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

There is a nice gap

However not as large as some are saying. Oanda which has weekend trading is quoting the price at 234.62.

which broker is that with? Oanda is still showing 234.612....I am thinking of betting the farm on any gap!

Oanda is turning up the pip spread on alot of these xxx/jpy pairs. Is that a possible sign? Or to keep us from placing orders before its time?

I see huge 30 pips spread on GJ

yeah oanda has an eye-watering 30 pips on all JPY pairs! I shorted the gap at 25 pips ago, and am still in a minus! Just small money, mind you...

Days like these are days where I'd be dying to go short as soon as the spreads are better. A close gravestone Doji on the weekly followed by a bearish week that breaks and closes lower, then on top of that a GAP from the close. But what signals caution is the Extremely strong resistance band we've encountered and the confluence of fibs in this area. We all know too it is not uncommon for price to break a fib and then the daily closes above it.

I'm just giving a word of caution to everyone who wants to go short here, looks great, everyone's doing it, it may be the right thing to do but look at the other side of the equation. Look at the chart there are other instances where price did almost the same thing.

Goodluck

I don't have any positions. I am just watching. I never leave trades over the weekend because it could go against me.

Oanda at 234.05

Oanda allways has huge spreads before and after weekends, don't know how long though but probably for 1hr then it's back to normal.

No you need to look at the Yen spreads in comparison to the rest, he's right, they're unusually large right now...30 on the USD/JPY which is usually 10

Damn I left a open trade but with a target at 234.50 :/ at 234.12 now.

And normally keep it for 3-4 hours. Lets see if that is diff. tonight.

oanda now g/j @ 234.272 !!

i opened a short just before the fall for 20pip spread.. now +58pip

well, looks like i'm done for the day

Waiting a rite moment to sell gbp/usd

http://i76.photobucket.com/albums/j1...122oct2007.jpg

Well all gaps must be filled right? so whoever doesn't make anything in this down gap can certainly get some pips when it closes.

so should my short from 234.96 be pretty safe when market opens?

I'd say so, at 233.95 right now lol

You can compare CNN Money with http://www.xe.com/.

Right now XE=234.79 and CNN Money=234.65.
Seems to be changing a lot though, very volatile.

Just some observations;
1) Last time Daily MACD and QQE 5 crossed down with this kind of momentum the GBP/JPY went down 2,000 pips in approx. 2 1/2 weeks.
The US stock market had dropped 380 points to start this fall.

This is the trade that Auslanco called on the other GBP/JPY thread back in Mid-July. (#8678----Hi guys... I just lost 100 pips. But hey thats OK thats only 2% of my account. This is going to go down atleast 500 pips. when I first mentioned that on this thread yesteraday some experts didnt agree with me. this is going to be a major correction with atleast 500 pips down. so tie up your belts and go short.) We then went down approx 2,000 pips after that.

I am not saying this is going to happen just some of my own studying over the weekend.

I try to take a very simple approach to my own analysis and history does tend to repeat itself.

Also, it appears that another US rate cut is already priced into the US stock market, maybe Markam could comment on this ?

Something fishy that I noticed, usually on the "Flight to Quality" dollars are bought for safety, but this as of now is not happening. (Another Markam analysis is warranted here !)

Also the USD/JPY is close to breaking below 114.00.

Just my observations.

Hope we all get in on the pips !

See circled areas on chart.

wow, 233.70 was touched on oanda...where is all this selling pressure coming from? I didn't think Wellington opened for business for another 20 minutes.