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

  • #51,961
  • Nov 28, 2007 1:18pm Nov 28, 2007 1:18pm
Quoting birdt
Didn't mean to irk anybody with that statement, perhaps I should have phrased it a little better. IMO it was a little bold to go in without confirmation from actual price movement, sure you might not haul as many pips if you were right but you don't lose any if you're wrong. Also, with impressionable newbies around (as evidenced by frequently irritating requests for Karmo's SL's) who aren't aware of all the qualifications that you demand before you enter a trade, it's not a bad piece of advice.
BirdT, I don't think that should have been "irking" at all. Everyone here should have been glad to recieve that piece of advice. Once it was expanded upon, it was fantastic.

People, if your not willing to accept advice in this market to learn more and gain understanding of the market and how it operates, then this is not the business for you- simply put. I think it was a fantastic post BirdT.

By the way, we are coming up to that area of firm resistance and now we will see how price responds. I look to post some shorts throughout this area as I don't think price can break this resistance.
I dream, therefore I become.
  • #51,962
  • Nov 28, 2007 1:20pm Nov 28, 2007 1:20pm
Wow, what a rally today! 500+ pips in one day! Did anyone catch the whole move? Is that the end of downtrend and resuming of "carry trade" ? Please give your thoughts. Thanks.
  • #51,963
  • Nov 28, 2007 1:21pm Nov 28, 2007 1:21pm
Quoting forexpert310
no worries its my mini mini account so if i blow it up no problemon!! life is a risk be a man

lmfao... funny post! but u have to admit it is risky going against a big trend..... price is still what determines pips and profits and so far dutring this us session its all bulls....... trying to pick a top today was bad idea... i hve learned from this forum today! thank you all!
  • #51,964
  • Nov 28, 2007 1:24pm Nov 28, 2007 1:24pm
already in the money
{Promotion Removed}
  • #51,965
  • Nov 28, 2007 1:25pm Nov 28, 2007 1:25pm
Quoting lepiricus
I am short from 228.50. Stochs and QQEs are smokin' they are so overbought. Targeting a 38.6 retrace to 226, will buy there again depending on price action, could retrace to 225.20. the 50% mark.
I think this pair will keep going to 229.30 and starts to retrace. I have a pending EntryLimitSell @229.30. It's almost there.
  • #51,966
  • Nov 28, 2007 1:26pm Nov 28, 2007 1:26pm
Quoting mike w
BirdT, I don't think that should have been "irking" at all. Everyone here should have been glad to recieve that piece of advice. Once it was expanded upon, it was fantastic.

People, if your not willing to accept advice in this market to learn more and gain understanding of the market and how it operates, then this is not the business for you- simply put. I think it was a fantastic post BirdT.

By the way, we are coming up to that area of firm resistance and now we will see how price responds. I look to post some shorts throughout this area as I don't think price can break this resistance.
my original analysis is that this is resistance level but i just noticed something that scares me... on my 8 hour chart we have a first parabolic dot under and now a 2nd parabolic dot under price indicating a reversal on 8 hour (possibly) which would indicate a possible return to carry (don't underestimate the greed of the big boys that want the carry profits to continue forever) IE its possible that resisitance doesnt hold and we go long for a while to come.... (just giving devils advocate for bull justifications)
  • #51,967
  • Nov 28, 2007 1:27pm Nov 28, 2007 1:27pm
Quoting dagoods
thank u mike but i'm still just a newbie trying to learn... i beleive in this resistance though so i think a ssmall short position is what i'm thinking at 228.90 or 229.20 level i think the dow drifts down from here on out and we get some retrace from overbought levels and maybe some profit taking from the bulls toward end of us session but i could be wrong again i m just a newbie.... i may wait to see a parabolic dot above price on geppy on at least 30 minute chart b4 i consider going short....what u think?
We are at a solid resistance level, BUT that shouldn't be the only thing you base trades on. Actually, I already took a trade at around this area anyways, because of minimal risk. I should have waited for price action to tell me to do so, but that would mean that price was alwready moving away from this level of resistance and so I've already missed out from where I initially planned to trade from. I plan on shorting furthermore as price continues downwards. The Risk to reward is fantastic on this trade if it plays out correctly. As for parabolic dots and whatnot, I don't even know what that is so I can't help you there. I know it's Parabolic SAR, but I don't know or understand that parameters of its use.

Looks like price is reverting away, just as I had hoped.
I dream, therefore I become.
  • #51,968
  • Nov 28, 2007 1:28pm Nov 28, 2007 1:28pm
Quoting currinexfx
Wow, what a rally today! 500+ pips in one day! Did anyone catch the whole move? Is that the end of downtrend and resuming of "carry trade" ? Please give your thoughts. Thanks.
bro, the geppy can move 500 pips in a couple hours. there are significant barriers that need to be broken first
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #51,969
  • Nov 28, 2007 1:29pm Nov 28, 2007 1:29pm
Quoting dagoods
my original analysis is that this is resistance level but i just noticed something that scares me... on my 8 hour chart we have a first parabolic dot under and now a 2nd parabolic dot under price indicating a reversal on 8 hour (possibly) which would indicate a possible return to carry (don't underestimate the greed of the big boys that want the carry profits to continue forever) IE its possible that resisitance doesnt hold and we go long for a while to come.... (just giving devils advocate for bull justifications)
I am going to send you a PM dagoods. Check your inbox soon.
I dream, therefore I become.
  • #51,970
  • Nov 28, 2007 1:32pm Nov 28, 2007 1:32pm
G/J will most likely retrace to 225.XX before returning back to 229 so I'm going to be building up my shorts
  • #51,971
  • Nov 28, 2007 1:33pm Nov 28, 2007 1:33pm
Quoting MoForce
G/J will most likely retrace to 225.XX before returning back to 229 so I'm going to be building up my shorts
Agreed Moforce, this is looking like a great opportunity. I'm looking for price to stall and reverse in the coming hours.
I dream, therefore I become.
  • #51,972
  • Nov 28, 2007 1:44pm Nov 28, 2007 1:44pm
Quoting MoForce
G/J will most likely retrace to 225.XX before returning back to 229 so I'm going to be building up my shorts
Moforce, I think I saw in another thread that you said it would move to 231.50 before dropping again. Could you tell me why you reasoned this out? Thanks a lot for any feedback.
I dream, therefore I become.
  • #51,973
  • Nov 28, 2007 1:47pm Nov 28, 2007 1:47pm
Quoting ramrocket
I think this pair will keep going to 229.30 and starts to retrace. I have a pending EntryLimitSell @229.30. It's almost there.
Nice entry Ramrocket. To the pip, as of now.
I dream, therefore I become.
  • #51,974
  • Nov 28, 2007 2:02pm Nov 28, 2007 2:02pm
Quoting mike w
Moforce, I think I saw in another thread that you said it would move to 231.50 before dropping again. Could you tell me why you reasoned this out? Thanks a lot for any feedback.
Right that was my original thought, but after looking at my charts right now it looks like we'll have a retrace first then a much stronger upward push of 1000pips from 225 to 235.

Also, I've noticed that whenever we get large candles in either direction the following candle majority of the time results in a candle or more of equal length (give or take 100pips or so) in the opposite direction of the last candle and so far G/J had 2 large bullish candles in a row of about 800 pips in length with the body of today's being about 400. So tomorrow could bring 300-400 pips to the downside. My charts are supporting this as well, but we'll have to see what happens.
  • #51,975
  • Nov 28, 2007 2:02pm Nov 28, 2007 2:02pm
Another pin on the hourly close. Price Action, folks. It's golden. Apply it with other forms of analyzing a trade and it WILL enhance your trading abilities. I think this is the beginning of the retracement now that we have bounced away from the resistance level of 229.00-229.20.
I dream, therefore I become.
  • #51,976
  • Nov 28, 2007 2:03pm Nov 28, 2007 2:03pm
Quoting mike w
Nice entry Ramrocket. To the pip, as of now.
well i had an entry there as well but it did not fill. my trade station reached 229.28 while i was working so missed my second entry
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #51,977
  • Nov 28, 2007 2:05pm Nov 28, 2007 2:05pm
Quoting MoForce
Right that was my original thought, but after looking at my charts right now it looks like we'll have a retrace first then a much stronger upward push of 1000pips from 225 to 235.

Also, I've noticed that whenever we get large candles in either direction the following candle majority of the time results in a candle or more of equal length (give or take 100pips or so) in the opposite direction of the last candle and so far G/J had 2 large bullish candles in a row of about 800 pips in length with the body of today's being about 400. So tomorrow could bring 300-400 pips to the downside. My charts are supporting this as well, but we'll have to see what happens.
Thanks MoForce, and I agree with you entirely. I've also noticed that large bars are often coupled with retracement days on this pair. As for your target of 225, I agree with that as well. Thanks again for giving me a better understanding of your thought process on this.
I dream, therefore I become.
  • #51,978
  • Nov 28, 2007 2:06pm Nov 28, 2007 2:06pm
Quoting moneymagnet
well i had an entry there as well but it did not fill. my trade station reached 229.28 while i was working so missed my second entry
I missed it as well lol. Oh well, there's always a chance to add in on the way down. I just had to go be a gluttonous pig and eat! hahaha I wish I were a robot. Jk.
I dream, therefore I become.
  • #51,979
  • Nov 28, 2007 2:06pm Nov 28, 2007 2:06pm
Here's one of my charts supporting this.... whenever the extremes of this band is hit the pair always retreats towards the center
Attached Image
  • #51,980
  • Nov 28, 2007 2:14pm Nov 28, 2007 2:14pm
wow gbp/usd took off for a 100 pip bull run. if yen stays weak and pound picks up steam my short may get reversed
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
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