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

  • #6,261
  • Aug 10, 2007 8:39am Aug 10, 2007 8:39am
Quoting my2buoys
It's hard to say where Fundies leave off and Techs take over but some of this technical stuff has to eventually come to fruition. I know bearish momentum has been strong but shorts please be aware of what's showing on the charts. The 50% Fibo around 236 is the most obvious. RSI is oversold (though I realize that means nothing in a trending market) and it is also showing divergence. MACD is still showing strong divergence from the 15M Chart all the way up to the 4H Chart. A simple 38.2 retracement from the last leg down could take us all the way up to the 239.20 area. A 50% would go to 240. Just my observations.

M2B
5 SMA of Daily bar is at 240.3 - 240.5, I guess that's why.
  • #6,262
  • Aug 10, 2007 8:40am Aug 10, 2007 8:40am
Quoting karmostaji
DOW -112
karmostaji,

Do you think it's possible to retrace upto the 5 SMA daily bar?
  • #6,263
  • Aug 10, 2007 8:42am Aug 10, 2007 8:42am
Quoting trader8686
5 SMA of Daily bar is at 240.3 - 240.5, I guess that's why.
Good observation.

M2B
  • #6,264
  • Aug 10, 2007 8:42am Aug 10, 2007 8:42am
Quoting trader8686
karmostaji,

Do you think it's possible to retrace upto the 5 SMA daily bar?
Anything is possible, I don't know.

I'm looking for 236.00 first, then I'll see where GJ might be going again..
Trade what you see, not what you think.
  • #6,265
  • Aug 10, 2007 8:44am Aug 10, 2007 8:44am
Quoting my2buoys
Good observation.

M2B
M2B,

I can't read all the numbers on your chart.
Did you say according to the chart, it will go to 236, then back up to 240 area?
Or, it may go to 239, then 240 from now.
  • #6,266
  • Aug 10, 2007 8:47am Aug 10, 2007 8:47am
shorted again at 237.24
Why do people only post a nice trending period chart?
  • #6,267
  • Aug 10, 2007 8:53am Aug 10, 2007 8:53am
Quoting trader8686
M2B,

I can't read all the numbers on your chart.
Did you say according to the chart, it will go to 236, then back up to 240 area?
Or, it may go to 239, then 240 from now.
Please read my post again. I made NO predictions, only observations based upon what I saw on the 4H Chart.

M2B
  • #6,268
  • Aug 10, 2007 8:53am Aug 10, 2007 8:53am
crawling up a bit.. but i guess will hit the 236 region today..

im still holding longs though.. forgot to set SL



Quoting yuhu
shorted again at 237.24
  • #6,269
  • Aug 10, 2007 8:54am Aug 10, 2007 8:54am
DOW moved up to -128 after going down to around -148

Quoting karmostaji
DOW -112
  • #6,270
  • Aug 10, 2007 8:56am Aug 10, 2007 8:56am
Guys, I think the retracement is on due!
  • #6,271
  • Aug 10, 2007 8:58am Aug 10, 2007 8:58am
i think so too..but shouldn't it hit around 236 before it retraces?

Quoting I.Y.I
Guys, I think the retracement is on due!
  • #6,272
  • Aug 10, 2007 8:58am Aug 10, 2007 8:58am
Quoting my2buoys
Please read my post again. I made NO predictions, only observations based upon what I saw on the 4H Chart.

M2B
No one ask you to predict, just want to find out the price of the current bottom line of that chart.
  • #6,273
  • Aug 10, 2007 8:59am Aug 10, 2007 8:59am
DOW moved up.. GJ following suit..

Dow Jones Industrial Average
13,163.86-106.82 / -0.80%
Aug 10 9:55am ET †
  • #6,274
  • Aug 10, 2007 9:02am Aug 10, 2007 9:02am
hey karmo, i'm not sure if i'm setting this up right, take a look, i think it touched the daily fibo 50.0 and bounced up, are u sure there will be more downtrend?


Attached Image (click to enlarge)
Click to Enlarge Name: daily.gif Size: 18 KB
  • #6,275
  • Aug 10, 2007 9:04am Aug 10, 2007 9:04am
Quoting lilmoe
hey karmo, i'm not sure if i'm setting this up right, take a look, i think it touched the daily fino 50.0 and bounced up, are u sure there will be more downtrend?


Attachment
Ofcourse I'm not sure, I'll still hold onto my short positions...

trade at your own risk, GJ swinging up and down 100-200 is normal
Trade what you see, not what you think.
  • #6,276
  • Aug 10, 2007 9:04am Aug 10, 2007 9:04am
Quoting intelmaster
i think so too..but shouldn't it hit around 236 before it retraces?

This is a beast i tell ya!
  • #6,277
  • Aug 10, 2007 9:05am Aug 10, 2007 9:05am
Price hit 4h 5SMA .. and down again.. let's see where this ping pong game finally heads.. I'm staying out.. don't want to risk my profits!
  • #6,278
  • Aug 10, 2007 9:07am Aug 10, 2007 9:07am
Quoting trader8686
No one ask you to predict, just want to find out the price of the current bottom line of that chart.
Look at the candle it is drawn on then look at your own charts. Please do your own homework instead of always asking everyone else for numbers. I'm not trying to be mean but your constant asking for numbers on SL's, TP's, Fibs, Supports and Resistances is getting a bit annoying. My goodness, man, you have over 800 posts. Surely you've learned some of this stuff by now.

M2B
  • #6,279
  • Aug 10, 2007 9:10am Aug 10, 2007 9:10am
Quoting my2buoys
My goodness, man, you have over 800 posts. Surely you've learned some of this stuff by now.

M2B
I agree.. I had no clue about tech indicators.. didn't know what the heck a 5SMA was.. learned everything about Aus's strategy basically in an hour (today) which is why I have made some sensible trades.

The indicators are all there in the charts, all you have to do is set them up! Seriously, trade on a demo account first.. at this rate you're going to blow up your acct.
  • #6,280
  • Aug 10, 2007 9:10am Aug 10, 2007 9:10am
Quoting my2buoys
Monarch,

We haven't heard from you since your 4H candle turned at 9EST. Any thoughts?

M2B
Okay, waited for my 5min/hourly chart to give entry, the 4HR was bearish with me, and I entered short at 238.10 with the retrace on my 5 minute at 61.8/76.4 retrace level.

I will target 5 lots for 237.10 today, and leave 2 lots open for further move into the 236/35 projected areas.

I am hoping for the 237.10 exit today before market close.

I also entered a little soon earlier for 7 lots, but exited them for 40 pips, to wait for a higher re-entry.

Lets see what happens now.

NOTE: I have all limits and stops in, will do my regular running around this morning and check back at 1pm EST.

GOOD TRADING TO ALL!!!
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