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

  • #24,821
  • Sep 11, 2007 12:44pm Sep 11, 2007 12:44pm
Quoting smmcintyre
Thanks for the reply, looks like we are testing that now, adjusted TP to 232.70...
If we cant hold above 90 and if the next hourly candle opens below the current one, we will probably get to 230.71 before higher. (Unless Ben opens his mouth again, then who knows!!)
  • #24,822
  • Sep 11, 2007 12:47pm Sep 11, 2007 12:47pm
Quoting BenQ
Markam, do you see any short opprtunities today? I don't think this rally will last. What are your thoughts?
The last two days the dow has faded at the end of the day. I am expecting the same thing today.
  • #24,823
  • Sep 11, 2007 12:49pm Sep 11, 2007 12:49pm
The 50 fib is not just a simple fib level serving as a
single area of resistance. It happens to be a
significant previous level of support that required
multiple attempts to break through last week. (4HR chart)

Remember how some were calling it a boring week,
until Friday's big drop.
  • #24,824
  • Sep 11, 2007 12:53pm Sep 11, 2007 12:53pm
Quoting markam
The last two days the dow has faded at the end of the day. I am expecting the same thing today.
Markam, what about the 10-yr yield being stronger today than yesterday? Think it will matter?
  • #24,825
  • Sep 11, 2007 12:54pm Sep 11, 2007 12:54pm
markam

this is a dow jones chart (m30)
does this look like a reversal sign to u? i mean head and shoulders sign..

Attached Image (click to enlarge)
Click to Enlarge Name: dow.gif Size: 11 KB
  • #24,826
  • Sep 11, 2007 1:00pm Sep 11, 2007 1:00pm
If you tap a miniature chissel / hammer long enough
just like bouncing a heavy steel ball several times
you are going to fracture the subsurface.

Now we've breached that support level and dropped
to a lower floor, what will it take to come back up?

Markam...... CNBC is stating that the daily bull rally
is due to fundamentals. What think ye?
  • #24,827
  • Sep 11, 2007 1:03pm Sep 11, 2007 1:03pm
Quoting lilmoe
markam

this is a dow jones chart (m30)
does this look like a reversal sign to u? i mean head and shoulders sign..

Attachment

lilmoe,

Can you post the 4HR? I'm curious if it also shows
the multiple levels of previous support at this level.

That chart doesn't expand far enough.

thanks,

Dr. D.
  • #24,828
  • Sep 11, 2007 1:04pm Sep 11, 2007 1:04pm
Now we have to get thru 232.25 then 42 then 62. 232.25 may be a little tough.
  • #24,829
  • Sep 11, 2007 1:04pm Sep 11, 2007 1:04pm
10-yr hit new high for today.. 4.362%
  • #24,830
  • Sep 11, 2007 1:06pm Sep 11, 2007 1:06pm
Quoting lilmoe
markam

this is a dow jones chart (m30)
does this look like a reversal sign to u? i mean head and shoulders sign..

Attachment
That head and shoulders has already played out. Now it is looking for a fib extension to gravitate to .
  • #24,831
  • Sep 11, 2007 1:06pm Sep 11, 2007 1:06pm
Quoting fourxtrader
lilmoe,

Can you post the 4HR? I'm curious if it also shows
the multiple levels of previous support at this level.

That chart doesn't expand far enough.

thanks,

Dr. D.

sure thing

Attached Image (click to enlarge)
Click to Enlarge Name: dow.gif Size: 13 KB
  • #24,832
  • Sep 11, 2007 1:08pm Sep 11, 2007 1:08pm
Quoting PipChick
That head and shoulders has already played out. Now it is looking for a fib extension to gravitate to .

it just did, i will post a chart ASAP
pierced a major 50% fib
  • #24,833
  • Sep 11, 2007 1:09pm Sep 11, 2007 1:09pm
Quoting fourxtrader
If you tap a miniature chissel / hammer long enough
just like bouncing a heavy steel ball several times
you are going to fracture the subsurface.

Now we've breached that support level and dropped
to a lower floor, what will it take to come back up?

Markam...... CNBC is stating that the daily bull rally
is due to fundamentals. What think ye?
The fundamentals are no different than they were last friday. Just the market preparing for a rate cut. Unless we get a .5% cut next week, I expect the market to go down.
  • #24,834
  • Sep 11, 2007 1:11pm Sep 11, 2007 1:11pm
Quoting lilmoe
it just did, i will post a chart ASAP
pierced a major 50% fib
Now...if the U/J breaks 114.33 then the g/j is off to the moon and will most likely hit our 232.74 target.
  • #24,835
  • Sep 11, 2007 1:11pm Sep 11, 2007 1:11pm
Reminder: the fundamentals require "confirmation" . . . candle closings above or below the GANN (TFT) and completed crosses.

Be patient wait for these to occur before jumping in or out.
  • #24,836
  • Sep 11, 2007 1:12pm Sep 11, 2007 1:12pm
lets see what happens now that we are at 13300 at the dow. I knew they would go for that level. I am not so sure it will hold.
  • #24,837
  • Sep 11, 2007 1:14pm Sep 11, 2007 1:14pm
Quoting markam
lets see what happens now that we are at 13100 at the dow. I knew they would go for that level. I am not so sure it will hold.
Major resistance on the dow at 13320.06. Lets see if it can break that and the u/j break 114.33 in order to keep us in this g/j trade
  • #24,838
  • Sep 11, 2007 1:14pm Sep 11, 2007 1:14pm
Quoting PipChick
Now...if the U/J breaks 114.33 then the g/j is off to the moon and will most likely hit our 232.74 target.
i see a channel top at 232.35 on my 30min chart, however i think if that's broken it wont stop at 232.74... just my openion.
  • #24,839
  • Sep 11, 2007 1:14pm Sep 11, 2007 1:14pm
I just shorted on the assumption that the dow will retreat for the rest of the day. It's a gamble, but it worked at 13200 yesterday.
  • #24,840
  • Sep 11, 2007 1:16pm Sep 11, 2007 1:16pm
Quoting markam
I just shorted on the assumption that the dow will retreat for the rest of the day. It's a gamble, but it worked at 13200 yesterday.
So here is what we need to keep us in the trade for the next 5 min...Need the g/j to break 232.25 and the u/j to break 114.33 about the same time and the dow to break 13315-13320
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