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

  • #42,821
  • Oct 22, 2007 10:03am Oct 22, 2007 10:03am
Quoting my2buoys
Yes, that is correct. I'm not sure what your question is. If you have followed Aus's thread for long, you know that the 10C is the main momentum indicator. The 14C and 1C are just thrown in for confirming factors. On the Weekly, the 10C (the Aqua line) is almost pointing straight up. The 1C (light green line) is also very bullish. The 14C is turned down. That's why Aus is being conservative in how far up he thinks this thing will go this week. If the 14C was turned up as well, he would probably be calling for 244. Remember, 10C is still 'the main' momentum indicator.

M2B
U have answered my question as well without being told. Thanks a lot
  • #42,822
  • Oct 22, 2007 10:15am Oct 22, 2007 10:15am
M2B, r u out of market right now?
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #42,823
  • Oct 22, 2007 10:20am Oct 22, 2007 10:20am
Quoting moneymagnet
M2B, r u out of market right now?
Yes. Just watching for now.
  • #42,824
  • Oct 22, 2007 10:21am Oct 22, 2007 10:21am
229.28 is next fibo
Patience + Humility + Study = Success
  • #42,825
  • Oct 22, 2007 10:25am Oct 22, 2007 10:25am
Quoting my2buoys
Yes, that is correct. I'm not sure what your question is. If you have followed Aus's thread for long, you know that the 10C is the main momentum indicator. The 14C and 1C are just thrown in for confirming factors. On the Weekly, the 10C (the Aqua line) is almost pointing straight up. The 1C (light green line) is also very bullish. The 14C is turned down. That's why Aus is being conservative in how far up he thinks this thing will go this week. If the 14C was turned up as well, he would probably be calling for 244. Remember, 10C is still 'the main' momentum indicator.

M2B
Thx my2buoys that explains alot. Still trying to get the momentum reading down as it seems to be an important part of the analysis you guys are doing.
"Quitting while you are ahead is not the same as quitting".
  • #42,826
  • Oct 22, 2007 10:25am Oct 22, 2007 10:25am
Sorry to throw this post in the middle of this thread, but I'll make it brief. If there are any US traders in this thread who have found an online spreadbetting broker who allows US traders to open Forex spreadbetting accounts could you please send me a PM. I checked with betonmarkets.com and they are not allowing US residents to open accounts with them for some legal reason. If you have any info on this, from a US resident perspective, please contact me via PM. Thanks.

M2B
  • #42,827
  • Oct 22, 2007 10:27am Oct 22, 2007 10:27am
Thanks for the explanation M2B. Very well said

Also, If you look at weekly and monthly charts, Price had bounced from the Gann.

On monthly , with all three momentums pointing down it's guaranteed to break the Gann level and any supports on it's way down.
However the weekly, another bounce is expected upon re-testing the Gann since weekly dont have the momentum support.
I would usually buy at Gann level expecting a bounce (when momentum is pointing the opposite side) if there's a set-up such as this weekly. But on this occasion I will stay out since the daily momentum is super bearish.

If we have a good daily momentum change tomorrow as expected, weekly Gann bounce could be around 300-500 pips atleast.
  • #42,828
  • Oct 22, 2007 10:40am Oct 22, 2007 10:40am
Quoting my2buoys
Sorry to throw this post in the middle of this thread, but I'll make it brief. If there are any US traders in this thread who have found an online spreadbetting broker who allows US traders to open Forex spreadbetting accounts could you please send me a PM. I checked with betonmarkets.com and they are not allowing US residents to open accounts with them for some legal reason. If you have any info on this, from a US resident perspective, please contact me via PM. Thanks.

M2B
M2B.... spreadbetting is a UK thing and since it is illegal in the US, there are no UK companies who will knowingly allow a US resident to open an account. Do you remember the recent gaming laws introduced (in the US) that shook the whole gaming industry?

Why do you need a spreadbetting account anyway? It is almost identical to trading except that it's tax free here.
  • #42,829
  • Oct 22, 2007 10:42am Oct 22, 2007 10:42am
Quoting auslanco

Also, If you look at weekly and monthly charts, Price had bounced from the Gann.

On monthly , with all three momentums pointing down it's guaranteed to break the Gann level and any supports on it's way down.
However the weekly, another bounce is expected upon re-testing the Gann since weekly dont have the momentum support.
I would usually buy at Gann level expecting a bounce (when momentum is pointing the opposite side) if there's a set-up such as this weekly. But on this occasion I will stay out since the daily momentum is super bearish.

If we have a good daily momentum change tomorrow as expected, weekly Gann bounce could be around 300-500 pips atleast.
I didn't see that Gann level until you pointed it out, Aus. I was wondering why price didn't go all the way to the Daily 50 Fib line at 230. Now I know. Still learning.

M2B
  • #42,830
  • Oct 22, 2007 10:45am Oct 22, 2007 10:45am
[quote=auslanco;1670666]Thanks for the explanation M2B. Very well said

Also, If you look at weekly and monthly charts, Price had bounced from the Gann.

On monthly , with all three momentums pointing down it's guaranteed to break the Gann level and any supports on it's way down.
However the weekly, another bounce is expected upon re-testing the Gann since weekly dont have the momentum support.
I would usually buy at Gann level expecting a bounce (when momentum is pointing the opposite side) if there's a set-up such as this weekly. But on this occasion I will stay out since the daily momentum is super bearish.

If we have a good daily momentum change tomorrow as expected, weekly Gann bounce could be around 300-500 pips atleast.[/quote

I have Daily Time Lines in both cable and UJ due tomorrow +/- 1 day....their normal effect was eruditely explained by ActioReactio in his post on Page 2853.

IF either pair have a strong bounce, GJ will follow - just as today it has followed cable's huge 270 pip drop.
Trading Levels with WRBs
  • #42,831
  • Oct 22, 2007 10:47am Oct 22, 2007 10:47am
Quoting my2buoys
I didn't see that Gann level until you pointed it out, Aus. I was wondering why price didn't go all the way to the Daily 50 Fib line at 230. Now I know. Still learning.

M2B
Its illegal in the US, iirc something to do with tax issues
Patience + Humility + Study = Success
  • #42,832
  • Oct 22, 2007 10:49am Oct 22, 2007 10:49am
Quoting Zoran
M2B.... spreadbetting is a UK thing and since it is illegal in the US, there are no UK companies who will knowingly allow a US resident to open an account. Do you remember the recent gaming laws introduced (in the US) that shook the whole gaming industry?

Why do you need a spreadbetting account anyway? It is almost identical to trading except that it's tax free here.
I had been playing with the demo on the betonmarkets.com site. Their 'bets' are basically the same thing as Currency Options which I have also experiemented with in demo accounts. I like it because of the short term periods of the bets/trades. I am discovering that unless I opened an account overseas I probably won't be able to get involved in it. The difference between 'spreadbetting' and Currency Options is that options requires a lot more capital in your account than the spreadbets. Anyway, I'm just doing some research for now. I like to keep my options open, no pun intended.

M2B
  • #42,833
  • Oct 22, 2007 10:52am Oct 22, 2007 10:52am
did you take your long from the point you indicated a bounce around 231.5 or are you planning to take a long for the bounce back up?
  • #42,834
  • Oct 22, 2007 11:02am Oct 22, 2007 11:02am
Quoting khmr
did you take your long from the point you indicated a bounce around 231.5 or are you planning to take a long for the bounce back up?
Nope, I didn't take the long. I was expecting support to be much stronger. Price fell a further 100+ pips so I just left it. The bounce did occur and I would have been happy with 200 pips (on this scalp) but I lost interest.
  • #42,835
  • Oct 22, 2007 11:04am Oct 22, 2007 11:04am
In the new candlestic (VT 12:00 est) the 3 momentums still looks bearish,
so no long trades to me yet...

any opinion?
  • #42,836
  • Oct 22, 2007 11:05am Oct 22, 2007 11:05am
Quoting Islander
IF either pair have a strong bounce, GJ will follow - just as today it has followed cable's huge 270 pip drop.
Thanks Islander.Very educational
Checked the GU and UJ momentums.
weekly is very much bullish bias.
  • #42,837
  • Oct 22, 2007 11:06am Oct 22, 2007 11:06am
Quoting my2buoys
I had been playing with the demo on the betonmarkets.com site. Their 'bets' are basically the same thing as Currency Options which I have also experiemented with in demo accounts. I like it because of the short term periods of the bets/trades. I am discovering that unless I opened an account overseas I probably won't be able to get involved in it. The difference between 'spreadbetting' and Currency Options is that options requires a lot more capital in your account than the spreadbets. Anyway, I'm just doing some research for now. I like to keep my options open, no pun intended.

M2B
OK, I think spreadbetting is a generic term used as a tax-free method of trading (whether currencies/options/stocks/indicies/etc...)

You will probably need a non-US debit card/credit card/bank account with a non-US address to get a live one.
  • #42,838
  • Oct 22, 2007 11:08am Oct 22, 2007 11:08am
Quoting pedaso07
In the new candlestic (VT 12:00 est) the 3 momentums still looks bearish,
so no long trades to me yet...

any opinion?

Not safe to go long until the new daily candle at 1700 EST. Last few hours of a massive daily candle momentum and the price could attempt to break the daily lows.
IMO Shorts will be limited to 230 area
  • #42,839
  • Oct 22, 2007 11:08am Oct 22, 2007 11:08am
Quoting Zoran
Nope, I didn't take the long. I was expecting support to be much stronger. Price fell a further 100+ pips so I just left it. The bounce did occur and I would have been happy with 200 pips (on this scalp) but I lost interest.
thx....btw great analysis from time it was at 240 and you stated 231....where do you see a bounce to before it drops again?
  • #42,840
  • Oct 22, 2007 11:10am Oct 22, 2007 11:10am
M2B,

If you want spreadbetting because your broker is trading against you or because you don't want taxes, start making big money with DUKASCOPY (switzerland), mini open 50000 $, great upport, very happy with it (yes you can make big money without problems )

Or if you want make a more small deposit, try MBTRADING (an ECN too).

Hope it helps.

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