the sq9 calculator or let us know where we can read more about it.
  • #12,045
  • Jul 28, 2007 2:37am Jul 28, 2007 2:37am
Quoting auslanco
Hi venturess , you always have been a good support tome from the start hope you made some money from my last call... Iam hoping to have my strategy posted here (hopefully this week end).. so newbies can learn more....have a great week end and see you next week
Aussie still,will be waiting to hear from you regarding adding the autoexec feature to my fxcm account!
  • #12,046
  • Jul 28, 2007 2:45am Jul 28, 2007 2:45am
very easy week to trade...anyone who did not make a good profit this week should be really really dumb...
  • #12,047
  • Jul 28, 2007 2:57am Jul 28, 2007 2:57am
Quoting Scrat
i hope everyone enjoyed the ride. right now we're at 38.2 fibo retracement from the last run between 221.07 and 251.08. there's still room down to 50% retracement but this one would be tested later.
by the way... july 20th was one of the days marked by sq9 time calculator (gann users know what i'm talking about)... september 3-4 is next one.
have a great weekend.
yep we are at the 38.2%, more downwards is possible but maybe we will go up 200 pips first to around 242.30 area which is 23.6 fibo (251-240) then back down to 236 area
Trade what you see, not what you think.
  • #12,048
  • Jul 28, 2007 3:12am Jul 28, 2007 3:12am
Easy for you, but well, I suspect there are bunch of people out there on the other side who got kicked out of the market for the week. I'm referring to some position/carry traders holding onto their long positions expecting them to come back up. Others' positions must have been stopped out as this pair is so volatile. This week was definitely not easy for them.

Quoting ns_karthik
very easy week to trade...anyone who did not make a good profit this week should be really really dumb...
  • #12,049
  • Jul 28, 2007 3:14am Jul 28, 2007 3:14am
Quoting ns_karthik
very easy week to trade...anyone who did not make a good profit this week should be really really dumb...
Count me as dumb then.. lol.. I saw GBP/JPY at 241.85 on thursday afternoon.. went short.. thinking it was going all the way to 240.. and the ba$tard went to 244. I got out with a 200 pip loss.. ouch.. but then i shorted at 244 and rode it all the way down to 241.50.. was a crazy trip. Really, really crazy.

Thursday and Friday were two days that everything just stopped, just trying to make sure I wasn't going to be caught in a bad position again. Instead of reading charts or fundamentals, I wish I had friends who worked at banks instead.. that's the best way to trade
  • #12,050
  • Jul 28, 2007 3:21am Jul 28, 2007 3:21am
well, trading is all about understanding the price action, supports and resistances. Once you understand these, you should be in a good position to make money...
  • #12,051
  • Jul 28, 2007 3:21am Jul 28, 2007 3:21am
my broker closed at 20:00GMT and the price at that point was 240.70,
has it moved down during the weekend? and if so what is the price now?
was just wondering since auslanco said 61 pips profit, and it comes to close to 239.90 or 240.00 level
thanks
learn something everyday
  • #12,052
  • Jul 28, 2007 3:25am Jul 28, 2007 3:25am
moreover, what i was trying to say was that the true qualities of a good trader will not be coming out at this time...anyone can make money in such situations...the true test would come when the market is ranging...only good traders can make money in ranging markets....
  • #12,053
  • Jul 28, 2007 3:28am Jul 28, 2007 3:28am
Quoting faddy
my broker closed at 20:00GMT and the price at that point was 240.70,
has it moved down during the weekend? and if so what is the price now?
was just wondering since auslanco said 61 pips profit, and it comes to close to 239.90 or 240.00 level
thanks
some brokers have different timings, yours closed 1h earlier and in that last hr of trading price went as low as 239.70 and closed at 240.08
Trade what you see, not what you think.
  • #12,054
  • Jul 28, 2007 3:41am Jul 28, 2007 3:41am
Quoting karmostaji
some brokers have different timings, yours closed 1h earlier and in that last hr of trading price went as low as 239.70 and closed at 240.08
thanks karmostaji.
i wonder if my TP of 240.00 would be hit or since the broker was closed nothing would have happened.
any place to check live rates during the weekend?
thanks again
learn something everyday
  • #12,055
  • Jul 28, 2007 3:45am Jul 28, 2007 3:45am
Quoting faddy
thanks karmostaji.
i wonder if my TP of 240.00 would be hit or since the broker was closed nothing would have happened.
any place to check live rates during the weekend?
thanks again
I don't know about your broker, maybe it will be hit when market opens..

Oanda shows rates even during weekend and you can trade as well but spread is VERY HIGH
Trade what you see, not what you think.
  • #12,056
  • Jul 28, 2007 3:46am Jul 28, 2007 3:46am
thanks again
learn something everyday
  • #12,057
  • Jul 28, 2007 4:36am Jul 28, 2007 4:36am
Quoting sdot
do you guys know of any chat which saves history so that when people join in they can go back and read what everyone has been saying?
yes
tradingrooms.com
has a chat log of every day.. and chart postings log...
and realtime chart video streaming... if you want... and realtime voice. if you want... pleople can rise the hand and ask for the microphone...
  • #12,058
  • Jul 28, 2007 6:48am Jul 28, 2007 6:48am
Quoting trader8686
Hi Bluerose,

Nice hear you back.
Did you see any sign of market reversal or not?
I still have some short positions opened.
This retracement is huge, start to worry about it.

Anyone else has different openion?
Hello Trader8686 ,

Sorry that I missed your message. I have been in and out a lot and I am reading missed messages now. Auslanco is doing an excellent job to guide everyone step-by-step along the way. I would follow his advice to the T to maintain consistency with his strategy of trading. All the best, BR
  • #12,059
  • Jul 28, 2007 6:56am Jul 28, 2007 6:56am
Quoting ukutrader
Easy for you, but well, I suspect there are bunch of people out there on the other side who got kicked out of the market for the week. I'm referring to some position/carry traders holding onto their long positions expecting them to come back up. Others' positions must have been stopped out as this pair is so volatile. This week was definitely not easy for them.
One thing you have to remember, is that when you carry a trade long, you have to know when to step in and sell those dips. They should also be able to read the sign on the side of the road........! In this case the sign was in the form of an outer trend line being broken on the daily chart.

J
  • #12,060
  • Jul 28, 2007 7:54am Jul 28, 2007 7:54am
Quoting ns_karthik
very easy week to trade...anyone who did not make a good profit this week should be really really dumb...

I'm sure that lots of carry trade people lost big time, both because they couldn't bear to close their long positions, and because they kept trying to time the bottom.

Of course, by definition, those acts made them really dumb traders.
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