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

  • #53,901
  • Dec 7, 2007 9:20am Dec 7, 2007 9:20am
Quoting mike w
You can see on the last candle that it closed with little or no real body. That, to me, is showing that it is indecisive to where it wants to go. This tells me that there is no real winner at the moment between the bulls and the bears and so price could possibly be exhausting at that point before moving down again to possibly continue a downmove or gain force to break through the resistance. Do you know what I mean or no?

If you don't trade candlestick patterns pipchick, I'd honestly tell you to learn. Learning this goes with any system you would have and it just adds another piece of the puzzle together to give you a better understanding of where price WILL go based on how price is and has been reacting to certain areas.

If you don't understand, I can try to expand on it more.

I, obviously, was wrong. lol I still think M2B's target to place a short, 227.40, is a good area though and so I will keep the trade open as it doesn't over leverage me.
My third long target is 227.52 so maybe we will get the pips up then do M2B's short trade. I could live with that!
  • #53,902
  • Dec 7, 2007 9:20am Dec 7, 2007 9:20am
Quoting dagoods
gotcha thank u mike.... so without pin bar confirmation then maybe we continue long trend to at least r1?
Could you tell me what R1 is dagoods? I know your talking about the 1st level of resistance, but I'm not too sure as to where you have it plotted out. Thanks in advance.
I dream, therefore I become.
  • #53,903
  • Dec 7, 2007 9:21am Dec 7, 2007 9:21am
Gotta love Aus's momentum indicators.
  • #53,904
  • Dec 7, 2007 9:22am Dec 7, 2007 9:22am
Quoting forexnovice
This recent upsurge looks like stophunting...
I don't think so. Previous high was 227.04 area and that was just kind of hanging out there in the middle of nowhere. Price really needs to find a good line of resistance to bounce off of or hang around at for a while. Someone already pointed out the 61.8 Fib from the last move down which is around 227.15, and a complete retrace would be 227.39. I'd be a little hesitant to short until one of those levels was touched.

M2B
  • #53,905
  • Dec 7, 2007 9:22am Dec 7, 2007 9:22am
Quoting PipChick
My third long target is 227.52 so maybe we will get the pips up then do M2B's short trade. I could live with that!
Very much so. I'm looking for a good ride down from here again. I am just getting in to early. I could actually see a touch of 228 being a realistic thought IF we get a close above these levels.
I dream, therefore I become.
  • #53,906
  • Dec 7, 2007 9:23am Dec 7, 2007 9:23am
Quoting PipChick
I just thought of something. My 4 yr anniversary in the forex is Dec 15. I think I should celebrate that I am still alive and not dead from lack of sleep.lol
Nice!!! congratulations Pipchick!
I dream, therefore I become.
  • #53,907
  • Dec 7, 2007 9:28am Dec 7, 2007 9:28am
Quoting mike w
Nice!!! congratulations Pipchick!
TY Mike I am Happy to still be here. As a previous noob, (actually I still consider myself an intermediate noob)I really dont think I have had a more challenging job. There were times I really didnt think I could continue and then out of no where, when you are least expecting it, the light bulb comes on and it all comes together.
  • #53,908
  • Dec 7, 2007 9:31am Dec 7, 2007 9:31am
Quoting PipChick
TY Mike I am Happy to still be here. As a previous noob, (actually I still consider myself an intermediate noob)I really dont think I have had a more challenging job. There were times I really didnt think I could continue and then out of no where, when you are least expecting it, the light bulb comes on and it all comes together.
That's awesome, because I know exactly what you mean! I love that light bulb effect! hahaha
I dream, therefore I become.
  • #53,909
  • Dec 7, 2007 9:34am Dec 7, 2007 9:34am
Anyone who is long with me, I am scaling out some more and have the stop at BE. I have to go shopping!!!!

Have a great weekend everyone.
  • #53,910
  • Dec 7, 2007 9:36am Dec 7, 2007 9:36am
Good stuff...Have a good weekend.

Price is still having trouble moving over the resistance area. I doubt we will get a close above it for a while if we even do.
I dream, therefore I become.
  • #53,911
  • Edited 11:43am Dec 7, 2007 9:37am | Edited 11:43am
Quoting my2buoys
I don't think so. Previous high was 227.04 area and that was just kind of hanging out there in the middle of nowhere. Price really needs to find a good line of resistance to bounce off of or hang around at for a while. Someone already pointed out the 61.8 Fib from the last move down which is around 227.15, and a complete retrace would be 227.39. I'd be a little hesitant to short until one of those levels was touched.

M2B
I am out of intraday scalps after completing my monthly target of 10% last monday/tuesday. For the time being I am building short term longs with smaller lot sizes exiting after 200pip+ pips & placing entry orders @ the same entry price with half the the lot sizes..My target 50fib @ 231 area as explained here http://www.forexfactory.com/showpost...ostcount=53311 Lol..wanted 2 point that out as a lot of newbies comehere looking 4 trade calls & get nowhere after reading such posts & that 2 frm 1kters..
  • #53,912
  • Dec 7, 2007 9:39am Dec 7, 2007 9:39am
Quoting mike w
Could you tell me what R1 is dagoods? I know your talking about the 1st level of resistance, but I'm not too sure as to where you have it plotted out. Thanks in advance.
i am using 4 hour as genral rule for my style of trading i look at actionforex.com as it makes it a lot easier than plotting it myself.... also am a big fan of pitchfork trading and am learing that with price action james 16 thread am still learning but am coming long i think nicely this thread is amzing and i appreciate all the help from all u awesome traders here thank u so much! and thanks for all your help mike pivot on 4 hour 226.59 and r1 227.24 IMO i think u r right we are at another crucial level that may determine things as we are near the median line on many timeframes for us pitchfork guys this is a no trade time.....
  • #53,913
  • Dec 7, 2007 9:40am Dec 7, 2007 9:40am
Quoting PipChick
Anyone who is long with me, I am scaling out some more and have the stop at BE. I have to go shopping!!!!

Have a great weekend everyone.
Actually I have two mimi longs waiting for the TP area of 227-228. I hope G/J will reach there before going down.

Have a great weekend!
  • #53,914
  • Dec 7, 2007 9:47am Dec 7, 2007 9:47am
Quoting forexnovice
I am out of intraday scalps after completely my monthly target of 10% last monday/tuesday. For the time being I am building short term longs with smaller lot sizes exiting after 200pip+ pips & placing entry orders @ the same entry price with half the the lot sizes..My target 61.8fib @ 231 area as explained here http://www.forexfactory.com/showpost...ostcount=53311 Lol..wanted 2 point that out as a lot of newbies comehere looking 4 trade calls & get nowhere after reading such posts & that 2 frm 1kters..

as a relative newbie i noticed on this thread that there are diffrent styles of traders ome being longer time frame than others and therefore twhat they see on their charts is differnt depending on the timeframe they expect the price to move.... so other newbies must consider the source and timeframe as many times all of the traders plans eventually pan out but it may take longer for others while others may be scalping more etc. but we all using the aus system i think and waiting for good aus sutem set ups which are fewer (way fewer) than what traders do on this thread) so.... i take it all with grain of salt hope others do too
  • #53,915
  • Dec 7, 2007 9:47am Dec 7, 2007 9:47am
Another good reason to look for a decent short soon is the bearish divergence showing on the 15M, 30M and now the 1H chart. Again, I don't think it's moved up as high as it can go yet. Look for a bounce off of one of the two Fib lines just above current price.

M2B
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  • #53,916
  • Dec 7, 2007 9:48am Dec 7, 2007 9:48am
Quoting dagoods
i am using 4 hour as genral rule for my style of trading i look at actionforex.com as it makes it a lot easier than plotting it myself.... also am a big fan of pitchfork trading and am learing that with price action james 16 thread am still learning but am coming long i think nicely this thread is amzing and i appreciate all the help from all u awesome traders here thank u so much! and thanks for all your help mike pivot on 4 hour 226.59 and r1 227.24 IMO i think u r right we are at another crucial level that may determine things as we are near the median line on many timeframes for us pitchfork guys this is a no trade time.....
Well, you just said it perfectly for yourself then. "For us pitchfork guys this is a no trade time." IF you don't see a trade, then don't try to force it.

As for the 227.24 area, I could see that being a possibility, but I think we will just range from here until the end of the session.

For now, price didn't break the resistance and so I think we will maybe even start to move lower. I truly am not seeing, through my analysis, price being able to move much higher than that area that you talked about; 227.24. That's just my analysis and as you could see today, a lot of people have different ideas and thoughts on the market. The hard part for you, now, is learning to trust your own analysis moreso than other peoples.
I dream, therefore I become.
  • #53,917
  • Dec 7, 2007 9:49am Dec 7, 2007 9:49am
Quoting forexnovice
I have still a lot 2 learn about trading ideal PBs...Do keep those posts flowing.
Hi bro, what is the meaning of PB!
thanks
  • #53,918
  • Dec 7, 2007 9:51am Dec 7, 2007 9:51am
Quoting mentone3
Hi bro, what is the meaning of PB!
thanks
Pin bars. There was a discussion about them a few posts back.
I dream, therefore I become.
  • #53,919
  • Dec 7, 2007 9:54am Dec 7, 2007 9:54am
Quoting mentone3
Hi bro, what is the meaning of PB!
thanks
Learn frm the Pros here http://www.forexfactory.com/showthread.php?t=2331 & here http://www.forexfactory.com/showthre...=38266&page=18 u will definitly have some reading 2 do but believe me it will be worth the effort
  • #53,920
  • Dec 7, 2007 9:55am Dec 7, 2007 9:55am
Quoting mike w
Well, you just said it perfectly for yourself then. "For us pitchfork guys this is a no trade time." IF you don't see a trade, then don't try to force it.

As for the 227.24 area, I could see that being a possibility, but I think we will just range from here until the end of the session.

For now, price didn't break the resistance and so I think we will maybe even start to move lower. I truly am not seeing, through my analysis, price being able to move much higher than that area that you talked about; 227.24. That's just my analysis and as you could see today, a lot of people have different ideas and thoughts on the market. The hard part for you, now, is learning to trust your own analysis moreso than other peoples.
very true mike thanks again for all your help... btw on longer tfs we have not yet reached median telling me we may see more bull activity (longer view) unless we have a reversal and go short IMO
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