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

  • #2,221
  • Jul 31, 2007 5:28pm Jul 31, 2007 5:28pm
Quoting hi6hlander
I think if you have been in a losing trade & you are down & you are not sure which way it will go, leave it alone. Do not risk more trying recoup back what you have lost.

There is always tomorrow & the next day & the day after that, unless it is a Friday. Set your pips for the week & if made go away have a long weekend.

The best thing after a loss is to sleep on it & see where you went wrong. I was just reading the other Gbp/yen thread & Bravado & a few others said it was going down, I suggest read what they had to say look at the images/pictures. Then I suppose it may all become clear.

Laters guys I am out.

Scott
Thanks Scott - also about to leave it alone and go get some rest, but if only the bloody SL hits I know I'd sleep a lot better.....
  • #2,222
  • Jul 31, 2007 5:30pm Jul 31, 2007 5:30pm
Quoting emda
don't you move it to protect profits when you are positive?
So what are you protecting your loss??
  • #2,223
  • Jul 31, 2007 5:30pm Jul 31, 2007 5:30pm
Quoting markam
Go to a daily chart of GJ. Draw a straight line through the average from beginning of 2002 through the beginning of 2006. Then extend the line to today. You should find yourself around the 215 mark. We have been in overshoot for the past 18 months, and I believe we will correct to at least the 215 level. Greed and super liquidity has created the overshoot. Fear and a credit crunch will quickly fix the overshoot.

Do not think that GJ cannot go a lot lower.
Agreed.

Also, 1.618 extension of last entire move down from the highs comes in around 217.54, so that sounds pretty close to your line. In case anyone is wondering, .618 extension is 230.34
1:1 is 238.25, 1.382 is 220.57.
All measured from top at ~251.15 down to last low. There is always plenty of room to go with this pair.
  • #2,224
  • Jul 31, 2007 5:31pm Jul 31, 2007 5:31pm
Well here is what I see, tell me how close I am on this please.

1. Dow took a dump (GBP/JPY should go short)
2. 1HR candle opened outside the channel showing short.
3. 4HR candle is working outside of the chanle on the short side.

If the 4hr opens outside the channel I should go short. Right?
  • #2,225
  • Jul 31, 2007 5:31pm Jul 31, 2007 5:31pm
Quoting Tingting
But on the other hand, have you thought about this? If the trend has gone up for 18 months, what makes you think that the market will make a U turn and totally negate the trend just overnight? I believe a correction is necessary, but go back to 215? ....
why throw away 18 months of hard work in a short period of time? Japan is not going to permit that.
  • #2,226
  • Jul 31, 2007 5:31pm Jul 31, 2007 5:31pm
Quoting bballfan31
So what are you protecting your loss??
exactly
  • #2,227
  • Jul 31, 2007 5:32pm Jul 31, 2007 5:32pm
(US) BEAR STEARNS HALTS REDEMPTIONS ON ABS FUND; SUBPRIME LESS THAN 1% OF HEDGE FUND ASSETS - SPOKESMAN (CONFIRMS PRESS SPECULATION)
<BSC>

TTN ANALYSIS - S&P FUTURES DIP TO SESSION LOWS ON THE BACK OF WSJ REPORTING THAT A $900M HEDGE FUND, WITH LIMITED EXPOSURE TO SUBPRIME, IS IN TROUBLE
- At 18.24 ET, only a single newswire running with the story (we could see stronger reaction once other newswires pick up on the story)
- Note: Unlike the two other Bear funds that are being closed, this fund is not leveraged.
  • #2,228
  • Jul 31, 2007 5:33pm Jul 31, 2007 5:33pm
Quoting emda
why throw away 18 months of hard work in a short period of time? Japan is not going to permit that.
Do you think they really care??
  • #2,229
  • Jul 31, 2007 5:34pm Jul 31, 2007 5:34pm
Quoting Se[V]eN
[left]not in a few hours i think

wouldn't that be something to see.
  • #2,230
  • Jul 31, 2007 5:34pm Jul 31, 2007 5:34pm
Quoting Timingy
Thanks Scott - also about to leave it alone and go get some rest, but if only the bloody SL hits I know I'd sleep a lot better.....
Have a sweet and peaceful sleep .....!
  • #2,231
  • Jul 31, 2007 5:35pm Jul 31, 2007 5:35pm
If my 4h candle closes around this area in 1hr n 30mins, I still think we will go to A's tp which is 243.20

time to get some sleep
Trade what you see, not what you think.
  • #2,232
  • Jul 31, 2007 5:35pm Jul 31, 2007 5:35pm
just like the RBNZ wasn't going to let their currency be overvalued...
  • #2,233
  • Jul 31, 2007 5:35pm Jul 31, 2007 5:35pm
Quoting bballfan31
Do you think they really care??
sure
they want all of the world to drive their cars and use their technology... they want a weak currency. that's the revenge war after hiroshima. the economic war... but china is winning.. heh
  • #2,234
  • Jul 31, 2007 5:36pm Jul 31, 2007 5:36pm

my point now is to reduce the lost...nothing more

Quoting markam
wouldn't that be something to see.

"Analysis Is Hard But Trade Is Easy"
  • #2,235
  • Jul 31, 2007 5:37pm Jul 31, 2007 5:37pm
g/j is bouncing back off previous 3-drive target (240.0-240.5) area and 127% fibo .. trying 241.17, 241.50, 241.83 as my targets if it gets there
  • #2,236
  • Jul 31, 2007 5:38pm Jul 31, 2007 5:38pm

did i ever said that i love u man?

Quoting karmostaji
If my 4h candle closes around this area in 1hr n 30mins, I still think we will go to A's tp which is 243.20

Quoting karmostaji

time to get some sleep
"Analysis Is Hard But Trade Is Easy"
  • #2,237
  • Jul 31, 2007 5:39pm Jul 31, 2007 5:39pm
Quoting bballfan31
Do you think they really care??
Building up a trend costs a lot, so I guess they should care
  • #2,238
  • Jul 31, 2007 5:43pm Jul 31, 2007 5:43pm
Quoting emda
don't you move it to protect profits when you are positive?

yes - but there is a big difference between less profit and bigger loss - one is in your favor the other isn't - moving stoploss to secure a profit and your initial stop loss during a loss serves the same purpose and that is to protect - everytime you move it during a loss is a different story - sometime you will get lucky by moving it but most of the time you won't -
  • #2,239
  • Jul 31, 2007 5:43pm Jul 31, 2007 5:43pm
Quoting emda
sure
they want all of the world to drive their cars and use their technology... they want a weak currency. that's the revenge war after hiroshima. the economic war... but china is winning.. heh
Yes long term but not presently they will be content to let this thing fall to where it may and then blast off, If they cared at all they would raise their rates but that isn't going to happen until at least Nov (that's when the next sell off will happen)
  • #2,240
  • Jul 31, 2007 5:49pm Jul 31, 2007 5:49pm
Quoting brainless
g/j is bouncing back off previous 3-drive target (240.0-240.5) area and 127% fibo .. trying 241.17, 241.50, 241.83 as my targets if it gets there
I like to get that target, too.
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