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

  • #32,761
  • Sep 26, 2007 1:33pm Sep 26, 2007 1:33pm
Quoting fourxtrader
I'm scaling in beginning at 232.90 for the next drop.

Now I finally see a butterfly. Is it just a projection pattern?
It's a bearish bat (not butterfly). CD leg has a projection and then a reversal. We are in the CD leg now. Remember the pattern is on the 5 min chart so weight is not as strong.
  • #32,762
  • Sep 26, 2007 1:33pm Sep 26, 2007 1:33pm
Quoting imransait
I was short from its earlier approach at 233.20 , my SL is very tight at 233.60 my First TP is 231.70 and Second is 230.35
Thank you Imransait
  • #32,763
  • Sep 26, 2007 1:36pm Sep 26, 2007 1:36pm
Quoting imransait
the reason is this candle stick formation, and 200 EMA on 4hr acting as resistance

i'm not sure if you can judge a candle's formation unless it's closed...
  • #32,764
  • Sep 26, 2007 1:39pm Sep 26, 2007 1:39pm
Quoting PipChick
Thank you Imransait
what about you, pipchick, have not seen u short this beast...are u long ?
  • #32,765
  • Sep 26, 2007 1:40pm Sep 26, 2007 1:40pm
Quoting lilmoe
i'm not sure if you can judge a candle's formation unless it's closed...
Yes, i will wait till it finally closes to see what to do for my short...but most of the times, its a reversal candle...have to wait i guess
  • #32,766
  • Sep 26, 2007 1:42pm Sep 26, 2007 1:42pm
Quoting imransait
what about you, pipchick, have not seen u short this beast...are u long ?
I shorted earlier at 232.81 down to 59.Then bought the bounce off of the 4 hrs 5sma . I just exited it and was questioning myself wheter or not I should exit and then I saw everyone shorting so I think I made the right choice.
  • #32,767
  • Sep 26, 2007 1:45pm Sep 26, 2007 1:45pm
Quoting PipChick
I shorted earlier at 232.81 down to 59.Then bought the bounce off of the 4 hrs 5sma . I just exited it and was questioning myself wheter or not I should exit and then I saw everyone shorting so I think I made the right choice.

hehee, didn't think that pipchick would base her decisions on others, but rather on what she sees on her charts
  • #32,768
  • Sep 26, 2007 1:45pm Sep 26, 2007 1:45pm
Quoting imransait
Yes, i will wait till it finally closes to see what to do for my short...but most of the times, its a reversal candle...have to wait i guess
mine closes in 15 mins, what about u?
  • #32,769
  • Sep 26, 2007 1:46pm Sep 26, 2007 1:46pm
just becuase everyone is shorting doesnt mean that it will go down...
all TF are pointing up with 1h and 4hr having strong mom upwards. imo, if we do see a downward movement, it'll prob come during london session.
  • #32,770
  • Sep 26, 2007 1:49pm Sep 26, 2007 1:49pm
Quoting lilmoe
hehee, didn't think that pipchick would base her decisions on others, but rather on what she sees on her charts
Believe it or not lilmoe...I value everyones opinions. I also know that I am not always right (in no way am I a pro, just have paid my dues)and sometimes need the advice of others too.
  • #32,771
  • Sep 26, 2007 1:50pm Sep 26, 2007 1:50pm
Quoting PipChick
Believe it or not lilmoe...I value everyones opinions. I also know that I am not always right (in no way am I a pro, just have paid my dues)and sometimes need the advice of others too.
But I am a little worried about shorts
  • #32,772
  • Sep 26, 2007 1:52pm Sep 26, 2007 1:52pm
I wouldn't be surprised if we go sideways --------> till London actually, someone call in those house wifes.
"Only when the tide goes out will we know who is swimming naked."
  • #32,773
  • Sep 26, 2007 1:52pm Sep 26, 2007 1:52pm
most probably it will be bearish cs on tf 4..hopefully it is...
  • #32,774
  • Sep 26, 2007 1:55pm Sep 26, 2007 1:55pm
Just came to say one word 'PATIENCE'

Later
Trade what you see, not what you think.
  • #32,775
  • Sep 26, 2007 1:55pm Sep 26, 2007 1:55pm
I'm new here and to trading. Been waiting for a day for posting rights so my question is from yesterday.

Someone said sumth'n bout not going long (big mistake for yesterday) cause the banks etc were closing their trades to take profit...

I don't understand how this is a good indicator to not go long because doesn't it assume that all the banks, etc. went long thus when they sell it drives price down.... isn't it safe to assume that some of them went short thus they have to buy to take profit thus driving price up? And wouldn't these two events more or less cancel each other out and trend would rule?

Maybe i'm missing something...Please explain.
  • #32,776
  • Sep 26, 2007 1:57pm Sep 26, 2007 1:57pm
Quoting PipChick
But I am a little worried about shorts
I agree, it seems like its going to setup for a break out headed north then drop like a rock on friday.
  • #32,777
  • Sep 26, 2007 1:59pm Sep 26, 2007 1:59pm
Quoting PipChick
I shorted earlier at 232.81 down to 59.Then bought the bounce off of the 4 hrs 5sma . I just exited it and was questioning myself wheter or not I should exit and then I saw everyone shorting so I think I made the right choice.
yes, the 200 EMA has not been broken, but once it breaks it, then 238 is target
  • #32,778
  • Sep 26, 2007 2:02pm Sep 26, 2007 2:02pm
here we go now, its after 5 Pm EST...hope to see it reach 231 before london opens
  • #32,779
  • Sep 26, 2007 2:03pm Sep 26, 2007 2:03pm
Quoting alldra
I'm new here and to trading. Been waiting for a day for posting rights so my question is from yesterday.

Someone said sumth'n bout not going long (big mistake for yesterday) cause the banks etc were closing their trades to take profit...

I don't understand how this is a good indicator to not go long because doesn't it assume that all the banks, etc. went long thus when they sell it drives price down.... isn't it safe to assume that some of them went short thus they have to buy to take profit thus driving price up? And wouldn't these two events more or less cancel each other out and trend would rule?

Maybe i'm missing something...Please explain.

Yes alldra, when someone says they are shorting they are actually going long another pair. Is that what you are asking?
"Only when the tide goes out will we know who is swimming naked."
  • #32,780
  • Sep 26, 2007 2:06pm Sep 26, 2007 2:06pm
dear all, is the last CS in tf 4 can be considered as pin bars?
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