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

  • #21,801
  • Sep 5, 2007 10:52am Sep 5, 2007 10:52am
The pair still looks bearish to me
Trade what you see, not what you think.
  • #21,802
  • Sep 5, 2007 10:55am Sep 5, 2007 10:55am
Quoting my2buoys
I know hindsight is 20/20 but I thought you saw that coming. The spike down was obviously just a news reaction. The 4H chart momentum remained bullish through that entire hour and, more importantly, the 1H momentum was even stronger in its bullishness than the 4H. I figured you were just in the trade for the spike down and that you would have taken your profits at around 50 pips. Don't feel bad. I have made the same mistake in times past around news events. Will GBP/JPY maintain its bearishness? It seems like it will. Daily 5SMA is around 233.50 and is the highest 5SMA above price with the exception of the Monthly which shouldn't be considered at this time. Your position should be OK unless 1H QQE crosses back up. Good luck.

M2B

Thanks M2B for the second confirmation I like momentum indicator, it is still a bit tricky for me for completely grasp it.
This pair is just trying to work out the oversold, once that done it would move down nicely. As long as treasuries is negative (currently is at extreme) I will stay. I am the treasuries man .. http://www.forexfactory.com/images/icons/icon10.gif

Cool ..let's rock it ..
  • #21,803
  • Sep 5, 2007 10:55am Sep 5, 2007 10:55am
We will have a new 4hr and 1hr MOM in 5 mins, let's see what they've got to say
Trade what you see, not what you think.
  • #21,804
  • Sep 5, 2007 10:56am Sep 5, 2007 10:56am
this pair is being a b*tch right now....
  • #21,805
  • Sep 5, 2007 10:56am Sep 5, 2007 10:56am
Quoting Zoran
Come on DOW, up you go my friend!

I have seen zero sign of any kind of rebound today in the dow. The last time it did that, there was no rebound for the entire day.
  • #21,806
  • Sep 5, 2007 10:59am Sep 5, 2007 10:59am
I am in the opinion of that we should see some fireworks after European stock markets close.
Humble Lifetime Member
  • #21,807
  • Sep 5, 2007 10:59am Sep 5, 2007 10:59am
Quoting lepiricus
As the usd/jpy goes all the yen pairs go, is that correct? So is the g/j just artificially inflated right now b/c of pound strength?
Yes I believe so, it will crash down to be even with other yen pairs imo
  • #21,808
  • Sep 5, 2007 11:01am Sep 5, 2007 11:01am
Quoting karmostaji
We will have a new 4hr and 1hr MOM in 5 mins, let's see what they've got to say
4hr MOM bearish
1hr MOM weak bullish
Trade what you see, not what you think.
  • #21,809
  • Sep 5, 2007 11:02am Sep 5, 2007 11:02am
Quoting Ash
I am in the opinion of that we should see some fireworks after European stock markets close.
  • #21,810
  • Sep 5, 2007 11:02am Sep 5, 2007 11:02am
Man, sometimes currency trading is really frustrating. I held a short position in USD/CHF for a week. It got stopped out yesterday, at exactly the highest point the pair reached. It then proceeded to immediately go down, and it just hit the target I had set.

If I had either not set a stop, or set it 2 pips higher, I would have had a nice little profit.
  • #21,811
  • Sep 5, 2007 11:03am Sep 5, 2007 11:03am
Quoting Zoran
There is DOW support in 13250 region. Could be a nice long area otherwise reverse and short if support breaks (blue ellipse).
Which broker provides you with the DJI on MT4?
  • #21,812
  • Sep 5, 2007 11:03am Sep 5, 2007 11:03am
Quoting karmostaji
4hr MOM bearish
1hr MOM weak bullish
I see the the same thing on IBFX feed.
  • #21,813
  • Sep 5, 2007 11:05am Sep 5, 2007 11:05am
Something interesting to watch

The weekly chart, I expected a big fall and I think it was 'Scrat' who said no that candlestick pattern is wrong or something.. anyways

If you look at the 1hr, the chart looks very similar and the last candle is exactly like last week's weekly candle, so let's see if the next candle on the hourly is a big bearish one

I'm bored as you can tell LOL
Trade what you see, not what you think.
  • #21,814
  • Sep 5, 2007 11:07am Sep 5, 2007 11:07am
Quoting Navigator
Just now we only have USD weakness. GBP/USD gains are negating USD/JPY falls....unfortunately ...Seldom happens but it is just now!
Actually, when I first started trading Forex 2 years ago, GBP/JPY almost always ran the opposite direction of GBP/USD. It's only been the last year or so that they have run more consistently together. The reason for this has to do with which currency is currently driving the market. Up until two years ago it was the US dollar. Whatever happened to the dollar, weak or strong, currencies reacted accordingly. A strong dollar would send GBP/USD down, USD/JPY up, and GBP/JPY sideways since both GBP and JPY would have been considered weak next to the dollar. The question was, 'Which is weaker, GBP or JPY?', and the market would have a hard time determing that. The last year or so, GBP and JPY have been switching back and forth as the driving currencies in the market. Look at the Monthly chart and you will see that since July of 2006 GBP/JPY has moved up exponentially higher and faster than it had over the previous several years. Yes, it has been going up since 2000 but at a relatively slow, steady pace. Notice that it took 5 and 1/2 years for GBP/JPY to move up 4100 pips from January 2001 to July 2006. It moved that same amount in only 6 months beginning from July 2006 to January 2007. Why this discrepancy? The US dollar lost its position as the driving force in the market. That's why on NFP days GBP/JPY will genereally not move proportionally as much as GBP/USD, because that report is not based upon GBP or JPY but rather upon the strength or weakness of the US Dollar. Sorry for the book. Hope this answers a few questions, especially for some of the newer ones.

M2B
Attached Image (click to enlarge)
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  • #21,815
  • Sep 5, 2007 11:08am Sep 5, 2007 11:08am
all components are here: DOW, Hanging Man (1h), 4h MOM, MARKAM,.......


Am I missing something ??

Maybe a Patience >>>>

Safe Piping
  • #21,816
  • Sep 5, 2007 11:10am Sep 5, 2007 11:10am
Quoting Piters
all components are here: DOW, Hanging Man (1h), 4h MOM, MARKAM,.......


Am I missing something ??

Maybe a Patience >>>>

Safe Piping
Karmo's patience
Trade what you see, not what you think.
  • #21,817
  • Sep 5, 2007 11:11am Sep 5, 2007 11:11am
Quoting lepiricus
As the usd/jpy goes all the yen pairs go, is that correct? So is the g/j just artificially inflated right now b/c of pound strength?
I'm not sure what you mean by 'artificially inflated', but I'll try to answer. The way I see it, GBP in relation to JPY and JPY in relation to GBP isn't going anywhere, they're just sitting there. However, USD is falling against all the other currencies right now. So it's USD that's moving the USDJPY and GBPUSD charts right now (and all the other currency pairs with USD in them). GBP and JPY in themselves aren't moving that much. Hope my explanation helps (although I think it's a bit vague. Haha).
  • #21,818
  • Sep 5, 2007 11:11am Sep 5, 2007 11:11am
Quoting karmostaji
Karmo's patience

YES,

I was waiting for you my friend
  • #21,819
  • Sep 5, 2007 11:13am Sep 5, 2007 11:13am
Quoting markam
I have seen zero sign of any kind of rebound today in the dow. The last time it did that, there was no rebound for the entire day.
That's enough to take one off for +30 and stops are now set to b.e+1 on the other entries. So whatever happens this trade is a winner. I'll close the others later today (assuming they are not stopped).
  • #21,820
  • Sep 5, 2007 11:13am Sep 5, 2007 11:13am
Quoting Ash
I am in the opinion of that we should see some fireworks after European stock markets close.
Dude, Europe closed at 1500GMT!

M2B
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