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

  • #40,121
  • Oct 15, 2007 7:09pm Oct 15, 2007 7:09pm
Quoting MoForce
Right and like I was saying about G/U before the drop moments ago that GBP is currently in need of some correction of a 100 pips+ According to my charts we are at MAJOR resistance with G/J...just look at that 100% level...no break
Maybe we'll make some major pips this time around
I'm not convinced yet.. I still think the risk could be to the upside
  • #40,122
  • Oct 15, 2007 7:12pm Oct 15, 2007 7:12pm
Quoting peterM
I'm not convinced yet.. I still think the risk could be to the upside
well yeah there is room to go up...I'll most likely go long only if that 100% line is broken.
  • #40,123
  • Oct 15, 2007 7:13pm Oct 15, 2007 7:13pm
I realize that 4H charts vary on MT4 platforms depending on when each broker opens and closes its 4H candles. My 4H just turned over at the top of the hour (00 GMT) and the new 4H Momentum is very bearish. The 1H Momentum is currently very bullish, so it might take a couple of hours, but I do think this indicates more downward price action. I'm showing Daily pivot around 239.60. If/when it breaks through there solidly, it should confirm more bearishness.

M2B
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  • #40,124
  • Oct 15, 2007 7:18pm Oct 15, 2007 7:18pm
Quoting my2buoys
PC,

Just a reminder. I know we are above the Daily pivot, which is required for entry on Aus's 15M strategy. However, the 1H QQE is still bearish, which would negate a long entry under his system's guidelines. Also, he doesn't advise trading the 15M until after 0400 GMT. Be careful.

M2B
Yup ... not an ideal setup. Thanks for the reminder, M2B.
  • #40,125
  • Oct 15, 2007 7:19pm Oct 15, 2007 7:19pm
Quoting my2buoys
I realize that 4H charts vary on MT4 platforms depending on when each broker opens and closes its 4H candles. My 4H just turned over at the top of the hour (00 GMT) and the new 4H Momentum is very bearish. The 1H Momentum is currently very bullish, so it might take a couple of hours, but I do think this indicates more downward price action. I'm showing Daily pivot around 239.60. If/when it breaks through there solidly, it should confirm more bearishness.

M2B
I get a new 4hr candle in 40min so I'll find out then
  • #40,126
  • Oct 15, 2007 7:29pm Oct 15, 2007 7:29pm
Quoting my2buoys
I realize that 4H charts vary on MT4 platforms depending on when each broker opens and closes its 4H candles. My 4H just turned over at the top of the hour (00 GMT) and the new 4H Momentum is very bearish. The 1H Momentum is currently very bullish, so it might take a couple of hours, but I do think this indicates more downward price action. I'm showing Daily pivot around 239.60. If/when it breaks through there solidly, it should confirm more bearishness.

M2B
1 Hour MoM is in yo yo shape ( as aus call it ), since Mom 14 is very bearish and Mom 10 is bullish.
Success has a Thousand Fathers.
  • #40,127
  • Oct 15, 2007 7:33pm Oct 15, 2007 7:33pm
Quoting kayman
1 Hour MoM is in yo yo shape ( as aus call it ), since Mom 14 is very bearish and Mom 10 is bullish.
Yes, it is. But I'm not sure everyone viewing the thread uses all three Momentum settings that Aus does so I just refer to the 10C in my posted charts in order to keep from confusing those who are observing from the sidelines. Good observation, though, on your part, Kayman.

M2B
  • #40,128
  • Oct 15, 2007 7:33pm Oct 15, 2007 7:33pm
Quoting my2buoys
I realize that 4H charts vary on MT4 platforms depending on when each broker opens and closes its 4H candles. My 4H just turned over at the top of the hour (00 GMT) and the new 4H Momentum is very bearish. The 1H Momentum is currently very bullish, so it might take a couple of hours, but I do think this indicates more downward price action. I'm showing Daily pivot around 239.60. If/when it breaks through there solidly, it should confirm more bearishness.

M2B
Well there goes daily pivot and my 100% line! I hope ur makin some good pips =P
  • #40,129
  • Oct 15, 2007 7:35pm Oct 15, 2007 7:35pm
Quoting MoForce
Well there goes daily pivot and my 100% line! I hope ur makin some good pips =P
Well, at least it's a good sign at this point. We're not out of the woods totally yet but it does seem to be looking good.

M2B
  • #40,130
  • Oct 15, 2007 7:37pm Oct 15, 2007 7:37pm
238.61 is next
Patience + Humility + Study = Success
  • #40,131
  • Oct 15, 2007 7:37pm Oct 15, 2007 7:37pm
Quoting my2buoys
Well, at least it's a good sign at this point. We're not out of the woods totally yet but it does seem to be looking good.

M2B
Yep...once we're into 238.XX thats when this pair is really gonna fall
  • #40,132
  • Oct 15, 2007 7:42pm Oct 15, 2007 7:42pm
This dip could go down to 100 sma on hourly chart and hopefully bounce. Oppss my long trade .. hiks.. hiks .. hanging there ..force me to use a wider SL.
  • #40,133
  • Oct 15, 2007 7:43pm Oct 15, 2007 7:43pm
Quoting my2buoys
50% retracement from the last move down shown on both the 30M and the 1H charts. The 30M is entering overbought territory on the Stochastics but the 1H is just coming out of oversold territory. These two, along with the 15M, might have to grind away at each other until the 1H gets out of the oversold area before it moves down further.

M2B
Looks like the 1H Stochastics has indeed worked itself out of its oversold condition and is trying to cross back down. Let's see if there's enough steam in it to break through 239.20 this time around.

M2B

PS- Just noticed the 50EMA on the 1H chart as well. Would love to see a 1H candle close beneath there (around 239.40).
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  • #40,134
  • Oct 15, 2007 7:44pm Oct 15, 2007 7:44pm
wedge in the channel
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  • #40,135
  • Oct 15, 2007 7:44pm Oct 15, 2007 7:44pm
Quoting MoForce
Well there goes daily pivot and my 100% line! I hope ur makin some good pips =P
Well i use the "auto pivot" indicator on my hourly chart and the daily pivot is @ 239.15 and the 100 sma is exactly there as well. lets see how tough it will be to break that.
  • #40,136
  • Oct 15, 2007 7:46pm Oct 15, 2007 7:46pm
It might not move too much more till CPI data in the UK
Patience + Humility + Study = Success
  • #40,137
  • Oct 15, 2007 7:48pm Oct 15, 2007 7:48pm
Quoting bill77
Well i use the "auto pivot" indicator on my hourly chart and the daily pivot is @ 239.15 and the 100 sma is exactly there as well. lets see how tough it will be to break that.
Yep thats my next support level and we just bounced off around that level
  • #40,138
  • Oct 15, 2007 7:50pm Oct 15, 2007 7:50pm
I have a weekly pivot and a S1 line at 238.85, that may be a pause if the 1hr 100 SMA does not hold


Quoting bill77
Well i use the "auto pivot" indicator on my hourly chart and the daily pivot is @ 239.15 and the 100 sma is exactly there as well. lets see how tough it will be to break that.
  • #40,139
  • Oct 15, 2007 7:51pm Oct 15, 2007 7:51pm
two forty sixty seven close enough for the girls I go with
  • #40,140
  • Oct 15, 2007 7:51pm Oct 15, 2007 7:51pm
A little financial news . . . DOW, etc . . .

http://money.cnn.com/2007/10/15/mark...ion=2007101520
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