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

  • #3,401
  • Aug 3, 2007 10:04am Aug 3, 2007 10:04am
Quoting craazy
241.90 retracement on the 1hr SMA5.... placing a short order there, any thoughts?
you are right

1H 5SMA is 241.90, keep an eye
Trade what you see, not what you think.
  • #3,402
  • Aug 3, 2007 10:06am Aug 3, 2007 10:06am
Quoting karmostaji
you are right

1H 5SMA is 241.90, keep an eye
Just to play it safe I set my sell limit order at 241.85
Craazy
  • #3,403
  • Aug 3, 2007 10:07am Aug 3, 2007 10:07am
Quoting karmostaji
I set it wherever there is strong support/resistance, for now it's 243 but you may lock in profit if you wish or close the trade whenever u think u've got enough pips

Remember something very important, DO NOT BE GREEDY!

I'm really agreed with u!
  • #3,404
  • Aug 3, 2007 10:11am Aug 3, 2007 10:11am
Quoting craazy
Just to play it safe I set my sell limit order at 241.85

I'm shorting again at the 5sma, but the dow is currently stuck in a 50 point range. I am not expecting any big movements unless (or until) the dow breaks.
  • #3,405
  • Aug 3, 2007 10:12am Aug 3, 2007 10:12am
Quoting craazy
Just to play it safe I set my sell limit order at 241.85
I hope we don't reach it.
Just from reading you guys this morning for the first time I started looking at the Dow (ym) while watching guppy and it helps!
I think the ym hit 13450 and will head down more and take guppy too!...hopes so at least!
  • #3,406
  • Aug 3, 2007 10:14am Aug 3, 2007 10:14am
Woops. Ym above 13450 but guppy's not following yet.
  • #3,407
  • Aug 3, 2007 10:15am Aug 3, 2007 10:15am
Quoting karmostaji
you are right

1H 5SMA is 241.90, keep an eye
You mean..when the price touch 241.90..it will drop again????
New Forex Trader
  • #3,408
  • Aug 3, 2007 10:17am Aug 3, 2007 10:17am
Dang, it "Almost" stinks when the market takes a breather like this.....

DOWN baby DOWN.....lol
  • #3,409
  • Aug 3, 2007 10:17am Aug 3, 2007 10:17am
Quoting teekee
You mean..when the price touch 241.90..it will drop again????
Yes that is what I think and believe, the market can do whatever it wants though

Let's watch the price
Trade what you see, not what you think.
  • #3,410
  • Aug 3, 2007 10:17am Aug 3, 2007 10:17am
Quoting teekee
You mean..when the price touch 241.90..it will drop again????

It may just float along the trendline for a while. It's probably safe to short, but keep an eye on the stockmarket.

Also, the 5sma updates every hour, so your action point will adjust at 12, if the 5 sma hasn't been reached by then.
  • #3,411
  • Aug 3, 2007 10:19am Aug 3, 2007 10:19am
Quoting teekee
You mean..when the price touch 241.90..it will drop again????
I see it as resistance/support too.
So...if it hits there it could reverse.
  • #3,412
  • Aug 3, 2007 10:19am Aug 3, 2007 10:19am
Quoting karmostaji
you are right

1H 5SMA is 241.90, keep an eye
I don't get it, yet..., from what I see on the thread my charts tell the same thing that tell you or almost at least, yersterday and day day before go long.., today go short and so on, but I always keep missing the entry points, that pacience thing you are allways saying must work for you
  • #3,413
  • Aug 3, 2007 10:21am Aug 3, 2007 10:21am
Quoting ovidiu
I don't get it, yet..., from what I see on the thread my charts tell the same thing that tell you or almost at least, yersterday and day day before go long.., today go short and so on, but I always keep missing the entry points, that pacience thing you are allways saying must work for you
Most new traders are not patient enough, they don't want to wait.. they want things to happen quickly. I used to be the same way but as I read more and learned more, I've become more calm and confident.. and most importantly more patience

Patience is a virtue
Trade what you see, not what you think.
  • #3,414
  • Aug 3, 2007 10:23am Aug 3, 2007 10:23am
Quoting karmostaji
Yes that is what I think and believe, the market can do whatever it wants though

Let's watch the price
What is next price you looking at if GJ drop again from 241.90???
New Forex Trader
  • #3,415
  • Aug 3, 2007 10:24am Aug 3, 2007 10:24am
Quoting ovidiu
I don't get it, yet..., from what I see on the thread my charts tell the same thing that tell you or almost at least, yersterday and day day before go long.., today go short and so on, but I always keep missing the entry points, that pacience thing you are allways saying must work for you
Well if you are "close" to the entry point you just have to deal with ummm gutting out a bit more draw down on your account. As long as you have the direction right and don't miss the exit point you "should" be fine.

At least that is the theory.
  • #3,416
  • Aug 3, 2007 10:25am Aug 3, 2007 10:25am
Quoting teekee
What is next price you looking at if GJ drop again from 241.90???
I am thinking he said 241.00
  • #3,417
  • Aug 3, 2007 10:26am Aug 3, 2007 10:26am
Quoting teekee
What is next price you looking at if GJ drop again from 241.90???
241.00
240.35
239.70

if one is broken, we go to next one
Trade what you see, not what you think.
  • #3,418
  • Aug 3, 2007 10:29am Aug 3, 2007 10:29am
I realize this lower trend line won't be valid until the close of the present 1H candle but the previous candle sure bounced nice off of it. We still need a strong move one way or another to break out of this wedge.

M2B
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  • #3,419
  • Aug 3, 2007 10:29am Aug 3, 2007 10:29am
Quoting karmostaji
Most new traders are not patient enough, they don't want to wait.. they want things to happen quickly. I used to be the same way but as I read more and learned more, I've become more calm and confident.. and most importantly more patience

Patience is a virtue
Plus you get to the stage when you enter early too often and if you're rigid with your stop losses they get his earlier as a consequence. Then you analysis a bit further and think, if I'd waited 15 mins and entered 25 pips higher, my SL would've also been higher and I would've been ok. It also helps you reach your target price quicker.

And if your entry order doesn't get filled and the price moves the way you expected, don't be too dispondent - at least your analysis was correct and is working.
  • #3,420
  • Aug 3, 2007 10:37am Aug 3, 2007 10:37am
Quoting AndyPass
Plus you get to the stage when you enter early too often and if you're rigid with your stop losses they get his earlier as a consequence. Then you analysis a bit further and think, if I'd waited 15 mins and entered 25 pips higher, my SL would've also been higher and I would've been ok. It also helps you reach your target price quicker.

And if your entry order doesn't get filled and the price moves the way you expected, don't be too dispondent - at least your analysis was correct and is working.
Well said.
I get in too early a lot and feel terrible if I don't get in and the price goes that way.
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