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

  • #57,121
  • Jan 3, 2008 9:18am Jan 3, 2008 9:18am
Quoting vinesh2
I am looking to short maybe at 217.20 or 218.65. 217.20 is 5SMA High so it may provide resistence if it penetrates that then 4Hr Gann is next resistence so ya maybe short from there too. Currently just ranging so probably not put any trades right now.
I think too that 217.10 (5 sma high) will be the end of the retracement, everything above that will be speculative, without any fundamentals to back it up. With the awaiting for the PMI the Pound has nowhere to go but down. And with a negative PMI the rate concerns will get even bigger ... holding a short order over the PMI is worth it IMO.
  • #57,122
  • Jan 3, 2008 9:27am Jan 3, 2008 9:27am
1H Gann resistance has been broken by this hour candle... does this indicate that we'll get to 218sh or close to that?
  • #57,123
  • Jan 3, 2008 9:32am Jan 3, 2008 9:32am
Quoting quecee5
Anyone looking @ EJ as a possible short @ 162/162.50/162.70 also, UJ @ 110.50 or slightly higher. Also, looking to add more shorts to GJ @ 217.64/218.25/50 area.

This is my observation merely looking at price action on 1/4 hr charts over the last couple hours. . .

Feedback welcomed. . .

looking at ej... waiting to see if it will establish a true retrace or not.... based on fibs i'm not sure retracing is over yet.... its such a slow market so far this session i am staying on sidelines on all for now..... i think we will see some nice set ups in the next few sessions..... but on fibs ej crossed down and hit its 138 mark and is now going back up for the time being.... i have no idea where it will start coming down again....i'll be looking at trendlines and price reacts around them as ususal.... pretty much the same story on all for me right now.... i'm tryin to be patient and wait for a1 setups...... but the minor td level 1 tl was broken to the upside but i'm seeing that previous 100 fib as previous support now resistance...if that breaks it could go long to at least 38 fib so......if it get rejected then...ok if it breaks the brown trend envelope then its going long for a fpossible full retrace up
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  • #57,124
  • Jan 3, 2008 9:40am Jan 3, 2008 9:40am
by a full retrace let me clarify that i mean the 61.8 fib at the red dotted line (resistance)
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  • #57,125
  • Jan 3, 2008 9:43am Jan 3, 2008 9:43am
1Hr GANN has broken but there is resistence in form of 25EMA on 1hr if you look at the last few candles it keeps bouncing off that 25EMA it may reach as high as 217 or high 216 area. i would wait for the next candle to see where it opens and then place my trade accordingly. Trade what you see on your chart buddy trust me on that lol! I am still learning so take too much stock on what i say. Look for senior analysis
  • #57,126
  • Jan 3, 2008 9:44am Jan 3, 2008 9:44am
Quoting Pirin
I think too that 217.10 (5 sma high) will be the end of the retracement, everything above that will be speculative, without any fundamentals to back it up. With the awaiting for the PMI the Pound has nowhere to go but down. And with a negative PMI the rate concerns will get even bigger ... holding a short order over the PMI is worth it IMO.
Check your PM bro!
  • #57,127
  • Jan 3, 2008 9:53am Jan 3, 2008 9:53am
It looks like it things are starting to point up on the 1 hr but let's see what happens.
  • #57,128
  • Jan 3, 2008 10:11am Jan 3, 2008 10:11am
Quoting ak47dan2004
It looks like it things are starting to point up on the 1 hr but let's see what happens.
I wouldn't count on that, but who am I to say what will happen


P.S. I.Y.I, I wrote you back.
  • #57,129
  • Jan 3, 2008 10:13am Jan 3, 2008 10:13am
Quoting ak47dan2004
It looks like it things are starting to point up on the 1 hr but let's see what happens.

i would get too excited bout that.... indicaotrs lag... check the 1 hour chart.... mtf stochs etc flattening out now... we just ran inot a monor upper tl if i was going to scalp a few pips (which i dont and dont recommend) i would go short here for a few since it is a semi low risk area boucning off of restance provided by the upper minor tl.... IMO
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  • #57,130
  • Jan 3, 2008 10:25am Jan 3, 2008 10:25am
Let's see...I would most definitely NOT buy at the moment, however there is reason for me to believe that we could see 219.20. This is the 38.2 fib retracement level of this move down. Along those lines, 219 was a strong support and so now it is going to be a strong resistance. Now, I would look to, if we get to that level, add in more shorts. If not, then I am just on standby for further indication from price action as to where it will move to. best of luck to anyone trading. That is, unless your against me! jk jk well not really.
I dream, therefore I become.
  • #57,131
  • Jan 3, 2008 10:57am Jan 3, 2008 10:57am
here we go again - hold on tight
  • #57,132
  • Jan 3, 2008 11:03am Jan 3, 2008 11:03am
Quoting mike w
Let's see...I would most definitely NOT buy at the moment, however there is reason for me to believe that we could see 219.20. This is the 38.2 fib retracement level of this move down. Along those lines, 219 was a strong support and so now it is going to be a strong resistance. Now, I would look to, if we get to that level, add in more shorts. If not, then I am just on standby for further indication from price action as to where it will move to. best of luck to anyone trading. That is, unless your against me! jk jk well not really.
It almost looks picture perfect =
I may try a small long here for the ride up to 218.65 or slightly higher then flip it and short it down for the ride to 209.xx's. . .

THIS IS NOT A TRADE SIGNAL!
PLEASE TRADE WHAT YOUR CHARTS ARE TELLING U!
  • #57,133
  • Jan 3, 2008 11:03am Jan 3, 2008 11:03am
I cashed out a few pips, the 4H isn't giving me any clear signal, non are any of my other indicators, so a 4th attempt to break the 216.60 resistance is possible. I prefer staying out and waiting for a breakthrough like mike. But Asia should push the Pound lower, that's what my logic tells me.
  • #57,134
  • Jan 3, 2008 11:07am Jan 3, 2008 11:07am
Quoting cohiba pips
here we go again - hold on tight

hey all take heed of what mike w just wrote...he is a great trader.... and a great guy....very patient and helpful to new people (ask him questions) learn from him and other great traders here.... heres the deal right now.... nothing has changed...we are ranging a slow market.... the 4 hour chat has bullish signs and the 1 hour has bearish = very dangerous to trading...its a good day to experiment on demo and learn.... a bad time (for the moment to place trades on this pair.... unless you are a scalper and have a relaible system for ranging market with great Money management and tight stops..... the short i mentioned above i took profits right now of 38 pips.... the market is not allowing any more.... it is slow and confused so use today to learn and experiment on demo or go do something else IMO


that being said on DEMO i mights ride the short a bit further down to maybe 215.11 and then look for opportunity to scalp long or else a break of lower TL on 4 hour to go short again..... trading is boring on days like today.....but ptence is rewrded and jumping the gun is punished for sure.... good luck e1
  • #57,135
  • Jan 3, 2008 11:13am Jan 3, 2008 11:13am
i'm still hold sell gj to take profit at price 212.40...i hope can hit that.
  • #57,136
  • Jan 3, 2008 11:14am Jan 3, 2008 11:14am
if the downward trend breaks my support at 215.70 i can see it back in free fall IMO untill then im standing still
  • #57,137
  • Jan 3, 2008 11:22am Jan 3, 2008 11:22am
Quoting dagoods
hey all take heed of what mike w just wrote...he is a great trader.... and a great guy....very patient and helpful to new people (ask him questions) learn from him and other great traders here.... heres the deal right now.... nothing has changed...we are ranging a slow market.... the 4 hour chat has bullish signs and the 1 hour has bearish = very dangerous to trading...its a good day to experiment on demo and learn.... a bad time (for the moment to place trades on this pair.... unless you are a scalper and have a relaible system for ranging market with great Money management and tight stops..... the short i mentioned above i took profits right now of 38 pips.... the market is not allowing any more.... it is slow and confused so use today to learn and experiment on demo or go do something else IMO


that being said on DEMO i mights ride the short a bit further down to maybe 215.11 and then look for opportunity to scalp long or else a break of lower TL on 4 hour to go short again..... trading is boring on days like today.....but ptence is rewrded and jumping the gun is punished for sure.... good luck e1
Right there with you Dagoods. Closed UJ short @ breakeven..GJ for 50pips. Did well scalping GU shorts. No overnight positions for me.

Good Night All. Trade Well
  • #57,138
  • Jan 3, 2008 11:39am Jan 3, 2008 11:39am
Quoting cohiba pips
if the downward trend breaks my support at 215.70 i can see it back in free fall IMO untill then im standing still

ok i'm open to your analysis.... personally my analysis at the moment says you are dead wrong on that...but convince me....show us a chart so we can learn your thought process..... traders disagaree very often.... this thread is here we all share analysis and comment on it...so instead of just posting your trade calls it may serve us all better if we can see your anysis and then you can see others points of view and maybe become a better trader in the process.....also, there may be new people here who blindly take your calls and then what if you were wrong? then they get hurt which is bad karma dude.... anyway good luck but as i said I disagree
  • #57,139
  • Jan 3, 2008 11:42am Jan 3, 2008 11:42am
Quoting fising
i'm still hold sell gj to take profit at price 212.40...i hope can hit that.

can you share your target and why it is there and what your timeframe for that target is (you seem to be in a long term position) and what kind of drawdown you are willing to accept? a chart perhaps? long term i think it goes lower than that but...... i'm talking possibly weeks or at least days.... so..... please share analysis on this thread
  • #57,140
  • Jan 3, 2008 11:43am Jan 3, 2008 11:43am
Quoting dagoods
ok i'm open to your analysis.... personally my analysis at the moment says you are dead wrong on that...but convince me....show us a chart so we can learn your thought process..... traders disagaree very often.... this thread is here we all share analysis and comment on it...so instead of just posting your trade calls it may serve us all better if we can see your anysis and then you can see others points of view and maybe become a better trader in the process.....also, there may be new people here who blindly take your calls and then what if you were wrong? then they get hurt which is bad karma dude.... anyway good luck but as i said I disagree
Check your pm!
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