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

  • #53,841
  • Dec 7, 2007 7:54am Dec 7, 2007 7:54am
If it goes my way, the first target would be the hi of the day. Second 227.26 then 227.52 and 227.89. I will scale out along the way and move stops up.
  • #53,842
  • Dec 7, 2007 7:56am Dec 7, 2007 7:56am
Quoting eclipsespy97
Dow might sell off today due to profit taking will wait and see.
Very true and thats why stops have to be precise. I wont leave a trade USUALLY over the weekend unless I am in profit and have moved my stop to positive territory.
  • #53,843
  • Dec 7, 2007 7:56am Dec 7, 2007 7:56am
Quoting PipChick
We are bouncing off of the 38.2 of todays move up which is forming an abc pattern. It is also trading above the 200 ema on the 1 hr and 50 and 5 ema on the 4 hr. Seems to be holding for now. I placed a buy off of the 200 ema 1 hr bounce with a stop just beneath the 50% of todays move. Little risk. An open on the 1 hr below the 61.8 at 225.60 area, shorts would be in play.Its freaky friday...anything could happen..lol

i am with you pc. the fact that it is outside this channel and bounced off the 50 ema and fibs lends credibility to the bulls. my overall bias is still short but the charts got me leaning long, at least for today
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  • #53,844
  • Dec 7, 2007 7:57am Dec 7, 2007 7:57am
hi bro, what is the meaning of NFP?





Quoting moneymagnet
Quote:
Originally Posted by Pipsqueak http://www.forexfactory.com/images/buttons/viewpost.gif
Wow this thread is so dead. Did someone fart? I hope everyone is jumping on the long bandwagon. If you wait until after the NFP, this pair might be already at weekend gap. It's still about 200 pips away.










looks like i was right. patience, patience, patience
  • #53,845
  • Dec 7, 2007 8:00am Dec 7, 2007 8:00am
Quoting PipChick
We are bouncing off of the 38.2 of todays move up which is forming an abc pattern. It is also trading above the 200 ema on the 1 hr and 50 and 5 ema on the 4 hr. Seems to be holding for now. I placed a buy off of the 200 ema 1 hr bounce with a stop just beneath the 50% of todays move. Little risk. An open on the 1 hr below the 61.8 at 225.60 area, shorts would be in play.Its freaky friday...anything could happen..lol
Very true about this being friday and anything could happen. What would your take profit be in this long? The only reason I am asking is because I would like to see anyone else's insight as to what they are thinking on this pair.

I am seeing solid resistance from 227.80 to 228.50. Yes, thats a long way away and you could have a few good trades in between there but I think that would be a definite top in price for now. In between here and there, there are quite a bit of resistance levels that will be posing a problem such as 226.70 area- albeit, I doubt they are very strong.
I dream, therefore I become.
  • #53,846
  • Dec 7, 2007 8:00am Dec 7, 2007 8:00am
Quoting moneymagnet
i am with you pc. the fact that it is outside this channel and bounced off the 50 ema and fibs lends credibility to the bulls. my overall bias is still short but the charts got me leaning long, at least for today
Im thinking price may want to make it up to the top of the right shoulder of the wkly chart before slamming down to comple the wkly h/s. This is very possible because the 4 hr is developing a rt shoulder for an inverse so it may need to complete the 4 hr inverse in order to reach the top of the rt shoulder (downward) of the weekly.
  • #53,847
  • Dec 7, 2007 8:01am Dec 7, 2007 8:01am
Quoting PipChick
If it goes my way, the first target would be the hi of the day. Second 227.26 then 227.52 and 227.89. I will scale out along the way and move stops up.
Nice, thanks pipchick. Sorry I didnt see this post.
I dream, therefore I become.
  • #53,848
  • Dec 7, 2007 8:02am Dec 7, 2007 8:02am
Quoting mike w
Very true about this being friday and anything could happen. What would your take profit be in this long? The only reason I am asking is because I would like to see anyone else's insight as to what they are thinking on this pair.

I am seeing solid resistance from 227.80 to 228.50. Yes, thats a long way away and you could have a few good trades in between there but I think that would be a definite top in price for now. In between here and there, there are quite a bit of resistance levels that will be posing a problem such as 226.70 area- albeit, I doubt they are very strong.
Please refer to prev post for TP.
  • #53,849
  • Dec 7, 2007 8:02am Dec 7, 2007 8:02am
Quoting mcmartins
hi bro, what is the meaning of NFP?
Non farm Payroll reports. It's a news event that usually moves the market a good bit. It's based in the United States.
I dream, therefore I become.
  • #53,850
  • Dec 7, 2007 8:03am Dec 7, 2007 8:03am
Quoting PipChick
Im thinking price may want to make it up to the top of the right shoulder of the wkly chart before slamming down to comple the wkly h/s. This is very possible because the 4 hr is developing a rt shoulder for an inverse so it may need to complete the 4 hr inverse in order to reach the top of the rt shoulder (downward) of the weekly.
yep. but i am out of the market right. just not comfortable with any trade. i want to short but price is telling me to wait. i am w/ you on your analysis and looking to short there
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  • #53,851
  • Dec 7, 2007 8:03am Dec 7, 2007 8:03am
Need to bring up my Aus charts to see how it will play into this.
  • #53,852
  • Dec 7, 2007 8:07am Dec 7, 2007 8:07am
We are getting a test of 226.70 to create the retrace from the last bar in order to move down now, IMO. Within the next 4 hours, I think we will see a drop or just consolidation which tends to be a favorite on fridays. We are in between an area of support and resistance at the moment, which means that we very well could just consolidate until the weekend.

Pipchick, I'm liking your thoughts about the Head and shoulders pattern. You have me thinking now lol. Even though, I am just trading what I see and when and if that comes around, I'll have a good thought for what to do with it.
I dream, therefore I become.
  • #53,853
  • Dec 7, 2007 8:10am Dec 7, 2007 8:10am
Quoting mike w
We are getting a test of 226.70 to create the retrace from the last bar in order to move down now, IMO. Within the next 4 hours, I think we will see a drop or just consolidation which tends to be a favorite on fridays. We are in between an area of support and resistance at the moment, which means that we very well could just consolidate until the weekend.

Pipchick, I'm liking your thoughts about the Head and shoulders pattern. You have me thinking now lol. Even though, I am just trading what I see and when and if that comes around, I'll have a good thought for what to do with it.
Yes, I only trade what I see too.
  • #53,854
  • Dec 7, 2007 8:12am Dec 7, 2007 8:12am
I see dead people....
  • #53,855
  • Dec 7, 2007 8:19am Dec 7, 2007 8:19am
Quoting birdt
I see dead people....
lol, if u see what I am seeing, u will not be able 2 see what u have 2 see..so u see u will have 2 see what u should be seeing..
  • #53,856
  • Dec 7, 2007 8:20am Dec 7, 2007 8:20am
Quoting birdt
I see dead people....
hahaha That just made my day... Anywho, This doesn't relate to the Gbp/Jpy, but check out the weekly Usd/Cad. Looks like a good long term trade coming up on it. What does anyone else think?
I dream, therefore I become.
  • #53,857
  • Dec 7, 2007 8:22am Dec 7, 2007 8:22am
Quoting PipChick
Need to bring up my Aus charts to see how it will play into this.
How's it looking on that side of things? I never really got into the system, but it seems to work great.
I dream, therefore I become.
  • #53,858
  • Dec 7, 2007 8:24am Dec 7, 2007 8:24am
Quoting forexnovice
lol, if u see what I am seeing, u will not be able 2 see what u have 2 see..so u see u will have 2 see what u should be seeing..
I just tried to make sense of that...haha That's a shame.
I dream, therefore I become.
  • #53,859
  • Dec 7, 2007 8:29am Dec 7, 2007 8:29am
Quoting mike w
I just tried to make sense of that...haha That's a shame.
Lol..I can see u r not seeing what I am seeing...double shame
  • #53,860
  • Dec 7, 2007 8:30am Dec 7, 2007 8:30am
Quoting mike w
I could put two bars together and those two bars could create a pin. Things like that help when trading to realize other setups than just pin bars.
please what do you mean by a daily pin?
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