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

  • #13,161
  • Aug 22, 2007 6:19am Aug 22, 2007 6:19am
Quoting ScoundrelLv
Can anyone give me a good reason why 229 seems to be a hard support?
It seems to far away to be any fib level?

Thanks all,
Scoundrel
See Aug 17th and Aug 20th. and you mean resistance?
  • #13,162
  • Aug 22, 2007 6:23am Aug 22, 2007 6:23am
Quoting ScoundrelLv
Can anyone give me a good reason why 229 seems to be a hard support?
It seems to far away to be any fib level?

Thanks all,
Scoundrel
In my view because of this:
http://img166.imageshack.us/img166/9...pydailyev2.gif
  • #13,163
  • Aug 22, 2007 6:24am Aug 22, 2007 6:24am
Quoting kharvell
See Aug 17th and Aug 20th. and you mean resistance?
Exactly, looking at the 17th & 20th those points seem to show
that 229 is a resistance point. On my demo account as a lark I put in
a short trade. Just to see how strong a point of resistance it is.

My question is why is that a resistance. I'm about to go check to see if there was any news at those points in time, or try looking for it to be a fibo to something.
But if anyone knows offhand why it bounces off then I'd appreciate it.

Scoundrel
  • #13,164
  • Aug 22, 2007 6:24am Aug 22, 2007 6:24am
Quoting vrama
Thanks. Another opened TP with 229.89.
I will go to sleep...

Thank you all
At what rate you open it?
  • #13,165
  • Aug 22, 2007 6:28am Aug 22, 2007 6:28am
Closed my long for +35, may enter short if I say bearish confirmation.
  • #13,166
  • Aug 22, 2007 6:28am Aug 22, 2007 6:28am
  •  vrama
  • | Joined Dec 2006 | Status: BE at right place@right time = LUCK | 210 Posts
Quoting ar1002
At what rate you open it?
@ 229.05
All things are difficult before they are easy.
  • #13,167
  • Aug 22, 2007 6:39am Aug 22, 2007 6:39am
Quoting ScoundrelLv
Can anyone give me a good reason why 229 seems to be a hard support?
It seems to far away to be any fib level?

Thanks all,
Scoundrel
I posted this a couple of days ago...

"Taking a step back and looking at the current movement, the way I see it is that the price is currently sitting on a pivot zone (approx. 229.00-229.60) that stretches back to Nov/Dec and Feb/March. After breaking through this zone on last weeks downward move it is now revisiting the zone for the first time which usually results in a bounce back down. On the second attempt at this zone it should break through, giving us a good uptrend. The only bit that I'm not too sure of is whether friday's move can be counted as the first revisit."

Hope that helps

Mike
  • #13,168
  • Aug 22, 2007 6:41am Aug 22, 2007 6:41am
  •  vrama
  • | Joined Dec 2006 | Status: BE at right place@right time = LUCK | 210 Posts
Quoting MikeW
I posted this a couple of days ago...

"Taking a step back and looking at the current movement, the way I see it is that the price is currently sitting on a pivot zone (approx. 229.00-229.60) that stretches back to Nov/Dec and Feb/March. After breaking through this zone on last weeks downward move it is now revisiting the zone for the first time which usually results in a bounce back down. On the second attempt at this zone it should break through, giving us a good uptrend. The only bit that I'm not too sure of is whether friday's move can be counted as the first revisit."

Hope that helps

Mike
Thanks for the explanation. I am trying to understand.
All things are difficult before they are easy.
  • #13,169
  • Aug 22, 2007 6:43am Aug 22, 2007 6:43am
could this beast be heading down to 220???? GBP/USD heading north however.
  • #13,170
  • Aug 22, 2007 6:46am Aug 22, 2007 6:46am
Quoting karmostaji
1st TP reached @ 228.70

Congrats....It took nerves of steel to hold that position after a crazy day like yesterday!
  • #13,171
  • Aug 22, 2007 6:48am Aug 22, 2007 6:48am
Short @ 228.80 TP @ 228.40-50

Hope the divergence on 10mn and 15mn will be with me
COT: The precious data ignored
  • #13,172
  • Aug 22, 2007 6:48am Aug 22, 2007 6:48am
Short at 228.85
Indicators show the past. Price Action "Indicates" the future.
  • #13,173
  • Aug 22, 2007 6:49am Aug 22, 2007 6:49am
Quoting vrama
Thanks for the explanation. I am trying to understand.
Basically put a line at this level, then switch to a daily, weekly or monthly chart and see what has been happening along the line as far back as you can go.

Mike
  • #13,174
  • Aug 22, 2007 6:58am Aug 22, 2007 6:58am
Aus,

Are you long from the 4H confirmation bar (coming up) for 200 pips, or is the 1H too high and we have to wait for it to come back and touch the 50 line on the QQE (and then turn)?

Mike
  • #13,175
  • Aug 22, 2007 6:59am Aug 22, 2007 6:59am
Bulls seem determine to break this level today maybe during NY session if not earlier .
  • #13,176
  • Aug 22, 2007 6:59am Aug 22, 2007 6:59am
The divergences on the weekly chart is what first tipped me to the potential downside in this pair.

Now, and very preliminary formation, but possible Head and Shoulder on a rather large scale targeting the 200 are or the 50% fibo of the entire move from 148.20 (Sept. 2000).

Just thinking out loud here, but like I said before - it was initially the chart pattern and it's divergence that caused me to begin shorting this pair. Something to keep in mind for the longer term.

Good profits everyone.
  • #13,177
  • Aug 22, 2007 7:02am Aug 22, 2007 7:02am
Quoting kharvell
Closed my long for +35, may enter short if I say bearish confirmation.
Kharvell,

According to your cucumber method, does the retrace come down to the 8, 12 or 24ma?

Mike
  • #13,178
  • Aug 22, 2007 7:03am Aug 22, 2007 7:03am
may get a bounce here off 30min 5 sma
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #13,179
  • Aug 22, 2007 7:07am Aug 22, 2007 7:07am
Quoting MikeW
Aus,

Are you long from the 4H confirmation bar (coming up) for 200 pips, or is the 1H too high and we have to wait for it to come back and touch the 50 line on the QQE (and then turn)?

Mike

Just went Long 228.78.. tp 231.60
  • #13,180
  • Aug 22, 2007 7:12am Aug 22, 2007 7:12am
I must be crazy but i went short @ 229.06 .............

if it hits 229.30...i'm out...baby
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