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

  • #49,461
  • Nov 10, 2007 6:14pm Nov 10, 2007 6:14pm
I agree with you and your lines Zoran. G/Y has reached the bottom of a daily channel and I expect a retracement to at least the broken uptrending line currently just shy of 234. I am long as well looking for that target as a minimum. If that is breached we may make it to 234.80 region before the next drop begins.
Attached Image (click to enlarge)
Click to Enlarge Name: daily channel.gif Size: 45 KB
Has what you wanted to see made you blind?
  • #49,462
  • Nov 10, 2007 6:14pm Nov 10, 2007 6:14pm
I agree with you and your lines Zoran. G/Y has reached the bottom of a daily channel and I expect a retracement to at least the broken uptrending line currently just shy of 234. I am long as well looking for that target as a minimum. If that is breached we may make it to 234.80 region and then the next drop begins.
Has what you wanted to see made you blind?
  • #49,463
  • Nov 10, 2007 6:32pm Nov 10, 2007 6:32pm
I meant to post a chart there; lets see if it works this time. Never posted images before so sorry if it doesn't work... I don't think it will work this time either, but my bottom channel line comes in at 231.04 and the low yesterday was 231.07
Attached Image (click to enlarge)
Click to Enlarge Name: daily channel.gif Size: 45 KB
Has what you wanted to see made you blind?
  • #49,464
  • Nov 10, 2007 6:36pm Nov 10, 2007 6:36pm
Quoting Geldmeister
Thanks Aus for your reply - silly me was working with 10c on all timeframes

So if 1c is the main MOM on daily, what are the leading ones on other timeframes? 10c on 4h?... 1h?...15min?
The Momentum indicator can be your worst enemy if you dont know how to use it. I have blown over $20K at the begging of my trading life, trying to trade this indicator.

When the pair breaks the 5sma channel, you should never catch the retracement. Within the channel 1C is the most important momentum . When the price falls out of the channel , 10C and 14C becomes more important than the 1C. However as you can see on the charts, when the price breaks the channal, it's a break-out. Never Never never go against the trend on a break-out .
Attached Image (click to enlarge)
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  • #49,465
  • Nov 10, 2007 6:54pm Nov 10, 2007 6:54pm
Quoting auslanco
The Momentum indicator can be your worst enemy if you dont know how to use it. I have blown over $20K at the begging of my trading life, trying to trade this indicator.

When the pair breaks the 5sma channel, you should never catch the retracement. Within the channel 1C is the most important momentum . When the price falls out of the channel , 10C and 14C becomes more important than the 1C. However as you can see on the charts, when the price breaks the channal, it's a break-out. Never Never never go against the trend on a break-out .
Quote:
Originally Posted by moneymagnet http://www.forexfactory.com/images/buttons/viewpost.gif
looks like we got a major selloff going on aus?

no.. we have reached the bottom for the week.. usually spikes like this happens untill the indicators cross over to oversold levels.. retracement will start from next hour or at NY start..


ok now i am a little confused
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #49,466
  • Nov 10, 2007 7:05pm Nov 10, 2007 7:05pm
Quoting moneymagnet
Quote:
Originally Posted by moneymagnet http://www.forexfactory.com/images/buttons/viewpost.gif
looks like we got a major selloff going on aus?

no.. we have reached the bottom for the week.. usually spikes like this happens untill the indicators cross over to oversold levels.. retracement will start from next hour or at NY start..


ok now i am a little confused
when the price jumped back in to the 1hr channal.. it a sign of a retracement.. But it failed to break the channal to the upside. we may have a good sizable retracement next week(weekly Gann bounce) before another leg down.
Attached Image
  • #49,467
  • Nov 10, 2007 7:06pm Nov 10, 2007 7:06pm
Quoting Zoran
There are plenty of ways to draw a line although mine is drawn as shown (black one). Price closed at the line so from the point of view of guppy, it is inconclusive.
As much as I would want it to retrace up but I think this downward trend line would eventually break next week as this pair is pretty bearish.
  • #49,468
  • Nov 10, 2007 7:10pm Nov 10, 2007 7:10pm
Quoting mktjong
As much as I would want it to retrace up but I think this downward trend line would eventually break next week as this pair is pretty bearish.
  • #49,469
  • Nov 10, 2007 7:15pm Nov 10, 2007 7:15pm

Zoran,Gene22, M2B , as always, great predictions .

Markam, when I was going thru some old posts on the other GJ thread, I came across one of your predictions you made in JUne, long before this subprime crisis. amazing bro


  • #49,470
  • Nov 10, 2007 7:15pm Nov 10, 2007 7:15pm
Quoting auslanco
when the price jumped back in to the 1hr channal.. it a sign of a retracement.. But it failed to break the channal to the upside. we may have a good sizable retracement next week(weekly Gann bounce) before another leg down.
I hope so Aus, as am trading a retracement and have long trades open.. hopefully can get just a small profit
I think it would retrace up a bit in Asian session, then down in London. That's the plan ..
  • #49,471
  • Nov 10, 2007 7:17pm Nov 10, 2007 7:17pm
Quoting mktjong
I hope so Aus, as am trading a retracement and have long trades open.. hopefully can get just a small profit
I think it would retrace up a bit in Asian session, then down in London. That's the plan ..

hmmm--be careful
i expect a gap down on mkt opening
possible down to 229.30ish b4 any retrace !
  • #49,472
  • Nov 10, 2007 7:20pm Nov 10, 2007 7:20pm
Quoting Hakuna Matata
Hey dude .. long time no talk and no see How is going man ..
  • #49,473
  • Nov 10, 2007 7:22pm Nov 10, 2007 7:22pm
This is what I posted 10days ago.. although the price didnt carry upto 242+ area.. 230.74 is still a valid target within this month IMO.
Attached Image (click to enlarge)
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  • #49,474
  • Nov 10, 2007 7:24pm Nov 10, 2007 7:24pm
Quoting Hakuna Matata
hmmm--be careful
i expect a gap down on mkt opening
possible down to 229.30ish b4 any retrace !
That's what am worry about. It's very likely .. well .. seems that am playing with a fire http://www.forexfactory.com/images/icons/icon9.gif
I will switch to short if things get worse
  • #49,475
  • Nov 10, 2007 7:25pm Nov 10, 2007 7:25pm
Quoting mktjong
Hey dude .. long time no talk and no see How is going man ..
yeah good---been busy in surgery all last week---coming to DEC--where ill be taking most of it off--so work goin to be busy till Nov end (excpet nxt week--where im goin full throttle trading).
off for a massage
catch ya;all on mkt opening
  • #49,476
  • Nov 10, 2007 7:45pm Nov 10, 2007 7:45pm
Quoting Hakuna Matata
yeah good---been busy in surgery all last week---coming to DEC--where ill be taking most of it off--so work goin to be busy till Nov end (excpet nxt week--where im goin full throttle trading).
off for a massage
catch ya;all on mkt opening
Wish you best bro ..
My prediction for next week could be another 400-500 pips drop. Last week I predicted quite good that it dropped to 237.5ish (> 200 pips), but in the mid-week failed, thought it would go up before the PBOC official talk ruined the whole things http://www.forexfactory.com/images/icons/icon10.gif
Hopefully next week will come to true .. I might just keep selling on the bounce next week http://www.forexfactory.com/images/icons/icon10.gif
  • #49,477
  • Edited 3:33am Nov 11, 2007 12:25am | Edited 3:33am
Becareful bears, you don't want to end up like these guys.

http://www.metacafe.com/watch/872395..._for_the_bull/
Indicators show the past. Price Action "Indicates" the future.
  • #49,478
  • Nov 11, 2007 4:28am Nov 11, 2007 4:28am
when everybody is screaming bears, you know it's time to call the bull
Trade what you see, not what you think.
  • #49,479
  • Nov 11, 2007 5:00am Nov 11, 2007 5:00am
Quoting karmostaji
when everybody is screaming bears, you know it's time to call the bull
but thats what you tried to do in your last trade and you missed the move down? Many traders in here were analysing the move to be down and you went long and lost. Did you apply the same thinking then as well?
Stick with the trend i say. Do what your charts show you.

Fer
  • #49,480
  • Nov 11, 2007 5:28am Nov 11, 2007 5:28am
Quoting karmostaji
when everybody is screaming bears, you know it's time to call the bull
What is your analysis for bull move or you are reffering here some retracememt and then move down?
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