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

i agree with u there is 2 bullish pattern on h1 and h4 but in other hand qqe crossed on the daily

The golden rule of 50% retraces happened at 237.40. Sorry bro, I think 237.40 is the highest you'll see today.

It's not something I base my trades on, I just keep it at the back of my head and continue trading intra-day trades.., test of the low is possible until before London opens, and then we have GBP Interest rates annoucement today, if they cut then look below.

Hi Markam,

On a slightly off-topic note, a few days ago you posted a chart of worldwide oil production peaking, and flatlining. Indications are that demand would soon, perhaps a year or two, outstrip supply.

But don't you think that if oil becomes scarce enough (and expensive enough), USA, will say to environmentalists, enough already, and open up the considerable reserves of Alaska natural habitat to oil exploration? and aren't Canada's oil sands largely untapped?

daily QQE hasn't crossed down, daily gann hilo is providing support for now.

I agree with you.....

we are in a wedge now. both sides have been tested and failed so far.

Price is currently sitting on the weekly 5sma.

Hey karmo,
Do you think we will have a considerable bounce off the daily GANN this time around?

Double Dar High Lower Close on the daily. Down trend continuation.
Good 'ole price action at its finest.

Jim

what time is the GBP NEWS?
it shows 8am but I don't know whether it's right,
Daylights saving was over, any confirmation?

thx

Wow, I didn't see that before. We still could have a bullish candle or two before it keeps going down though.

That is a very good question. There is no doubt that there are large reserves in the tar sands of venezuela and canada, and there is likely a good bit of oil left in alaska. However, these resources will do nothing but slightly flatten the downward curve of global oil production.

To answer your question properly would take about 50 pages of writing. However the short answer is that the major oil fields are all in decline, and these major fields have been the source of the majority of the oil produced during the petroleum age. As the major fields pass peak, their production begins declining. This decline rate can be from 5%/year to more than 15%/year. We are at the point where we literally have to add millions of barrels/day of production capacity each year just to account for decline rates in the large fields. It is like a treadmill that keeps getting faster and faster. At some point, you can no longer keep up and you fall behind. At that point, no amount of effort can even get you back to where you were to begin with.

The odds of finding another giant or supergiant oil field similar to those discovered in the past is basically zero. The replacements, such as the tar sands in Canada, while large in reserves, can only be exploited at a relatively low rate. There is a big difference between drilling a 1000 foot well and having 50,000 barrels/day come out and having to strip mine millions of tons of rock, haul by truck to a processing plant, separate the tar, use a 1000 cubic feet of natural gas per barrel to add hydrogen to the tar, further process the oil and then clean up the mess to get that same 50,000 barrels/day.

As for Alaska, we could start tomorrow and you would never even notice the impact on global production. If you don't believe me, take a look at US production rates from 1970 to 1980. The US production peaked in 1970, and we scrambled to open up alaska. When the alaska pipeline started flowing, all we succeeded in doing was halt the US production decline for 1 year. Decline rates in the lower 48 states wiped out the alaska production increase almost instantly.

Global oil production peaked in 2005, and we have been scrambling to maintain approximately that level for the past 2 years. By this time next year, it will be obvious that we have passed the peak and we are heading down the backside.

Peak Oil is the main reason that I am so convinced that the US and the world have a very bleak future. We have used the excess energy stored over 200 million years to expand humanity and civilization far beyond what we should have been able to. We will not be able to substitute nearly fast enough to maintain our energy output, and I expect a global collapse.

I hope I am wrong, but I really am afraid that I am not.

thks for pointin out, in fact triple bars High Lower Close if u allow slight variation of high values
den

236.67 seems not breakable

This is the first thing I look for on the weekly, daily and 4 hour is Price Action. When there is a confluence of Price Action with Aus strategy and/or Fibs : I start seeing green pips.

Jim

Yeah, I usually go through all my charts on the higher time frames at the start of a new daily candle looking for price action also. Maybe I've been too focused on pin bars lately

Bruce

Ditto that, bruce. I start with the monthly then weekly, daily and 4 hour. Its
funny how if study them long enough they start jumping off the chart. You like Pin bars. I love seeing DBHLC and DBLHC. I made some juicy pips off thoses babies.

Jim

once the hourly gann hilo is taken out and candle closes above it, longs should be back in action. I'm expecting a reversal from London open but gotta wait and see. BOE rate decision will be a major play today, so be careful.

Jim,

I am relatively new to currency trading and I constantly hear about "price action" but I am not sure what it refers to.