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

  • #37,361
  • Oct 5, 2007 9:04am Oct 5, 2007 9:04am
Quoting markam
The euro is stronger now than before the news. Strange.

And expensive for me right now, since I shorted EU.
Buy dip in the uptrend. I think that's what market is doing. My guess is Fed has a bigger chance to cut more rates than its European counterparts. Look at USD/CAD it drops way down today .. surprised me earlier as I was short this pair as well. Sometimes this Cad pair can be a leading indicator for Yen pairs .. don't know .. but it has happened many times. Maybe due to oil thing.
  • #37,362
  • Oct 5, 2007 9:06am Oct 5, 2007 9:06am
Quoting boomer1
I think they should be safe till the 61.8 fibo, but once the daily correction/reversal starts, if it is a correction, then it will go as low as 233 but if it's a reversal then who knows, maybe 220, 210, 190, I don't know but it will fall hard.
__________________
Karmo, i have learned a lot from you regarding Fib levels you are obvious a master with it. i just want to ask a very stupit question? I have notice that the 50 & 61.8 is a very important Fib levels can you please explain why they are so important many thanks
carl
I don't think 50% is a fibo level, it is just half and added in for good measure. Primary fibs are 61.8% and 161.8%. Then you have derivations like

78.6% is the square root of 61.8%
88.6% is the fourth root of 61.8%
127% is the inverse of 78.6%

and so on. They are some that I use anyway - important for harmonics.
  • #37,363
  • Oct 5, 2007 9:07am Oct 5, 2007 9:07am
Quoting mktjong
Buy dip in the uptrend. I think that's what market is doing. My guess is Fed has a bigger chance to cut more rates than its European counterparts. Look at USD/CAD it drops way down today .. surprised me earlier as I was short this pair as well. Sometimes this Cad pair can be a leading indicator for Yen pairs .. don't know .. but it has happened many times. Maybe due to oil thing.
Cad employment report was very strong - both employment change and unemployment rate. I think it fell a 100 pips when that report came out.

That's true though - markets are currently in a 'buy dips' mode. I'm guessing they're all thinking the worst is over. Who knows.. it *could* be over (although I don't think so)
  • #37,364
  • Oct 5, 2007 9:17am Oct 5, 2007 9:17am
Hmm, does it look like the bulls are running out of steam already? I was wanting to get some shorts higher up. EJ looks ripe for a fall.
  • #37,365
  • Oct 5, 2007 9:18am Oct 5, 2007 9:18am
Quoting Zoran
I don't think 50% is a fibo level, it is just half and added in for good measure. Primary fibs are 61.8% and 161.8%. Then you have derivations like

78.6% is the square root of 61.8%
88.6% is the fourth root of 61.8%
127% is the inverse of 78.6%

and so on. They are some that I use anyway - important for harmonics.
Zoran, very much appreciated Thank you
carl
  • #37,366
  • Oct 5, 2007 9:20am Oct 5, 2007 9:20am
Pipchick,
kindly pls check ur box now,i have sent u a PM kindly get back to me now.
Thanks.
With Tiger All Pips Are PossiBle
  • #37,367
  • Oct 5, 2007 9:20am Oct 5, 2007 9:20am
Quoting Zoran
Hmm, does it look like the bulls are running out of steam already? I was wanting to get some shorts higher up. EJ looks ripe for a fall.
Congrats on the 238. Do you still think GJ is headed down now?
  • #37,368
  • Oct 5, 2007 9:27am Oct 5, 2007 9:27am
Quoting markam
Why the heck is the dollar weakening?

maybe someone with a lot of dollars decidedn to sell some of it?
  • #37,369
  • Oct 5, 2007 9:32am Oct 5, 2007 9:32am
Quoting loladis4luv
Pipchick,
kindly pls check ur box now,i have sent u a PM kindly get back to me now.
Thanks.
Replied loladis
  • #37,370
  • Oct 5, 2007 9:35am Oct 5, 2007 9:35am
Quoting Kanon
maybe someone with a lot of dollars decidedn to sell some of it?
LOL.
  • #37,371
  • Oct 5, 2007 9:36am Oct 5, 2007 9:36am
Revised from 4k to 89k ..

8:30am USD Nonfarm Employment Change http://www.forexfactory.com/images/m...mpact_high.gif 110K
100K 89Khttp://www.forexfactory.com/images/m...us_revised.gif
  • #37,372
  • Oct 5, 2007 9:37am Oct 5, 2007 9:37am
Quoting Kanon
maybe someone with a lot of dollars decidedn to sell some of it?
That's probably our great 'markam'
Trade what you see, not what you think.
  • #37,373
  • Oct 5, 2007 9:37am Oct 5, 2007 9:37am
Quoting Syafi
Revised from 4k to 89k ..

8:30am USD Nonfarm Employment Change http://www.forexfactory.com/images/m...mpact_high.gif 110K
100K 89Khttp://www.forexfactory.com/images/m...us_revised.gif
lol, you're only a little over an hour late with this news
check out my blog: forexmademillionaire dot com
  • #37,374
  • Oct 5, 2007 9:39am Oct 5, 2007 9:39am
Quoting markam
Congrats on the 238. Do you still think GJ is headed down now?

Thanks markam

I'm adding to my shorts up to 238.80. First target is 235 to 234 (300-400 pips). If we are going to get panic selling of sorts, it should come next week or the week after. Otherwise we could bounce up to 244 or 247.
  • #37,375
  • Oct 5, 2007 9:41am Oct 5, 2007 9:41am
Quoting Geppy
lol, you're only a little over an hour late with this news
Its just funny, how they can release such a large error.........
  • #37,376
  • Oct 5, 2007 9:41am Oct 5, 2007 9:41am
Quoting Zoran
Thanks markam

I'm adding to my shorts up to 238.80. First target is 235 to 234 (300-400 pips). If we are going to get panic selling of sorts, it should come next week or the week after. Otherwise we could bounce up to 244 or 247.
Isnt that a lot of swap to pay?
  • #37,377
  • Oct 5, 2007 9:46am Oct 5, 2007 9:46am
Quoting PipChick
Isnt that a lot of swap to pay?
Yep, but sometimes we have to pay that price. It will be nice to see it before market close.
  • #37,378
  • Oct 5, 2007 9:47am Oct 5, 2007 9:47am
Did previous news change something in prevailing euro-usd situation? I don't think so. It would need loads of usd positive data to change current trend, and that would take months. So euro / dollar is just returning to its old tracks.

Why did you short? Go with the trend (short term in this case) my friend.

R


Quoting markam
The euro is stronger now than before the news. Strange.

And expensive for me right now, since I shorted EU.
  • #37,379
  • Oct 5, 2007 9:48am Oct 5, 2007 9:48am
Quoting Zoran
Thanks markam

I'm adding to my shorts up to 238.80. First target is 235 to 234 (300-400 pips). If we are going to get panic selling of sorts, it should come next week or the week after. Otherwise we could bounce up to 244 or 247.
I agree with you, but I'll wait for next week to make an entry

Zoran, have you got any e-books or recommendations on these patterns you draw? I'd love to learn em.
Trade what you see, not what you think.
  • #37,380
  • Oct 5, 2007 9:48am Oct 5, 2007 9:48am
I'll be taking profits on all my longs the next visit to 238.20 I'd like to go into the weekend flat and 30 more pips for my original target isn't really a big deal considering most of my position is from the mid to low 235 region. I've been holding some of these trades the entire week
check out my blog: forexmademillionaire dot com
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