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

  • #34,301
  • Edited 10:26am Sep 28, 2007 10:11am | Edited 10:26am
That's what I have mentioned before, NY likes to screw things up. Big boys have big capitals enough to play around the market. Most of my lost trades were in NY session. Fortunately I didn't open any position earlier
  • #34,302
  • Sep 28, 2007 10:12am Sep 28, 2007 10:12am
Quoting my2buoys
Yes. It's called 'divergence'. I will gladly answer specific questions about it but there is not space here to fully explain it completely. Google 'MACD divergence' and you'll find plenty of detailed info on the web.

M2B
Thanks!
  • #34,303
  • Sep 28, 2007 10:12am Sep 28, 2007 10:12am
Quoting imbiber
What does that mean?
If you're a multi national company, and want to switch reserves or do some general buying/selling of foreign exchange for commercial purposes, banks do that for you, and due to the sheer amount of money involved, they have to do this at a set time.

Nobody knows what that time is (except a few folks - from bank+company) No clue if they are going to buy or sell either. Generally, rumors circulate around that there is a 'fix' going to occur.. and details are vague.

In the Asian session the USD/JPY 'fix' turned out to be a 1 billion $ sell on UJ.. which in turn dragged GJ down (GJ always moves way more relatively, compared to UJ)

Unfortunately there is nothing the average trader can do but just be forewarned of a fix - they can't even tell if this is just a rumor, or a fact. I prefer to stay out of the market if there are talks of fixes going around. Just better to be safe than sorry.
  • #34,304
  • Sep 28, 2007 10:12am Sep 28, 2007 10:12am
Quoting VishalJ
Remember that there are a lot of fixings happening today, as it's the last day of the quarter. Keep your SLs in place.. if you see a 100 pip swing up or down don't be surprised. I'm staying out of the markets till Monday.
Well called Vishal!! I managed to get another nice long entry on that dip!
  • #34,305
  • Sep 28, 2007 10:15am Sep 28, 2007 10:15am
I have the daily pivot at 233.82, and S1 at 233.33 and R1 at 234.30. This turd dropped to the pivot then dived to touch S1 and reversed to go kiss R1. The guppy is on a yo-yo
  • #34,306
  • Sep 28, 2007 10:16am Sep 28, 2007 10:16am
Quoting Zoran
Well called Vishal!! I managed to get another nice long entry on that dip!
Good job mate I got in at 233.37 and got out at 233.50 and then kicked myself knowing very well that I could have stayed in there, to see it go all the way up to 234. Some day I'll have the courage like you guys do.
  • #34,307
  • Sep 28, 2007 10:21am Sep 28, 2007 10:21am
Quoting VishalJ
If you're a multi national company, and want to switch reserves or do some general buying/selling of foreign exchange for commercial purposes, banks do that for you, and due to the sheer amount of money involved, they have to do this at a set time.

Nobody knows what that time is (except a few folks - from bank+company) No clue if they are going to buy or sell either. Generally, rumors circulate around that there is a 'fix' going to occur.. and details are vague.

In the Asian session the USD/JPY 'fix' turned out to be a 1 billion $ sell on UJ.. which in turn dragged GJ down (GJ always moves way more relatively, compared to UJ)

Unfortunately there is nothing the average trader can do but just be forewarned of a fix - they can't even tell if this is just a rumor, or a fact. I prefer to stay out of the market if there are talks of fixes going around. Just better to be safe than sorry.

Thank you vashi for the info on fixes. I think what we just went through was a fix. We already had 1 retracement today and now 2 retracements.

Don't know when I last saw 2 retracements in the same day of that size.
  • #34,308
  • Sep 28, 2007 10:23am Sep 28, 2007 10:23am
dollar index dropped below 78
  • #34,309
  • Sep 28, 2007 10:24am Sep 28, 2007 10:24am
Quoting VishalJ
Good job mate I got in at 233.37 and got out at 233.50 and then kicked myself knowing very well that I could have stayed in there, to see it go all the way up to 234. Some day I'll have the courage like you guys do.
As long as each trade is 1% or 2% of account then there's no problem. If you are underfunded then you may be trading scared, which is not a good position to be in. I'm not saying put all of the funds in your trading account but what funds you may have allocated to it.
  • #34,310
  • Sep 28, 2007 10:25am Sep 28, 2007 10:25am
Quoting VishalJ
Fix info
Thanks for the explanation.
  • #34,311
  • Sep 28, 2007 10:25am Sep 28, 2007 10:25am
the fall is not over yet, more then 5-1/2 hrs remaining, it will close below todays pivot around 233 levels
  • #34,312
  • Sep 28, 2007 10:25am Sep 28, 2007 10:25am
Quoting yezbick
Thank you vashi for the info on fixes. I think what we just went through was a fix. We already had 1 retracement today and now 2 retracements.

Don't know when I last saw 2 retracements in the same day of that size.
Vashi? It's expected as it's the last day of the quarter - traders close their books, rearrange positions, do profit-taking, etc. etc. It's best to stay out - or if you're gutsy.. you can make good profits by entering at the right time.

Newbies generally see GJ go up by 100 pips.. and then they buy at that point (thinking it will go up more) .. and then it retraces by 20-30 pips.. they get scared, and close their positions at a loss. Wait for the move to dissipate, be patient, and then enter (and know why you are entering! based on whatever reason you have - techs or fundies or gut feeling lol)
  • #34,313
  • Sep 28, 2007 10:28am Sep 28, 2007 10:28am
Quoting Zoran
As long as each trade is 1% or 2% of account then there's no problem. If you are underfunded then you may be trading scared, which is not a good position to be in. I'm not saying put all of the funds in your trading account but what funds you may have allocated to it.
True, I usually allocate 2% of my funds for GJ trades.. for news trades I allocate way more. (I don't trade every news event - just some significant ones)

For interest rate decisions, I allocate my entire account! I've made a killing just on those surprise BoE rate hikes.. they're my favourite bank

Ok folks, I'm out.. see you all on Monday. Good luck and have a great weekend!
  • #34,314
  • Sep 28, 2007 10:29am Sep 28, 2007 10:29am
Quoting VishalJ
Newbies generally see GJ go up by 100 pips.. and then they buy at that point (thinking it will go up more) .. and then it retraces by 20-30 pips.. they get scared, and close their positions at a loss. Wait for the move to dissipate, be patient, and then enter (and know why you are entering! based on whatever reason you have - techs or fundies or gut feeling lol)
Amen, thats exactly how I blew my 1st account and swore off trading the beast...No greater teacher than experience and the beast is not as scary anymore.
  • #34,315
  • Sep 28, 2007 10:30am Sep 28, 2007 10:30am
Quoting VishalJ
Vashi? It's expected as it's the last day of the quarter - traders close their books, rearrange positions, do profit-taking, etc. etc. It's best to stay out - or if you're gutsy.. you can make good profits by entering at the right time.

Newbies generally see GJ go up by 100 pips.. and then they buy at that point (thinking it will go up more) .. and then it retraces by 20-30 pips.. they get scared, and close their positions at a loss. Wait for the move to dissipate, be patient, and then enter (and know why you are entering! based on whatever reason you have - techs or fundies or gut feeling lol)

it'e better to stay out
  • #34,316
  • Sep 28, 2007 10:38am Sep 28, 2007 10:38am
Quoting imransait
the fall is not over yet, more then 5-1/2 hrs remaining, it will close below todays pivot around 233 levels
Can you explain that please Imransait?
  • #34,317
  • Sep 28, 2007 10:42am Sep 28, 2007 10:42am
GJ is gonna continue the upward movement soon...
  • #34,318
  • Sep 28, 2007 10:48am Sep 28, 2007 10:48am
Quoting monarza
GJ is gonna continue the upward movement soon...
Can you explain why you think the g/j is going to continue the upward movement soon Monarza? TY
  • #34,319
  • Sep 28, 2007 10:49am Sep 28, 2007 10:49am
Quoting imransait
the fall is not over yet, more then 5-1/2 hrs remaining, it will close below todays pivot around 233 levels
These are very powerful comments imransait.. What confirmations have you got to prove these..
  • #34,320
  • Sep 28, 2007 10:50am Sep 28, 2007 10:50am
Quoting auslanco
These are very powerful comments imransait.. What confirmations have you got to prove these..
WB Aus
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