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

  • #51,401
  • Nov 25, 2007 11:49pm Nov 25, 2007 11:49pm
  •  DBE
  • | Joined Apr 2007 | Status: Pippin for a givin' | 45 Posts
Quoting quecee5
I'm long since 221.50's so I'm waiting to see if it gets back above 4hr pivot of 223.96. If it does then next targets are possibly 224.60's/225, then possibly 226 in London/US session depending what London does and then how the Dow trades 2morrow.

Right now the markets still feels a bit jittery so any rumor of credit problems could send this pair in a downward direction.

There is currently a rumour on the wire that China could invest in Japanese stocks, supposedly thats the reason for the last rapid drop in the crosses and yen buying. . .
The dow and naz appear to be set up to have a strong opening...
http://www.cme.com/trading/dta/del/globex.html
  • #51,402
  • Nov 25, 2007 11:52pm Nov 25, 2007 11:52pm
If the hourly bar closes as is, I think this will be the top for now. We could look to see 223.40 and then from there see if we can't break the support. If we do, my overall target is 220's to 219. If this closes as a pin, it will have closed with price action inclining a downtrend, along with the resistance being a factor in the push downwards. If not, then, yet again, I wrote this for nothing and we will probably have fairly slow movement for the next few hours.
This analysis is based on the hourly charts.
I dream, therefore I become.
  • #51,403
  • Nov 26, 2007 12:29am Nov 26, 2007 12:29am
Quoting mike w
If the hourly bar closes as is, I think this will be the top for now. We could look to see 223.40 and then from there see if we can't break the support. If we do, my overall target is 220's to 219. If this closes as a pin, it will have closed with price action inclining a downtrend, along with the resistance being a factor in the push downwards. If not, then, yet again, I wrote this for nothing and we will probably have fairly slow movement for the next few hours.
This analysis is based on the hourly charts.
Yeah, looks like EU equities are called up about 1% across the board. . . Should see crosses higher during EU and EU/NY session, for how long we'll just have to wait and see. GJ seems to be consolidating above 4h and daily pivot at th moment.

I'm looking to close longs out between 224.60/225 and possibly 226 area if it gets there then look for a nice place to scale in shorts as monthly, weekly and daily (at the moment) are still very bearish. . .

Should be interesting. . .
  • #51,404
  • Nov 26, 2007 12:54am Nov 26, 2007 12:54am
I am going to post what I am looking at in terms of charts and my reasoning for thinking that when it breaks out of this consolidation phase that it will break to the downside.

Based on the one hour charts we are right in between support and resistance based upon my system. This is giving us a tight range between 224.20 and 223.40. There is a lot more resistance than support however, if you will notice.
Now we'll move into the 4 hour charts. You can clearly see that we are still in a downtrend and that price is facing the resistance supplied by the dynamic fib lines shown there (The 2 red lines that price has been bouncing off of throughout the downtrend's duration). As I said, the support based on the 1 hour charts of 223.40 needs to have a clear break before more downwards movement, but I do think it will happen fairly soon. With that, I think that, ultimately, the price will move downwards instead of breaking to the upside. What are anyone's thoughts on this?
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I dream, therefore I become.
  • #51,405
  • Nov 26, 2007 12:59am Nov 26, 2007 12:59am
I also think that this hours bar close will close as a bearish engulfment pattern, which only justifies my thoughts on the price's movement even more. This is also coupled with the fact that the last bar closed as a bearish bar indicating that price could not break and close above the level of resistance (Refer to the 1 hour chart that I just posted). Any thoughts at all?
I dream, therefore I become.
  • #51,406
  • Nov 26, 2007 1:08am Nov 26, 2007 1:08am
I hope everyone is doing just great
Trade what you see, not what you think.
  • #51,407
  • Nov 26, 2007 1:20am Nov 26, 2007 1:20am
Quoting karmostaji
I hope everyone is doing just great
Hey Karmo, where have you been? I hope everything's going good for you. This thread has become incredibly boring without you and the other teachers posting regularly.
I dream, therefore I become.
  • #51,408
  • Nov 26, 2007 1:23am Nov 26, 2007 1:23am
Quoting mike w
Hey Karmo, where have you been? I hope everything's going good for you. This thread has become incredibly boring without you and the other teachers posting regularly.
Getting engaged soon, so been busy lately. I haven't been trading for a bit either, just observing whenever I can. I need to get back in gear and start trading n posting here regularly
Trade what you see, not what you think.
  • #51,409
  • Nov 26, 2007 1:28am Nov 26, 2007 1:28am
Quoting karmostaji
Getting engaged soon, so been busy lately. I haven't been trading for a bit either, just observing whenever I can. I need to get back in gear and start trading n posting here regularly
Fantastic, Congratulations bro!!
Patience + Humility + Study = Success
  • #51,410
  • Nov 26, 2007 1:28am Nov 26, 2007 1:28am
Quoting karmostaji
Getting engaged soon, so been busy lately. I haven't been trading for a bit either, just observing whenever I can. I need to get back in gear and start trading n posting here regularly
Congratulations!!
You are missed!!
  • #51,411
  • Nov 26, 2007 1:32am Nov 26, 2007 1:32am
Quoting karmostaji
Getting engaged soon, so been busy lately. I haven't been trading for a bit either, just observing whenever I can. I need to get back in gear and start trading n posting here regularly
Congratulations on that!!! If you put half the effort into your engagement/marriage as you do trading, your going to live a fantastic and happy life.
I dream, therefore I become.
  • #51,412
  • Nov 26, 2007 1:36am Nov 26, 2007 1:36am
On another note, we are going to be testing that 223.40 level of support in a moment after a small retracement up to around 223.88.

Too late, already happened...
I dream, therefore I become.
  • #51,413
  • Nov 26, 2007 1:40am Nov 26, 2007 1:40am
Now give me that 20 pips down. lol
I dream, therefore I become.
  • #51,414
  • Nov 26, 2007 1:53am Nov 26, 2007 1:53am
I think we might see Zoran's prediction come true.

I think 231 is possible.
  • #51,415
  • Nov 26, 2007 1:56am Nov 26, 2007 1:56am
miss u karmo...and congratulation
  • #51,416
  • Nov 26, 2007 1:57am Nov 26, 2007 1:57am
Quoting karmostaji
Getting engaged soon, so been busy lately. I haven't been trading for a bit either, just observing whenever I can. I need to get back in gear and start trading n posting here regularly
My sincerest congratulations and best wishes to you !

Miss your analysis and patience pills !
  • #51,417
  • Nov 26, 2007 2:05am Nov 26, 2007 2:05am
Hi Guys,
Great traders you have here. Been following the thread for a while.
Is this the London pivot (222.68) on MT4
  • #51,418
  • Nov 26, 2007 4:41am Nov 26, 2007 4:41am
Is anybody great a theory that we can go down from here? 220 area
Or that is only me?
Work smart not hard
  • #51,419
  • Nov 26, 2007 4:46am Nov 26, 2007 4:46am
Awfully quiet here.......where has everyone gone?

Still shopping ?

Or shopping online since today is Cyber Monday LOL.
  • #51,420
  • Nov 26, 2007 5:19am Nov 26, 2007 5:19am
Quoting karmostaji
Getting engaged soon, so been busy lately. I haven't been trading for a bit either, just observing whenever I can. I need to get back in gear and start trading n posting here regularly
Congrats Karmo!http://www.forexfactory.com/images/icons/icon12.gif
I've been learning a lot (quietly) on this thread , but wishing someone (as very helpful as you) a happy future calls for breaking the learning silence.
I wish you all the best both in PIPS and married life.
Hope to read your posts on this thread after the needed time out.
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