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

  • #26,121
  • Sep 13, 2007 9:19am Sep 13, 2007 9:19am
Looks like back down to 232.30 area.....

Quoting karmostaji
http://img250.imageshack.us/img250/4134/gjju1.gif
  • #26,122
  • Sep 13, 2007 9:20am Sep 13, 2007 9:20am
Quoting Pips_Cruiser
I associate the terms "oversold" and "overbought" with the princlple of supply and demand. If something is oversold it means there's a glut of something on the market (more supply than demand), and the price falls. If it's overbought it means there's not enough available (more demand than supply), and the price rises.

It's easy to understand this when dealing with a commodity like oil or gold. I have tougher time understanding what's happening with this currency pair. Is it that there's not a good balance of buyers and sellers right now?

Thanks!
Ron
Can someone help clarify what's going on fundamentally when this happens, even if I do have the two terms switched around? Thanks again!
  • #26,123
  • Sep 13, 2007 9:22am Sep 13, 2007 9:22am
Thanks MPP,

Those templates look great!
I had already read the documents but hopefully with these templates the instructions will make more sense make more sense.

Thanks again!

Quoting MPP
Welcome aboard these might help, some details still need checking but most is correct. Add the templates to your MT4 templates folder
C:\Program Files\MetaTrader 4\templates



try them and see how it looks
"Quitting while you are ahead is not the same as quitting".
  • #26,124
  • Sep 13, 2007 9:30am Sep 13, 2007 9:30am
Karmo,can i still go for long?
With Tiger All Pips Are PossiBle
  • #26,125
  • Sep 13, 2007 9:32am Sep 13, 2007 9:32am
Quoting loladis4luv
Karmo,can i still go for long?
honest i don't feel safe with my own long lol

if we get a 15m candle close above 234.15, then we might be safe till 235
Trade what you see, not what you think.
  • #26,126
  • Sep 13, 2007 9:32am Sep 13, 2007 9:32am
Quoting karmostaji
I want to clarify something that many of you have understood it the opposite it seems.

when it is 'oversold', price is supposed to RISE!
when it is 'overbought', price is supposed to FALL!

and NOT the other way around!

http://www.babypips.com/school/oscil...ndicators.html
Thanks. So it would seem that our indicators catch these conditions by looking at the difference between one closing price and the next. And it seems to me this would happen after prices have risen very fast or fallen very fast.
  • #26,127
  • Sep 13, 2007 9:34am Sep 13, 2007 9:34am
Quoting karmostaji
I want to clarify something that many of you have understood it the opposite it seems.

when it is 'oversold', price is supposed to RISE!
when it is 'overbought', price is supposed to FALL!

and NOT the other way around!
only if trend is steep like today
some consider oversold of overbought if price going one direction for couple days slowly
  • #26,128
  • Sep 13, 2007 9:34am Sep 13, 2007 9:34am
Quoting loladis4luv
Karmo,can i still go for long?

Nobody on this thread has any intention of telling people what to do. Study the information, come up with your own style and make your own decisions. Blindly following other people is a recipe for disaster.
  • #26,129
  • Sep 13, 2007 9:34am Sep 13, 2007 9:34am
Quoting Pips_Cruiser
Thanks. So it would seem that our indicators catch these conditions by looking at the difference between one closing price and the next. And it seems to me this would happen after prices have risen very fast or fallen very fast.
I'm not really into these indicators but something else I would like to say is, whenever it is overbought, it does NOT mean price should fall, price could consolidate until it gets itself out of the overbought area and then shoot up again, I've watched these indicators a lot and like M2B said at once, use it as secondary confirmation only.
Trade what you see, not what you think.
  • #26,130
  • Sep 13, 2007 9:35am Sep 13, 2007 9:35am
Quoting markam
Nobody on this thread has any intention of telling people what to do. Study the information, come up with your own style and make your own decisions. Blindly following other people is a recipe for disaster.
well said

If a trader doesn't know what is he doing, he shouldn't be trading.
Trade what you see, not what you think.
  • #26,131
  • Sep 13, 2007 9:39am Sep 13, 2007 9:39am
Quoting karmostaji
honest i don't feel safe with my own long lol

if we get a 15m candle close above 234.15, then we might be safe till 235
The dow is holding its level steady a lot longer than I expected it would. After that big rise and considering it is near its 5 week high level, it should be at the top for the day.

But of course, since the stock market has no basis in reality, it may push for 13500 this afternoon.
  • #26,132
  • Edited 9:51am Sep 13, 2007 9:40am | Edited 9:51am
Quoting Pips_Cruiser
Can someone help clarify what's going on fundamentally when this happens, even if I do have the two terms switched around? Thanks again!
Fundamentally, overbought is when the uninformed bought off the smart money - where the smart money knew buyers were running out and prices would start to fall. In the media, this translates to headlines like "Times have never been better!" and everyone gets loans, spends and buys stocks.

And oversold is when the uninformed sold to the smart money - where the smart money knew it was cheap and going to go up. In the media, this translates to the headlines like "The Economy has collapsed - things will get worse" and everyone just wants to get out.

The smart money is always waiting! The idea is to be on their side. They probably even control the media?

Now, I don't tend to use those terms but that's the way I see it.
  • #26,133
  • Sep 13, 2007 9:41am Sep 13, 2007 9:41am
or paper trade and learn

Quoting karmostaji
well said

If a trader doesn't know what is he doing, he shouldn't be trading.
  • #26,134
  • Sep 13, 2007 9:42am Sep 13, 2007 9:42am
Quoting markam
The dow is holding its level steady a lot longer than I expected it would. After that big rise and considering it is near its 5 week high level, it should be at the top for the day.

But of course, since the stock market has no basis in reality, it may push for 13500 this afternoon.
Yep, I was thinking that would be today's DOW high, 13,500 and if it hits, we will bounce off it so it may not close that high.

235 for GBP/USD.
  • #26,135
  • Sep 13, 2007 9:43am Sep 13, 2007 9:43am
If you have a look at the 15m chart, price bounced off the Gann Hilo
Trade what you see, not what you think.
  • #26,136
  • Sep 13, 2007 9:44am Sep 13, 2007 9:44am
Quoting markam
Nobody on this thread has any intention of telling people what to do. Study the information, come up with your own style and make your own decisions. Blindly following other people is a recipe for disaster.
Sounds like the bear is not very happy today. Cheer up Markam, there's a lot to be bearish about, especially next week.

On tap for next week
- Fed Announcement
- Earnings Announcement (GSAM expected to rise, BS expected to fall)
- Additional info on HF redemptions. (btw, now through end of October more news about HF redemptions & Fund of Funds redemptions should come out, especially the FoF as they look to reallocate money for 08).
  • #26,137
  • Sep 13, 2007 9:50am Sep 13, 2007 9:50am
Quoting greenchris
Sounds like the bear is not very happy today. Cheer up Markam, there's a lot to be bearish about, especially next week.

On tap for next week
- Fed Announcement
- Earnings Announcement (GSAM expected to rise, BS expected to fall)
- Additional info on HF redemptions. (btw, now through end of October more news about HF redemptions & Fund of Funds redemptions should come out, especially the FoF as they look to reallocate money for 08).

I'm fine. I just stay out when the market does this. I would rather miss an opportunity than make a bet I am not comfortable with.
  • #26,138
  • Sep 13, 2007 9:52am Sep 13, 2007 9:52am
yes, but does that signify? thanks in adv man.

Quoting karmostaji
If you have a look at the 15m chart, price bounced off the Gann Hilo
  • #26,139
  • Sep 13, 2007 9:53am Sep 13, 2007 9:53am
GU shooting up, @ 0300 now
Trade what you see, not what you think.
  • #26,140
  • Sep 13, 2007 9:54am Sep 13, 2007 9:54am
Quoting markam
I'm fine. I just stay out when the market does this. I would rather miss an opportunity than make a bet I am not comfortable with.
This is just a bit of consolidation. Price should continue up soon as the bears aren't that strong here. 235 is a different story.
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