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

  • #54,741
  • Dec 12, 2007 2:41pm Dec 12, 2007 2:41pm
I'm gunning for 223. Sitting with a not so nice drawdown right now. I was gulping karmo's patience pills by the bottles this morning.
  • #54,742
  • Dec 12, 2007 2:41pm Dec 12, 2007 2:41pm
From what I been watching on CNBC, the financial stocks have not rebounded but instead drifting lower.

Which only means that, this new so called facility will not help the banking system. Hey I won't argue with those bankers. Maybe they know something we dont.

This week would be crucial. We have tested the lows and highs on g/j within a range of 750-800pips. Soon we will have a massive break out. Im looking for a break to the downside.
  • #54,743
  • Dec 12, 2007 2:45pm Dec 12, 2007 2:45pm
Quoting kdoubled01
av locked my profit again +100. av set a trailing stop of 40 pips till i reach my target 227.85 b4 thinking of any long
If we get an hourly candle to close below 229 level then 228.18 and 227.54 next support for this pair. . .
  • #54,744
  • Dec 12, 2007 2:46pm Dec 12, 2007 2:46pm
Quoting kdoubled01
av locked my profit again +100. av set a trailing stop of 40 pips till i reach my target 227.85 b4 thinking of any long
Hey KDoubled, I am short also from 229.80. Just wondering what you saw that made you short? For me it just seemed like too big a move that had lost momentum.. which is, admittedly, not the soundest terms upon which to make a trade.. I did see the stochs edging down on shorter time frames but the 4-hour was still pointed up so it was more of a judgment call.
  • #54,745
  • Dec 12, 2007 2:48pm Dec 12, 2007 2:48pm
Quoting quecee5
If we get an hourly candle to close below 229 level then 228.18 and 227.54 next support for this pair. . .
Agreed. I'm still holding onto those shorts waiting to see a clear breach below 229. I actually doubt it will happen though. We are lingering here for way to long. That just shows me indecision.
I dream, therefore I become.
  • #54,746
  • Dec 12, 2007 2:52pm Dec 12, 2007 2:52pm
Anyone notice a hammer forming on the 1 hr candle?
  • #54,747
  • Dec 12, 2007 2:53pm Dec 12, 2007 2:53pm
Quoting mike w
Agreed. I'm still holding onto those shorts waiting to see a clear breach below 229. I actually doubt it will happen though. We are lingering here for way to long. That just shows me indecision.
Once the "big boys" get the interest I think we'll see it drop/retrace whatever - lol. Don't think it will make it back above 230 but heh anything is possible.
  • #54,748
  • Dec 12, 2007 2:54pm Dec 12, 2007 2:54pm
Quoting vinesh2
Anyone notice a hammer forming on the 1 hr candle?
Yep. On the 30 minute chart, its turning out to be a double low and we'll probably get a higher close. This was off of a support level and so I'd hold more weight to it. Nice look.
Attached Image (click to enlarge)
Click to Enlarge Name: looking to the lower..gif Size: 12 KB
I dream, therefore I become.
  • #54,749
  • Dec 12, 2007 2:57pm Dec 12, 2007 2:57pm
There seems to be some last minute buying going on dam those big boys! lol
  • #54,750
  • Dec 12, 2007 2:57pm Dec 12, 2007 2:57pm
Quoting quecee5
Once the "big boys" get the interest I think we'll see it drop/retrace whatever - lol. Don't think it will make it back above 230 but heh anything is possible.
I agree. That seems to happen every wednesday now. After that, I will look to the higher timeframes (daily) and see how it looks. Right now we are at the top of the range and so I don't think I would post any trades until a clear breakout presents itself.
I dream, therefore I become.
  • #54,751
  • Dec 12, 2007 3:00pm Dec 12, 2007 3:00pm
Quoting vinesh2
There seems to be some last minute buying going on dam those big boys! lol
People loading up for interest. It's actually not a bad idea, but I need to come up with a way to exact my entry to gain the interest and then close out right after. If I would put in a large position, that would add a nice little income.
I dream, therefore I become.
  • #54,752
  • Dec 12, 2007 3:03pm Dec 12, 2007 3:03pm
Guys am done for today. Till london session. there was no major retracement since yesterday. my just recieved a sell signal now till 227. I use pivot time frame to know over bought and over sold. when c price close to R2 or R3 i go short immediately and vice versa. I use fib retracement. from 227 am seeing 231 tommorrow
  • #54,753
  • Dec 12, 2007 3:07pm Dec 12, 2007 3:07pm
i use daily pivot on pivot time frame. There is a doji on 1hr chat. I think its a good signal of goin short
  • #54,754
  • Dec 12, 2007 3:19pm Dec 12, 2007 3:19pm
Quoting kdoubled01
i use daily pivot on pivot time frame. There is a doji on 1hr chat. I think its a good signal of goin short
I think you mean long. Dojis signify that the previous move has exhausted or is close to it. Without any other confirmations, they should be used kind of like a yield sign.
I dream, therefore I become.
  • #54,755
  • Dec 12, 2007 3:54pm Dec 12, 2007 3:54pm
Quoting fourxtrader
a pinbar on 4hour?

Dagoods, good call!

you picked a good one on the 4hour. A good signal to respect.

I didn't expect it could correct that much but it certainly made
a strong confirmation.
thanks i guess i am just trying to learn i sitll dont see any trade here? dont see an aus cross down or up? so... no clear trade but thanks for the ego boost
  • #54,756
  • Dec 12, 2007 4:02pm Dec 12, 2007 4:02pm
Lets go shorts. Short this sucker out!
  • #54,757
  • Dec 12, 2007 4:02pm Dec 12, 2007 4:02pm
Quoting mike w
Yep. On the 30 minute chart, its turning out to be a double low and we'll probably get a higher close. This was off of a support level and so I'd hold more weight to it. Nice look.

a hammer is bullish???? isnt it a tiny w? isnt price lh lh???? this sforex tuff is hard~!
  • #54,758
  • Dec 12, 2007 4:04pm Dec 12, 2007 4:04pm
Quoting dagoods
a hammer is bullish???? isnt it a tiny w? isnt price lh lh???? this sforex tuff is hard~!
I don't really know what you were just trying to say. Whats a tiny w? lh lh?
I dream, therefore I become.
  • #54,759
  • Dec 12, 2007 4:06pm Dec 12, 2007 4:06pm
Quoting mike w
I don't really know what you were just trying to say. Whats a tiny w? lh lh?
lower high then lower high in 5 minute tf lh lh and lh again ...w may form double top? triple top? if right shoulder breaks we go low right????
  • #54,760
  • Dec 12, 2007 4:09pm Dec 12, 2007 4:09pm
Quoting dagoods
thanks i guess i am just trying to learn i sitll dont see any trade here? dont see an aus cross down or up? so... no clear trade but thanks for the ego boost
Only speculative trades. lol

Since we are proceeding with our final prognostications of the session:

The 4hr has performed it's obligatory kiss of the 5sma which
completes a minimum necessary retracement... (bullish)
The previous long legged doji (pin bar) with long wicks / bar is
simply a sign of strong indecision rather than a reversal.
The aforementioned hammer is a bullish reversal signal now confirmed
by the subsequent candle that closed higher.
The daily shows a bullish engulfing pattern in the making (~2 hrs
remaining),which could be a strong continuation signal of the upward
channel.
We haven't completed the 50% retrace on the daily charts for 11/01
thru 11/22.

The charts comfirm the market's head in the sand attitude towards
fundamentals wishing to promulgate the 'all is well in zion', 'emperor's new
clothes' notion when in fact there is really 'no new clothes' to display in
the parade.

Still the 'stockings are hung by the chimney with care', filled with stuffings
bought on credit.
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