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

  • #2,761
  • Aug 1, 2007 7:21am Aug 1, 2007 7:21am
Quoting digitizer123
That was not the messege . . . .
My bad....baby...i waz saying your right.....in anglo - franco ...baby....
  • #2,762
  • Aug 1, 2007 7:21am Aug 1, 2007 7:21am
Quoting karmostaji
It matters,

if you want to find out the retracement of an UPTREND
100 level will be the LOW
zero level will be the HIGH

for a DOWNTREND, it's vice-versa
the only problem is that I had it the other way around and still some levels worked for me, anway..., would you care to tell me the zero level and 100 for the smaller downtrend?
  • #2,763
  • Aug 1, 2007 7:23am Aug 1, 2007 7:23am
Quoting ovidiu
the only problem is that I had it the other way around and still some levels worked for me, anway..., would you care to tell me the zero level and 100 for the smaller downtrend?
open 1hr chart

100 = 242.90
0 = 237.58

you drag from high to low
Trade what you see, not what you think.
  • #2,764
  • Aug 1, 2007 7:26am Aug 1, 2007 7:26am
Quoting ovidiu
the only problem is that I had it the other way around and still some levels worked for me, anway..., would you care to tell me the zero level and 100 for the smaller downtrend?
In fact I forgot what I was doing, not many hours of sleep..., my fibo was for an up trend from 238.28 to 242.90, that's way my levels seemed to work any way you ploted yours for a downtrend, and now I am trying to figure out what that was.., so if you could share the low and high I would be gratefull.
thanks!
  • #2,765
  • Aug 1, 2007 7:26am Aug 1, 2007 7:26am
Karmostaji,
as i see maybe we are going to see 242.68 which is 38.2 Fibo at 4H.How do u think?.And by the way where is Aussie i haven't seen him all day?
  • #2,766
  • Aug 1, 2007 7:30am Aug 1, 2007 7:30am
Quoting karmostaji
open 1hr chart

100 = 242.90
0 = 237.58

you drag from high to low

that makes perfect sense, thank you, so I see you update your fibo.., I'll do that from now on.
And another thing, 2H and 1H charts are bullish, and 4H is about to become if it beats that 242.7 so maybe we can see even more upward movement after, just my guess...
  • #2,767
  • Aug 1, 2007 7:32am Aug 1, 2007 7:32am
Strength indicator has crossover 50 on 1 H chart. We have bullish trend.
4H still bearish. I agree with karmostaji, my target almost same at 242.80.
Attached Image
  • #2,768
  • Aug 1, 2007 7:32am Aug 1, 2007 7:32am
Quoting ovidiu
In fact I forgot what I was doing, not many hours of sleep..., my fibo was for an up trend from 238.28 to 242.90, that's way my levels seemed to work any way you ploted yours for a downtrend, and now I am trying to figure out what that was.., so if you could share the low and high I would be gratefull.
thanks!
I have 3 fibo levels plotted

Low 221.05 High 251.07 (Daily chart)
Low 237.58 High 251.07 (4h chart)
High 242.90 Low 237.58 (1h chart)
Trade what you see, not what you think.
  • #2,769
  • Aug 1, 2007 7:33am Aug 1, 2007 7:33am
Quoting karmostaji
open 1hr chart

100 = 242.90
0 = 237.58

you drag from high to low
karmostaji,
I did it, and it worked out pretty good.
And, I still hold the long position target for 242.70.

Thanks
  • #2,770
  • Aug 1, 2007 7:34am Aug 1, 2007 7:34am
Quoting karmostaji
open 1hr chart

100 = 242.90
0 = 237.58

you drag from high to low
I also see an overlapping FIB.
If you do the above and also run another one from high 251 to low of 237.58 you will see that the 23.6 fib is at 240.75 and the 61.8 from the above fib set is at 240.85.

I have been told and have seen in the past that overlapping fibs are stronger.

So...
I see that we have decent support around 240.75 area and that we should hit fairly strong resistance in the 242.70 area

You will also see that the 242.70 area is the larger fib 38.2 line and the shorter fib 100 line.

"K" does this look right to you as well and explain the potential for a drop at the 242.7 area in your mind as well?
  • #2,771
  • Aug 1, 2007 7:35am Aug 1, 2007 7:35am
If you look at the upper trendline on the 4h chart, it is a strong resistance till now, if gj can break and close above it, 242.7 is easy

http://img528.imageshack.us/img528/5891/gjkk9.gif
Trade what you see, not what you think.
  • #2,772
  • Aug 1, 2007 7:35am Aug 1, 2007 7:35am
Quoting trader8686
karmostaji,
I did it, and it worked out pretty good.
And, I still hold the long position target for 242.70.

Thanks
I think this is a good idea
  • #2,773
  • Aug 1, 2007 7:40am Aug 1, 2007 7:40am
Quoting cesande
I also see an overlapping FIB.
If you do the above and also run another one from high 251 to low of 237.58 you will see that the 23.6 fib is at 240.75 and the 61.8 from the above fib set is at 240.85.

I have been told and have seen in the past that overlapping fibs are stronger.

So...
I see that we have decent support around 240.75 area and that we should hit fairly strong resistance in the 242.70 area

You will also see that the 242.70 area is the larger fib 38.2 line and the shorter fib 100 line.

"K" does this look right to you as well and explain the potential for a drop at the 242.7 area in your mind as well?
That is correct, your fibs and numbers

we indeed do have a strong support at 241.75 and strong resistance at 242.70, we might range for a while.. I don't like predicting, I rather wait and see
Trade what you see, not what you think.
  • #2,774
  • Aug 1, 2007 7:42am Aug 1, 2007 7:42am
Quoting karmostaji
I have 3 fibo levels plotted

Low 221.05 High 251.07 (Daily chart)
Low 237.58 High 251.07 (4h chart)
High 242.90 Low 237.58 (1h chart)
On the daily chart we have an uptrend so it should be
High 221.05 Low 251.07 (Daily chart), shoud it not?
  • #2,775
  • Aug 1, 2007 7:44am Aug 1, 2007 7:44am
Quoting ovidiu
On the daily chart we have an uptrend so it should be
High 221.05 Low 251.07 (Daily chart), shoud it not?
221.05 is higher than 251.07??

0 = 221.05
100 = 251.07
Trade what you see, not what you think.
  • #2,776
  • Aug 1, 2007 7:44am Aug 1, 2007 7:44am
Quoting karmostaji
If you look at the upper trendline on the 4h chart, it is a strong resistance till now, if gj can break and close above it, 242.7 is easy
In that case, the trend would be reversed to the upside?
Wait, I have another question: Are we sure that 4H able to break to 242.70 or not?
(I fnot, why do we draw from 242.70 to 237.70?)
  • #2,777
  • Aug 1, 2007 7:46am Aug 1, 2007 7:46am
Quoting trader8686
In that case, the trend would be reversed to the upside?
I'd consider 4h bullish only if we get a close above 242.7
Trade what you see, not what you think.
  • #2,778
  • Aug 1, 2007 7:46am Aug 1, 2007 7:46am
Quoting trader8686
In that case, the trend would be reversed to the upside?
O really?...it should the previous highs couldnt be take, so it went down for our stops, now the stops are above, since evrybody shorted,..huh? makes sence, doesnt?!
its just money
  • #2,779
  • Aug 1, 2007 7:52am Aug 1, 2007 7:52am
Quoting karmostaji
I'd consider 4h bullish only if we get a close above 242.7
All right, now if the 4H can't break to 242.70, we should still short the trend down to 235 (maybe?)
Do we still have 2 hours time to find out?
  • #2,780
  • Aug 1, 2007 7:57am Aug 1, 2007 7:57am
Quoting trader8686
All right, now if the 4H can't break to 242.70, we should still short the trend down to 235 (maybe?)
By A's rules I 4H breaks 242.7 4H turns bullish, VT-level stop reversal has a line exactly there, and maybe SI will crossover 50 line that means 4H,, 1H bullish so by A's rules we another 100-200 pips up till 244.34 which is 50% fibo (237.57 - 251.12), any comments?
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