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

  • #57,021
  • Jan 3, 2008 12:47am Jan 3, 2008 12:47am
chart
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  • #57,022
  • Jan 3, 2008 12:56am Jan 3, 2008 12:56am
Quoting FX-Petra
There is no FUNDAMENTAL reason for a move so severe. Yes, there was some bad news. But the level of news release does not match the level of punishment GJ has been handed.
Did you follow the ISM report? It really was THAT bad. ISM of 47.7 spells recession.

Coupled with a break of the Feb & August '07 lows to fresh 18-month lows and you have one heck of a technical breakdown (and a beautiful H&S pattern coming to fruition).
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  • #57,023
  • Jan 3, 2008 12:58am Jan 3, 2008 12:58am
Quoting arezab
Thank you dagoods for your response and suggestions. I actually open 2 types of position, one is taking profit from swings as you mentioned and other is to open long term trend based positions. I opened and closed several positions since yesterday (I even traded in 5M) but my style is to keep those long term trades open until I see a strong reversal signal or a retracement over 23.8 fib levels.

You are a good trader ... I've learned lot of things from you.

thanks but you are better as are karmo quecee forexnovice mike w roycroy fx petra etc etc (you all know who you are) that i learned and learn from by hanging out in here .....

One of my goals this year is to hold some positions and take longer term trades like you do.... im just not confident enough yet and dont know if i can handle all the karmo pills required!!!
  • #57,024
  • Jan 3, 2008 1:00am Jan 3, 2008 1:00am
Guess... I agree, there is no fundamentals behind this move down, Just that...

When everyone in the world is wrong, they’re probably not! (forgot who said)
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  • #57,025
  • Jan 3, 2008 1:05am Jan 3, 2008 1:05am
Quoting Trader KGB
Did you follow the ISM report? It really was THAT bad. ISM of 47.7 spells recession.

Coupled with a break of the Feb & August '07 lows to fresh 18-month lows and you have one heck of a technical breakdown (and a beautiful H&S pattern coming to fruition).

nice chart! i think we all agree on the overall downtrend.... its just a matter of how we get down further.... forex pairs like to recoil (retrace) so they can gather steam to get back on their merry way to where they are headed....... as far as recession for the usa i highly doubt it personally..... its an election year for one ....republicans won't let it happen...its the pound that is in for trouble IMO... i think this pair going down this year will be the story of the yen strngthening and the gpb weakening and the carry unwinding ...but at what pace that happens is anybodys guess IMHO
  • #57,026
  • Jan 3, 2008 1:09am Jan 3, 2008 1:09am
I think people are really overestimating the ability of the government to put this particular genie back in its bottle.
Patience + Humility + Study = Success
  • #57,027
  • Jan 3, 2008 1:22am Jan 3, 2008 1:22am
Quoting dagoods
nice chart!
I can't take credit for that one, borrowed it from Tim Knight's site here.
  • #57,028
  • Jan 3, 2008 1:28am Jan 3, 2008 1:28am
forexnovice you are one of the best and consistent traders on this site and that i know.... dont think i didnt notice! I would love for you to post more often.... your chart last week with the down channel was a great eye opener for me on having a simple way to view a move and helping me let my profits run longer. so thank you! now dang it post some analysis! lol
  • #57,029
  • Jan 3, 2008 1:32am Jan 3, 2008 1:32am
Quoting DutchTrader
I think people are really overestimating the ability of the government to put this particular genie back in its bottle.
you mean they can't afford that? They have done it before, why shouldn't it be the case this time?
Discipline + Patience - Fear - Greed = Success
  • #57,030
  • Jan 3, 2008 1:53am Jan 3, 2008 1:53am
Quoting dagoods
forexnovice you are one of the best and consistent traders on this site and that i know.... dont think i didnt notice! I would love for you to post more often.... your chart last week with the down channel was a great eye opener for me on having a simple way to view a move and helping me let my profits run longer. so thank you! now dang it post some analysis! lol
GM all. Thanx Mate...lol..scalping on GU...selling rallies on 15min TF for 10-15-30 pips thanks to the small spread. No postions on GJ today. Sell-limits @ 219-223
  • #57,031
  • Jan 3, 2008 3:37am Jan 3, 2008 3:37am
Bouncing off the weekly 200 ema. Interesting to see if it holds. This pair seems to be breaching major levels without looking back but if it holds...hmmmmmmmmm.
  • #57,032
  • Jan 3, 2008 3:47am Jan 3, 2008 3:47am
based on fib channels..I'm targetting 214.00 level.
  • #57,033
  • Jan 3, 2008 4:01am Jan 3, 2008 4:01am
Quoting Trader KGB
I can't take credit for that one, borrowed it from Tim Knight's site here.
Link not working.
  • #57,034
  • Jan 3, 2008 4:08am Jan 3, 2008 4:08am
do u know where is the botom for the gbp-jpy,is there any clear dierection???
plz,let us know...
thnx
  • #57,035
  • Jan 3, 2008 4:14am Jan 3, 2008 4:14am
Quoting forexnovice
Link not working.
Use Firefox, bro !

It is working.
  • #57,036
  • Jan 3, 2008 4:20am Jan 3, 2008 4:20am
Quoting tahshoon
do u know where is the botom for the gbp-jpy,is there any clear dierection???
plz,let us know...
thnx
If we knew where the bottom was, we would all be rich..lol. Just funnin you. No offense.
But,215.07, where it just bounced from is the 1.27 fib of the 251-219 fall which just happens to be below the monthly 50 ema at 215.18. Did it spike thru the 50 ema and is now headed back up? Who knows.From here there are major supports at 214.50, bottom of a bullish bat formation on the daily.(Wish M2B were here to confirm that)If it penetrates that, she will prolly tank more. At this point, the g/j doesnt seem to respect ANY levels. She is a crazy beast!
  • #57,037
  • Jan 3, 2008 4:30am Jan 3, 2008 4:30am
Quoting PipChick
If we knew where the bottom was, we would all be rich..lol. Just funnin you. No offense.
But,215.07, where it just bounced from is the 1.27 fib of the 251-219 fall which just happens to be below the monthly 50 ema at 215.18. Did it spike thru the 50 ema and is now headed back up? Who knows.From here there are major supports at 214.50, bottom of a bullish bat formation on the daily.(Wish M2B were here to confirm that)If it penetrates that, she will prolly tank more. At this point, the g/j doesnt seem to respect ANY levels. She is a crazy beast!
Dear PipChick,

If you use ZUP, you can check to true the last settings, in order to show the information on patterns on charts.
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  • #57,038
  • Jan 3, 2008 4:33am Jan 3, 2008 4:33am
Quoting crashout
Use Firefox, bro !

It is working.
Thank You.
  • #57,039
  • Jan 3, 2008 4:40am Jan 3, 2008 4:40am
A test of the 200-week sma is in order, currently at ~ 212.78. Unbroken since Dec '01..
  • #57,040
  • Jan 3, 2008 4:46am Jan 3, 2008 4:46am
Quoting Trader KGB
A test of the 200-week sma is in order, currently at ~ 212.78. Unbroken since Dec '01..
No need to guess who's along for the ride with you.
Patience + Humility + Study = Success
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