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

  • #24,301
  • Sep 10, 2007 5:43pm Sep 10, 2007 5:43pm
Quoting MoForce
I see G/J going all the way up until 231.09 and from THERE turning around...I'm betting that'll happen today
What's your reasoning for 231.09?

Thanks,

Ron
  • #24,302
  • Sep 10, 2007 5:46pm Sep 10, 2007 5:46pm
why do u guys panic when there is a bit of spike

trade what u see and have appropriate s/l and t/p in place

my s/l would be if we get a close above 50ema /1hr...or a sudden reversal on 15min

chk the 50ema on 1hr--its been acting as heavy R

1st t/p would be around 229.40ish--61.8% retrace of the recent 4hr move up

plan, plan, patience !
  • #24,303
  • Sep 10, 2007 5:51pm Sep 10, 2007 5:51pm
Ugh! This stinking dragging market. Wait a minute. I see the problem. Kevin, I see you're out there. No offense, bud, but isn't it time for you to get going to work?

M2B
  • #24,304
  • Sep 10, 2007 5:55pm Sep 10, 2007 5:55pm
Hi My2buoys,

Thanks for your advice. Yes, ur right. Entry and exit is the most important thing for a good trade.
  • #24,305
  • Sep 10, 2007 6:01pm Sep 10, 2007 6:01pm
Today will an interesting day. GJ and GU seems to be going down. I hope GBP news don't spoil it.
  • #24,306
  • Sep 10, 2007 6:02pm Sep 10, 2007 6:02pm
Hello maite, do these retraces do a 50% also or is it most of the times 61.8 & 38.2?


Quoting Hakuna Matata
why do u guys panic when there is a bit of spike

trade what u see and have appropriate s/l and t/p in place

my s/l would be if we get a close above 50ema /1hr...or a sudden reversal on 15min

chk the 50ema on 1hr--its been acting as heavy R

1st t/p would be around 229.40ish--61.8% retrace of the recent 4hr move up

plan, plan, patience !
  • #24,307
  • Sep 10, 2007 6:02pm Sep 10, 2007 6:02pm
Quoting my2buoys
Ugh! This stinking dragging market. Wait a minute. I see the problem. Kevin, I see you're out there. No offense, bud, but isn't it time for you to get going to work?

M2B
Welllll... they gave me the night off after sleeping all day..lol sucks..
  • #24,308
  • Sep 10, 2007 6:09pm Sep 10, 2007 6:09pm
Quoting mktjong
Sorry guys. I felt weary a bit now. Closed short for 23 pips. Wish well to all shorts.
Markam, calm down alright? The moon is not to going to fall http://www.forexfactory.com/images/icons/icon10.gif
Quoting markam
I'm just pissed. That stupid spike just lost me more than I have lost in a while. All because I did the logical thing and bet on the yen strengthening with good economic news.

I am going to put a big sign up that says

REMEMBER THE YEN ALWAYS DOES THE OPPOSITE OF WHAT IT LOGICALLY SHOULD DO.
Sorry to hear that Markam. I hope you didn't misunderstand my joke ("The moon is not to going to fall "). I closed because my 5 min QQE(30) crossed upward.
Honestly, I will go long from here if the 5min QQE(30) has crossed upward again. Slow stoch is showing sign of oversold.
  • #24,309
  • Sep 10, 2007 6:10pm Sep 10, 2007 6:10pm
Quoting apume
Hello maite, do these retraces do a 50% also or is it most of the times 61.8 & 38.2?
they have to do a 50% retrace b4 a 61.8% buddy

but i like to aim for 61.8% according to my risk/reward ratio

this is not my scalp trade--so i let it run till t/p or i notice change in course
  • #24,310
  • Sep 10, 2007 6:11pm Sep 10, 2007 6:11pm
Looking at the charts I'm beginning to see where the stalemate is occurring. Look at the strong support around 229.95, which also happens to be the 23.6 Fib level on the Daily Chart. Even before this Fib level could be charted, 229.95 was proving to be strong support last Friday. In fact, it looks like one of the only reasons it 'broke through' that level was because GBP/JPY opened with a large gap over the weekend. But notice how price quickly moved back up over that level and has been hesitant to conclusively breach it. The charts have been perplexing to me since the start of this week and I think I see why now. The 1H QQE has been a continual pain. It refuses to cross back down. Even if you have the 4H, 30M and 15M on your side, without the 1H it's a gamble, unless you're just scalping. With this strong support area at 229.95, it appears we are going to have to go up before we go down to any significant level. The 4H momentum is very bullish right now. I wouldn't be surprised to see a move up to 231 or even to 231.80, which is the 50% Fib level on the 4H chart, before another major move down. Anything higher than that is doubtful unless the 4H QQE crosses up. But don't listen to what I'm saying because I don't really know what I'm talking about.

M2B
Attached Image (click to enlarge)
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  • #24,311
  • Sep 10, 2007 6:13pm Sep 10, 2007 6:13pm
When you say your 5 min QQE(30), do you mean it's on smoothing 30?

Quoting mktjong
Sorry to hear that Markam. I hope you didn't misunderstand my joke ("The moon is not to going to fall "). I closed because my 5 min QQE(30) crossed upward.
Honestly, I will go long from here if the 5min QQE(30) has crossed upward again. Slow stoch is showing sign of oversold.
  • #24,312
  • Sep 10, 2007 6:16pm Sep 10, 2007 6:16pm
Quoting mktjong
Sorry to hear that Markam. I hope you didn't misunderstand my joke ("The moon is not to going to fall "). I closed because my 5 min QQE(30) crossed upward.
Honestly, I will go long from here if the 5min QQE(30) has crossed upward again. Slow stoch is showing sign of oversold.
Ummm did I miss something again?

I thought the setting for 5min QQE were smooth1, smooth5, and smooth60

where did (30) come from? are we talking a time setting for QQE on the 5min chart or something?
  • #24,313
  • Sep 10, 2007 6:18pm Sep 10, 2007 6:18pm
Quoting my2buoys
Ask this question, "Is my broker really gone run the price of the entire platform down just to stop me out and take my $25.00?"
M2B

Then ask yourself this question..... "per chance are there a million other
me's out there with the same distant S/L... giving them that very reason
to wipe you out of your position."

Then you'll be comforted in knowing you are in similar company.
  • #24,314
  • Sep 10, 2007 6:19pm Sep 10, 2007 6:19pm
Quoting kevinsw
Ummm did I miss something again?

I thought the setting for 5min QQE were smooth1, smooth5, and smooth60

where did (30) come from? are we talking a time setting for QQE on the 5min chart or something?

Please don't confuse with Aus' strategies.
I twick a bit for my own use only. I set the 5 min QQE smoothing to 30 to filter out a lot of noises.

http://www.forexfactory.com/images/icons/icon14.gif
  • #24,315
  • Sep 10, 2007 6:20pm Sep 10, 2007 6:20pm
Hello

I just want to make a request to all the new forex traders ( I am also one of those) to please not to use the forum to gain basic chart and trading knowledge. As we come across any terminology which is new to us or we are confused about, I suggest we should Google and try find answers ourselves first.

If we keep posting all basic questions this forum will become forex 101. I am lucky come across to this forum couple of weeks back and learned so much. I take notes here and do my homework.

I hope we'll help all these great guyz and girls out who are educating us selflessly.

Thank you
Success has a Thousand Fathers.
  • #24,316
  • Sep 10, 2007 6:23pm Sep 10, 2007 6:23pm
Quoting my2buoys
Looking at the charts I'm beginning to see where the stalemate is occurring. Look at the strong support around 229.95, which also happens to be the 23.6 Fib level on the Daily Chart. Even before this Fib level could be charted, 229.95 was proving to be strong support last Friday. In fact, it looks like one of the only reasons it 'broke through' that level was because GBP/JPY opened with a large gap over the weekend. But notice how price quickly moved back up over that level and has been hesitant to conclusively breach it. The charts have been perplexing to me since the start of this week and I think I see why now. The 1H QQE has been a continual pain. It refuses to cross back down. Even if you have the 4H, 30M and 15M on your side, without the 1H it's a gamble, unless you're just scalping. With this strong support area at 229.95, it appears we are going to have to go up before we go down to any significant level. The 4H momentum is very bullish right now. I wouldn't be surprised to see a move up to 231 or even to 231.80, which is the 50% Fib level on the 4H chart, before another major move down. Anything higher than that is doubtful unless the 4H QQE crosses up. But don't listen to what I'm saying because I don't really know what I'm talking about.

M2B
I'm looking at your fib chart and what are the tops and bottoms for it?
I'm using 251.07 as the top and 218.34 as the bottom. But then my fib doesn't come near that.

Thanks,
Scoundrel
  • #24,317
  • Sep 10, 2007 6:24pm Sep 10, 2007 6:24pm
Quoting mktjong
Please don't confuse with Aus' strategies.
I twick a bit for my own use only. I set the 5 min QQE smoothing to 30 to filter out a lot of noises.

http://www.forexfactory.com/images/icons/icon14.gif
Ok just asking... you have to remember that I am in Iowa where things are slow?...lol
  • #24,318
  • Sep 10, 2007 6:25pm Sep 10, 2007 6:25pm
Quoting my2buoys
. . . But don't listen to what I'm saying because I don't really know what I'm talking about.

M2B
  • #24,319
  • Sep 10, 2007 6:27pm Sep 10, 2007 6:27pm
Quoting fourxtrader
Then ask yourself this question..... "per chance are there a million other
me's out there with the same distant S/L... giving them that very reason
to wipe you out of your position."

Then you'll be comforted in knowing you are in similar company.
It just makes sense that if they are gonna move the platform in one direction to 'take out' stops they are also going to be triggering TP's of traders on the other side of the trade. I don't think that 95% of any broker's clientele are trading any particular currency pair in the same direction at any given time. For them to take out stops they would also be triggering profits for other clients. Are there dastardly people out there working for brokers? I'm sure there are. My point is if your 'mindset', that Monarch talked about earlier, is looking for boogeymen around every corner you'll never become a successful trader. I know. I've been there at different times. We need to stop blaming brokers and start trading smarter. There is too much evidence out there of successful traders, like Aus and Monarch, for me to believe that I can't be successful even if it's in spite of my broker. Besides, I don't have a choice. I do have to use a broker to trade in this market so I might as well just learn how to work around any situation that appears 'unnatural' to me. Hope this clarifies what I was saying earlier.

M2B
  • #24,320
  • Sep 10, 2007 6:28pm Sep 10, 2007 6:28pm
Quoting fourxtrader
Then ask yourself this question..... "per chance are there a million other
me's out there with the same distant S/L... giving them that very reason
to wipe you out of your position."

Then you'll be comforted in knowing you are in similar company.
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