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

  • #9,521
  • Aug 16, 2007 10:36am Aug 16, 2007 10:36am
Quoting ovidiu
Karmostaji could you please post a chart with some fibs that made you choose those tp, I am trying to build my own fibs but the only resistance that I find is at 221.8 50 on a weekly, I now I must be doing something wrong, unles you have extensions levels also...
the first 2 are not fibs, just support levels.. if these break then as u can see my 3rd target is 221 which is a weekly fibo

you're doing good
Trade what you see, not what you think.
  • #9,522
  • Aug 16, 2007 10:37am Aug 16, 2007 10:37am
Quoting markam
New low on the dow
dow down
Attached Image
  • #9,523
  • Aug 16, 2007 10:37am Aug 16, 2007 10:37am
Quoting newjersey24
Hey Aussie,

Where did u get your DOW chart? bloomberg I have to constantly refresh.

Markam keeps skipping me
Download Neuimex Trading platform, they have the DOW chart.. MT4
Trade what you see, not what you think.
  • #9,524
  • Aug 16, 2007 10:37am Aug 16, 2007 10:37am
wow dow near - 200 and no movement from g/j !!
  • #9,525
  • Aug 16, 2007 10:38am Aug 16, 2007 10:38am
12672
  • #9,526
  • Aug 16, 2007 10:39am Aug 16, 2007 10:39am
Quoting I.Y.I
Guys,pls tell me where/how to put my SLs,as my account is not so big to use only 2% for SLs?Aus,Karmo give some advice???

Thank u
I.Y.I.

I am in the same boat in many ways and what is working for me to build up my account is to wait until you show enough profit to lock in your stop loss at break even plus one pip. Then set your Trailing stop for at least +35 pips if you are going to leave and perhaps +45 if going to sleep.
You may miss out on some pips but at least you will build your account.

Hope this helps
  • #9,527
  • Aug 16, 2007 10:39am Aug 16, 2007 10:39am
Quoting Ash
I left for the United Kingdom last night. My $5000.00 account is worth over $38,000.00. Yeah, I have been short on all the yen crosses (Since Monday) but wasn't expecting anything like this. Hmmm, my crystal ball tells me GBP/JPY should go down to around 195 even with the central banks pumping money into the system. Guess what, the Japanese will be buying dollars to boost the value and also, we the US FED should be cutting rates, the Japanese may even drop their rates down to ZERO %.

Any thoughts guys?
I've never heard such a rash move. Your saying that the countries talk to each other and lower or raise their cash rates different from the scheduled monthly time that they are expected to drop or raise them?
  • #9,528
  • Edited 10:44am Aug 16, 2007 10:43am | Edited 10:44am
Quoting Blah Blah
I've never heard such a rash move. Your saying that the countries talk to each other and lower or raise their cash rates different from the scheduled monthly time that they are expected to drop or raise them?
You never know but I do know this much, Japan is an export nation from electronics to cars. If their currency is too strong, it will hurt their exports and slow down their economy. They have done it numerous times before where they went out and brought USD to strengthen it. Look at New Zealand, they purposely sold NZD to lower the value of their currency and drive carry traders away (with no luck). The Kiwi's prayers must have been answered, the market is doing what they wanted all along.
Humble Lifetime Member
  • #9,529
  • Aug 16, 2007 10:44am Aug 16, 2007 10:44am
Hmm any thoughts i these beast will come down, kinda running out of patience.. dow under 12700 and i havent had sleep in 24 hours nor food.. blah
  • #9,530
  • Aug 16, 2007 10:45am Aug 16, 2007 10:45am
Quoting kevinsw
I.Y.I.

I am in the same boat in many ways and what is working for me to build up my account is to wait until you show enough profit to lock in your stop loss at break even plus one pip. Then set your Trailing stop for at least +35 pips if you are going to leave and perhaps +45 if going to sleep.
You may miss out on some pips but at least you will build your account.

Hope this helps

Thanks bro!I'm puting 40-50 pips SLs too,but this is not enough for pair like g/j!!!
  • #9,531
  • Aug 16, 2007 10:45am Aug 16, 2007 10:45am
Quoting egutie6970
Hmm any thoughts i these beast will come down, kinda running out of patience.. dow under 12700 and i havent had sleep in 24 hours nor food.. blah
go eat, sleep, rest

the market will not run away, I guarantee it
Trade what you see, not what you think.
  • #9,532
  • Aug 16, 2007 10:46am Aug 16, 2007 10:46am
FXCM report...Thursday, 16 August 2007 15:00:02 GMT

USDJPY – According to out latest dealing data, the ratio of long to short positions in the USDJPY stands at 3.15 as nearly 76% of traders are long. Yesterday, the ratio was at 2.07 as 67% of open positions were long. In detail, long positions are 9.6% higher than yesterday and 37.9% stronger since last week. Open interest is 2.7% weaker than yesterday and 10.6% below its monthly average. In general, when traders start having adverse movements against their position, many tend to increase the size of their position with the purpose to average down their entry price in one last attempt to recover from previous losses. However, in the past, when retail was long and buying more, the USDJPY has sold off in the following days.

  • #9,533
  • Aug 16, 2007 10:46am Aug 16, 2007 10:46am
Quoting I.Y.I
Guys,pls tell me where/how to put my SLs,as my account is not so big to use only 2% for SLs?Aus,Karmo give some advice???

Thank u
If you want to go by the book, you'd set your SL to the appropriate point on the chart (fibos, resistance). Then you determine your lot size to the risk percentage you're willing to take. Ie, if you want 2 %, then you compute how many units you can put in the position according to the set SL. Oanda doesn't have set lot sizes, so it's easy. With other brokers, it might be a balancing act. Hope it makes sense.
Just joking..
  • #9,534
  • Aug 16, 2007 10:47am Aug 16, 2007 10:47am
Quoting egutie6970
Hmm any thoughts i these beast will come down, kinda running out of patience.. dow under 12700 and i havent had sleep in 24 hours nor food.. blah
MInd you the whoooooooooooole world is short GJ , they use the same charts as we do
  • #9,535
  • Aug 16, 2007 10:48am Aug 16, 2007 10:48am
In general, when traders start having adverse movements against their position, many tend to increase the size of their position with the purpose to average down their entry price in one last attempt to recover from previous losses. However, in the past, when retail was long and buying more, the USDJPY has sold off in the following days.
[/quote]


It is called "wishful thinking".
Humble Lifetime Member
  • #9,536
  • Aug 16, 2007 10:48am Aug 16, 2007 10:48am
it is getting boring this ranging market.
Dow still 12689
Nasdak 2433 also down
S&P500 1390 also down
oil went down till 70.35 then bounced up now 70.57
  • #9,537
  • Aug 16, 2007 10:49am Aug 16, 2007 10:49am
Quoting egutie6970
Hmm any thoughts i these beast will come down, kinda running out of patience.. dow under 12700 and i havent had sleep in 24 hours nor food.. blah
2 hours before any possible fireworks. Most likely 3.5 hours.
  • #9,538
  • Aug 16, 2007 10:50am Aug 16, 2007 10:50am
It is called "wishful thinking".

Yeah, I had to post it when i read it....long in this market....???

O. well my profits have to come from some where...

  • #9,539
  • Aug 16, 2007 10:51am Aug 16, 2007 10:51am
OK LOndon started to sell off at closing
  • #9,540
  • Aug 16, 2007 10:51am Aug 16, 2007 10:51am
The UJ finally broke 114. Let the free fall begin..
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