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

  • #49,141
  • Nov 9, 2007 3:42am Nov 9, 2007 3:42am
Right on time mate! Good job.

Quoting fxslinger
Within the next 4 hours. If 238 is broached again, though, it probably won't make it there by then, but I think it will make it to 236.50 by 0900 GMT.

Circles seem to happen on the charts more than straight trendlines. Run your finger along the lows in the down movements and you will notice them happening.
  • #49,142
  • Nov 9, 2007 3:43am Nov 9, 2007 3:43am
I'm thinking 235.80 and the 4hr. mom. kicks in to the upside.
  • #49,143
  • Nov 9, 2007 3:50am Nov 9, 2007 3:50am
Quoting Poocher
I'm thinking 235.80 and the 4hr. mom. kicks in to the upside.
why?
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #49,144
  • Nov 9, 2007 3:54am Nov 9, 2007 3:54am
It will go up later today, enjoy the weekend everyone.
Trade what you see, not what you think.
  • #49,145
  • Nov 9, 2007 3:57am Nov 9, 2007 3:57am
monthly and weekly mom's show bearishness. imo we are over due for a fall. may not happen today but possibly next week. i hate trading fridays however because the big boys like to unload positions or position themselves for next week and with the DOW there is no telling where we will go so i will just trade what i see and target 20-40 pips a pop and see what happens
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #49,146
  • Nov 9, 2007 3:57am Nov 9, 2007 3:57am
Thanks, Karm. You too.
  • #49,147
  • Nov 9, 2007 4:02am Nov 9, 2007 4:02am
Quoting moneymagnet
why?
Cuz I still see 4hr. momentum even with the current downturn and I see logical support at 235.80-90...


and cuz Karmo said.
  • #49,148
  • Nov 9, 2007 4:04am Nov 9, 2007 4:04am
I also like to see whether this magic MOM will pull price up again from here!

I am really struggling with this indicator that Aus and others appear to be using so successfully.

I have been following this thread for a while, but mostly trade 4h trendlines and had a great signal 1h ago when my new 4h bar opened below a rising trendline. So why did I not enter short @ 237.30ish?
a) because I am having a rough patch with low confidence
b) because the new 4h MOM was and still is up, so hesitated to go short.

Results? I missed out on a 100+ pip trade.

Any other thoughts on the validity of this MOM indicator? Maybe I am just missing something major here. Really appreciate a view from Karmo et al! thanks!
Consistency and patience is everything
  • #49,149
  • Nov 9, 2007 4:14am Nov 9, 2007 4:14am
Yeah agree that we will see g/j back up at least 100pips.
  • #49,150
  • Nov 9, 2007 4:14am Nov 9, 2007 4:14am
Pardon my ignorance about technicals.. but I look at all these indicators as.. er.. lagging. If GJ goes up 200-300 pips over a span of a few hours.. obviously any momentum indicator is going to point up. If you decide to hop in long at that point.. and China revalues the Yuan (thereby pushing UJ down 300-400 pips) are you still going to stick to your longs because of an indicator?

This week has been a risk-averse week. Ever since the citi report came out, I have been shorting GJ on rallies (I even posted somewhere to short on rallies) There have been a host of financially critical reports this week, and the markets simply cannot ignore that. Rallies will take place due to profit - taking or markets taking a breather but the overall scenario is very bearish.

I would love to make profits both ways (short on rallies, buy on dips) but I would prefer not to catch a falling knife.
  • #49,151
  • Nov 9, 2007 4:15am Nov 9, 2007 4:15am
Quoting Lemonjam
Ok guys we got an hourly close below 237.50. Good luck to all.
Thanx to Karm and Lemonjam I just made back my losses for the day and made an extra +60 pips, also this is my first trade making more than 100 pips.

Thanx heaps Guys, you are legends

Paddy
Live Long and Prosper How GOOD are the NE Patriots ??
  • #49,152
  • Nov 9, 2007 4:18am Nov 9, 2007 4:18am
A number of buy orders for UJ at 111.50.. let's see if that lasts or breaks.
  • #49,153
  • Nov 9, 2007 4:20am Nov 9, 2007 4:20am
Quoting Geldmeister
I also like to see whether this magic MOM will pull price up again from here!

I am really struggling with this indicator that Aus and others appear to be using so successfully.

I have been following this thread for a while, but mostly trade 4h trendlines and had a great signal 1h ago when my new 4h bar opened below a rising trendline. So why did I not enter short @ 237.30ish?
a) because I am having a rough patch with low confidence
b) because the new 4h MOM was and still is up, so hesitated to go short.

Results? I missed out on a 100+ pip trade.

Any other thoughts on the validity of this MOM indicator? Maybe I am just missing something major here. Really appreciate a view from Karmo et al! thanks!
Actually I cheated and was referring to the general 4hr. mom. and not the magic mom. Aus/Karmo use so well.
  • #49,154
  • Nov 9, 2007 4:33am Nov 9, 2007 4:33am
Quoting VishalJ
A number of buy orders for UJ at 111.50.. let's see if that lasts or breaks.
Yep, the 111.50 area is critical ....a daily close under would be very bearish
Attached Image (click to enlarge)
Click to Enlarge Name: uj nov 9 dly.gif Size: 14 KB
Trading Levels with WRBs
  • #49,155
  • Nov 9, 2007 4:38am Nov 9, 2007 4:38am
Quoting VishalJ
A number of buy orders for UJ at 111.50.. let's see if that lasts or breaks.
well it has been broken, now lets see it holds or we get a huge push back up later
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #49,156
  • Nov 9, 2007 4:40am Nov 9, 2007 4:40am
gj and uj are dropping like rocks
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #49,157
  • Nov 9, 2007 4:43am Nov 9, 2007 4:43am
Quoting moneymagnet
well it has been broken, now lets see it holds or we get a huge push back up later
This is nuts.. exactly what I mean by a falling knife!
  • #49,158
  • Nov 9, 2007 4:43am Nov 9, 2007 4:43am
CAUTION: IBFX live servers went down at 10:15 GMT - Price has dropped 100 pips in the meantime.
  • #49,159
  • Nov 9, 2007 4:44am Nov 9, 2007 4:44am
Quoting jarroo
I forgot to mention there was a pin just preceding it and look we a have 300 drop.
den
  • #49,160
  • Nov 9, 2007 4:46am Nov 9, 2007 4:46am
If UJ hits 111.00.. I am exiting my shorts. I'm a little nervous about any 'interventions' of any sort, although I doubt at this time BoJ, or Feds will take action.
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