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

Quoting ScoundrelLv

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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

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Quoting Azili

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I am real shocked that people are still asking questions about the settings...Please read the forums. At the Forums you will have most of all your questions discovered there.

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Quoting Azili

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I am real shocked that people are still asking questions about the settings...Please read the forums. At the Forums you will have most of all your questions discovered there.

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Quoting my2buoys

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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

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Quoting bmwboyee

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M2B's:
most of that is correct, but if they play with the spread, they can trigger a s/l at a certain price and not fill others t/p because of the movement of the spread. so we have to take in consideration bid/ask.

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Quoting bmwboyee

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M2B's:
most of that is correct, but if they play with the spread, they can trigger a s/l at a certain price and not fill others t/p because of the movement of the spread. so we have to take in consideration bid/ask.

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Quoting my2buoys

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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

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Quoting mktjong

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That's so true. I had a trade that was going to my direction but due to volatility and tight stop loss. Got stopped out which was supposed to be a winning trade. It was IBFX. Now I am happy with FXSol with fixed spread.

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Quoting markam

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I have been playing around with some charts also, and I believe that GJ is unbalanced compared to the US stock market. Going back over the last couple of years, GJ has maintained a fairly constant ratio with the dow. However, since the current unwind started, GJ has dropped significantly more than its historical correlation with the dow would indicate that it should. My rough estimate is that either the dow should be below 12,500 right now, or GJ should be above 238.

I am not sure what it means. The US stock market could be heavily overbought. The carry trade could have unwound more than it should. Or maybe the correlation seen over the last 2 years is no longer valid. What I do get out if is that it is going to be very difficult for GJ to drop below current levels unless the US equity markets drop soon. If they don't, I wouldn't be surprised to see GJ make the big move up that Zoran has been predicting.

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Quoting Hakuna Matata

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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

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Quoting markam

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I have been playing around with some charts also, and I believe that GJ is unbalanced compared to the US stock market. Going back over the last couple of years, GJ has maintained a fairly constant ratio with the dow. However, since the current unwind started, GJ has dropped significantly more than its historical correlation with the dow would indicate that it should. My rough estimate is that either the dow should be below 12,500 right now, or GJ should be above 238.

I am not sure what it means. The US stock market could be heavily overbought. The carry trade could have unwound more than it should. Or maybe the correlation seen over the last 2 years is no longer valid. What I do get out if is that it is going to be very difficult for GJ to drop below current levels unless the US equity markets drop soon. If they don't, I wouldn't be surprised to see GJ make the big move up that Zoran has been predicting.

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Quoting mktjong

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Ahh.. that's my boy. I am currently long, please don't say any bad things about this pair, alright Markam? At least for now http://www.forexfactory.com/images/icons/icon10.gif

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Quoting markam

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I went long also after the Nikkei turned around. I still have not been able to find premarket data for the european markets, but I would expect them to be up tonight. I may be jumping the gun on going long, but I don't see much downside potential right now.

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Quoting moneymagnet

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where was your entry? target? if you dont mind me asking?

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Quoting markam

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I entered at 230.2, with a SL of 229.65. I don't have a target at this time. If it looks like we are going long into the european session, I may just set a trailing stop and let it run.

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