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

  • #41,121
  • Oct 17, 2007 10:58am Oct 17, 2007 10:58am
I know the turn at the 61.8 has been covered, but I was involved with pots and pans and posting elsewhere that I might have missed the 50% so....

"Great sell when price hit the 61.8% retrace of the fall from yesterday and the Daily M3 at 238.74 - drilling down to the 1min it was a single spinning top that hit and the bearish divergence in 5 min momentum was already warning that it might happen. Also, cable had run into its daily R1 and UJ had already turned at its M3 an hour earlier.

Entry off the 1 min 34ema gave a good 100 pips before price stalled at a 50% retrace of the run up at 237.28 and just below the 5m 200ema.

Sundowner time here - I think I deserve a San Miguel."

Edit: I´m wrong, not seen the sun all day and its been raining cats and dogs so I guess I´d better just call it Quality Control
Trading Levels with WRBs
  • #41,122
  • Oct 17, 2007 11:02am Oct 17, 2007 11:02am
Quoting Zoran
Intraday wise, price could still go to 239.00 (or just below) before this turns south again.
Hey Markam, since we are complimenting ourselves, I like this comment I made recently - 238.80 was it.
  • #41,123
  • Oct 17, 2007 11:07am Oct 17, 2007 11:07am
Quoting Zoran
Hey Markam, since we are complimenting ourselves, I like this comment I made recently - 238.80 was it.
I remember that call, Zoran. Good job.

"OK, everybody, let's give Zoran a hand"
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  • #41,124
  • Oct 17, 2007 11:09am Oct 17, 2007 11:09am
Quoting markam
I love being right.
I think markam should go first
  • #41,125
  • Edited 11:36am Oct 17, 2007 11:13am | Edited 11:36am
OK. I don't give any predictions on GBP/JPY but I will offer a little insight on the DOW, for what it is worth. Right now it is sitting on support were it's been since 10/15, also spent from 9/26-9/28 trying to break to the up side, if it breaks the 13850 and holds it may go to the 13800 area. Next support spot. Been stuck in a tight channel since 10/15 13,950 - 13,910 gonna break out sooner or later. Good Luck
  • #41,126
  • Oct 17, 2007 11:16am Oct 17, 2007 11:16am
Quoting Zoran
Hey Markam, since we are complimenting ourselves, I like this comment I made recently - 238.80 was it.
Your analysis, along with mine was why I went short right after the stock market opened, set my limit at 237.5 and took my daughter to tennis. It was nice to come back to a closed short and a quick payday.

I am short again and fully expect to hit my 235.5 this time around.
  • #41,127
  • Oct 17, 2007 11:17am Oct 17, 2007 11:17am
Quoting lhovan49
OK. I don't give any predictions on GBP/JPY but I will offer a little insight on the DOW, for what it is worth. Right now it is sitting on resistance were it's been since 10/15, also spent from 9/26-9/28 trying to break to the up side, if it breaks the 13850 and holds it may go to the 13800 area. Next resistance spot. Been stuck in a tight channel since 10/15 13,950 - 13,910 gonna break out sooner or later. Good Luck
No offense, but you're confusing me with the term 'resistance'. 'Resistance' refers to obstacles 'above' price. 'Support' refers to obstacles 'beneath' price. Are you referring to levels of 'support' or 'resistance' here, because your numbers and your terms don't line up. I'm not trying to be a jerk but without a chart to clarify, or the correct use of terms, it's hard to follow what you're saying. Thanks.

M2B
  • #41,128
  • Oct 17, 2007 11:28am Oct 17, 2007 11:28am
People who are not in a trade, you might have a chance to get on a strategy trade once 1hr QQE crosses downwards
Trade what you see, not what you think.
  • #41,129
  • Oct 17, 2007 11:29am Oct 17, 2007 11:29am
DOW RED !!

237.30 to break damn

  • #41,130
  • Oct 17, 2007 11:30am Oct 17, 2007 11:30am
you mean 236.5, i don't think it's going much more deeper than that; i have a pending long there.

Quoting markam
Your analysis, along with mine was why I went short right after the stock market opened, set my limit at 237.5 and took my daughter to tennis. It was nice to come back to a closed short and a quick payday.

I am short again and fully expect to hit my 235.5 this time around.
Nihil Sine Deo.
  • #41,131
  • Oct 17, 2007 11:31am Oct 17, 2007 11:31am
So I have a question. Will the price bounce off the 100 sma in the 15 min and then turn bulls again?
There is no greater gift than to be a friend.
  • #41,132
  • Oct 17, 2007 11:31am Oct 17, 2007 11:31am
if.

Quoting karmostaji
People who are not in a trade, you might have a chance to get on a strategy trade once 1hr QQE crosses downwards
Nihil Sine Deo.
  • #41,133
  • Oct 17, 2007 11:31am Oct 17, 2007 11:31am
Well for me if it heading south and is being stopped that is resistance,support is when it trys to break to the other direction. If that is achieved then support becomes resistance. If you want the it same all the time, OK with me. Just the way I was taught. sorry I will edit for you.
  • #41,134
  • Oct 17, 2007 11:32am Oct 17, 2007 11:32am
Quoting markam
Your analysis, along with mine was why I went short right after the stock market opened, set my limit at 237.5 and took my daughter to tennis. It was nice to come back to a closed short and a quick payday.

I am short again and fully expect to hit my 235.5 this time around.
I'm with you, 235.20-.50 should be achievable this time
Trade what you see, not what you think.
  • #41,135
  • Oct 17, 2007 11:34am Oct 17, 2007 11:34am
Quoting karmostaji
People who are not in a trade, you might have a chance to get on a strategy trade once 1hr QQE crosses downwards
Can you post your entry for the 1 hr if it occurs? I am still learning this strategy.
  • #41,136
  • Oct 17, 2007 11:36am Oct 17, 2007 11:36am
Quoting markam
Your analysis, along with mine was why I went short right after the stock market opened, set my limit at 237.5 and took my daughter to tennis. It was nice to come back to a closed short and a quick payday.

I am short again and fully expect to hit my 235.5 this time around.
Sounds good. I'm in an intraday short expecting 236.00 (or a retest of that daily trendline). I'll close my short when it touches.
  • #41,137
  • Oct 17, 2007 11:39am Oct 17, 2007 11:39am
Quoting lhovan49
Well for me if it heading south and is being stopped that is resistance,support is when it trys to break to the other direction. If that is achieved then support becomes resistance. If you want the it same all the time, OK with me. Just the way I was taught. sorry I will edit for you.
Look, I'm not the grammar police around here. I'm just trying to keep you from confusing people, otherwise you're just wasting space. If you'd just post a chart there wouldn't be any confusion. If you're just going to write stuff then you need to be accurate in your terminology. And remember, you're not just posting in this thread 'for you'.

M2B
  • #41,138
  • Oct 17, 2007 11:43am Oct 17, 2007 11:43am
since i'm again the only one without a bearish view, i would like to remind you all that we are in a bullish trend (still...) and that most probable we just started another h4 wave up (from 235.90). in this case, i would expect a rebound up from 0.786 retracement (probably 0.618, maybe 0.886) which makes me think about going long at these levels: 236.97 (0.618 retracement of the last rally), or 236.47 (0.786) or 236.18. (0.886) - wherever i see a confirmed reversal pattern.
that's it.
Nihil Sine Deo.
  • #41,139
  • Oct 17, 2007 11:46am Oct 17, 2007 11:46am
Not a problem, Just explaining my self. I can stop. Was just giving something I have used to tell me were the DOW is going. Sorry
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  • #41,140
  • Oct 17, 2007 11:48am Oct 17, 2007 11:48am
Quoting Scrat
since i'm again the only one without a bearish view, i would like to remind you all that we are in a bullish trend (still...) and that most probable we just started another h4 wave up (from 235.90). in this case, i would expect a rebound up from 0.786 retracement (probably 0.618, maybe 0.886) which makes me think about going long at these levels: 236.97 (0.618 retracement of the last rally), or 236.47 (0.786) or 236.18. (0.886).
that's it.
I am with you on this one, Scrat. I don't see price going back below 235.90 right now. I see it moving back up somewhere into the 240's (haven't analyzed my charts for projections yet). I know Aus has posted his thoughts concerning further bearishness for today but I'm having a hard time seeing it. So you're not alone. I'm still on the sidelines right now waiting for a good entry. Let's see what price has to say.

M2B
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