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

  • #57,321
  • Jan 4, 2008 10:20am Jan 4, 2008 10:20am
Quoting forexnovice
I am also bearish longterm on GU, UJ, GJ.

For those following GMT time, we have a bearish pinbar on 4hr GU and a bullish pinbar on 1hr GU. Some ranging is due b4 price heads either north imo.

hey fn! glad to see you posting more! thanks i need to get better! haven't looked at any chart or price yet....computer being a pain.... was wondering what happened... i saw that nfp and usd was bad .... did g/u hit that -138 fib and start bouncing back up? or did it push through? bet it bounced..... did gj drop down to start a double bottom retrace? going to reboot and look now..... keep up the great work FN!
  • #57,322
  • Jan 4, 2008 10:22am Jan 4, 2008 10:22am
Ya, Baldy and Bad make a good tag time.
  • #57,323
  • Jan 4, 2008 10:27am Jan 4, 2008 10:27am
Quoting quecee5
Good morning dagoods =

if you give in to you wife and go part time I quit! how am i going to trade without YOU! tell her i'll spilt my profits with her!
  • #57,324
  • Jan 4, 2008 10:28am Jan 4, 2008 10:28am
I am a retrace junkie. I love to take profits at 38 and 50 fib retraces. I am not playing the retrace game right now--and here's why. The last unwind was 2500 pips and lasted for 13 days before we had a 50% retrace. Presently, we are down about 1500 pips in 4 days. Of course, there will be a retrace, and it will touch at least the 5 sma daily and probably the weekly. But when will it start? Could it drop another 1000 pips to the 205 area? Yes, it could. Could it drop another 1000 pips to the 195 area? Yes, it could. Right now we are in a mood of risk aversion, and what it will take to turn that mood back around is a big guess.
So to new traders---I would not go near the buy button right now. There are plenty of pips to be made waiting on small bounces and shorting. I know there are some experienced traders out there who are scalping small bounces and making some good pips. You know what you are doing and are aware of your risk before you trade. Anyone going long right now targeting the big retrace is at risk.
  • #57,325
  • Jan 4, 2008 10:29am Jan 4, 2008 10:29am
Quoting dagoods
hey fn! glad to see you posting more! thanks i need to get better! haven't looked at any chart or price yet....computer being a pain.... was wondering what happened... i saw that nfp and usd was bad .... did g/u hit that -138 fib and start bouncing back up? or did it push through? bet it bounced..... did gj drop down to start a double bottom retrace? going to reboot and look now..... keep up the great work FN!
GJ had a good bounce off the low but I'm not convinced yet until it has a close above 5 sma on the 1hr chart. . .

It could bounce off 4hr pivot @ 214.37 then head back down. However, whoever bought it off the low/bounce should be in good profit right now.

Good trading. . .
  • #57,326
  • Jan 4, 2008 10:35am Jan 4, 2008 10:35am
My trade did't hit I puit a long at 213.50 but it did't hit. Dam IBFX! Ask price was high :-(
  • #57,327
  • Jan 4, 2008 10:35am Jan 4, 2008 10:35am
Quoting dagoods
if you give in to you wife and go part time I quit! how am i going to trade without YOU! tell her i'll spilt my profits with her!


Naw, I'm addicted to this stuff, this could be the best job in the world, in fact it is! Just need to balance my time A BIT MORE. . .
  • #57,328
  • Jan 4, 2008 10:37am Jan 4, 2008 10:37am
Quoting quecee5
GJ had a good bounce off the low but I'm not convinced yet until it has a close above 5 sma on the 1hr chart. . .

It could bounce off 4hr pivot @ 214.37 then head back down. However, whoever bought it off the low/bounce should be in good profit right now.

Good trading. . .

this is NOT a good scalp yet qucee IMO may not make it up through resistance...... may get rejected and fall more IMO I am waiting to see

chart>>>>>>>>>
Attached Image (click to enlarge)
Click to Enlarge Name: gj.gif Size: 25 KB
  • #57,329
  • Jan 4, 2008 10:40am Jan 4, 2008 10:40am
Quoting vinesh2
I beleive Aus did that a reversal is due. Target 219 area check his blog
The 4hr QQE 5 shows oversold as well. I will try another small long on GJ as well with SL 100 TP 219. Will be holding both GU and GJ longs till next week's end.
  • #57,330
  • Jan 4, 2008 10:41am Jan 4, 2008 10:41am
How do you dtermine oversold and overbought price. I mean if it goes below 50 line and tocuh's 0 does it mean oversold?
  • #57,331
  • Jan 4, 2008 10:43am Jan 4, 2008 10:43am
Quoting vinesh2
How do you dtermine oversold and overbought price. I mean if it goes below 50 line and tocuh's 0 does it mean oversold?

70 and 20
  • #57,332
  • Jan 4, 2008 10:47am Jan 4, 2008 10:47am
Quoting dagoods
this is NOT a good scalp yet qucee IMO may not make it up through resistance...... may get rejected and fall more IMO I am waiting to see

chart>>>>>>>>>
I'm with you on this one. . . I'm still on the sidelines but whoever bought from 213.49 bounce should have gotten at least 70/75 pip profit off the bounce. Well, that's if they closed it out for profit.

Right now I'm in a GU short from 1.9850 that I'm scaling out of and think that GU will go down further to at least 1.968 if it can't hold above the daily pivot which could drag GJ down toward 213.00 1st target IMO. . .
  • #57,333
  • Jan 4, 2008 10:47am Jan 4, 2008 10:47am
Quoting dagoods
if you give in to you wife and go part time I quit! how am i going to trade without YOU! tell her i'll spilt my profits with her!
GM Dagoods. Hope your computer problem gets sorted out soon. I am right there with you on the learning curve still. Your posts and charts are getting great day by day
  • #57,334
  • Jan 4, 2008 10:53am Jan 4, 2008 10:53am
Quoting quecee5
I'm with you on this one. . . I'm still on the sidelines but whoever bought from 213.49 bounce should have gotten at least 70/75 pip profit off the bounce. Well, that's if they closed it out for profit.

Right now I'm in a GU short from 1.9850 that I'm scaling out of and think that GU will go down further to at least 1.968 if it can't hold above the daily pivot which could drag GJ down toward 213.00 IMO. . .

i was thinking uj could drag her down as well..... uj not looking very supported either..... this could be a fun day! or if not it could be another ranging scalper day ..... either way.... forex novice.... sorry bud but i respectfully disagree with you (at least for now) as i think long has not yet presented itself and short may have started to show her head again IMO === be careful those countertrend plays can hurt!
  • #57,335
  • Jan 4, 2008 10:54am Jan 4, 2008 10:54am
Quoting forexnovice
GM Dagoods. Hope your computer problem gets sorted out soon. I am right there with you on the learning curve still. Your posts and charts are getting great day by day

thanks bud! got computer fixed just needed to reboot! appreciate the kind words. I've been working hard and always learning!
  • #57,336
  • Jan 4, 2008 10:56am Jan 4, 2008 10:56am
Quoting vinesh2
How do you dtermine oversold and overbought price. I mean if it goes below 50 line and tocuh's 0 does it mean oversold?
When the qqe goes way below the 30 level. Right now something akin to divergence is playing out on the 4hr charts. Price has made new lows but qqe5 is pointing up on 4hr. Dont know much about divergence but thats how it is looking.
Attached Image (click to enlarge)
Click to Enlarge Name: divergence.gif Size: 17 KB
  • #57,337
  • Jan 4, 2008 10:56am Jan 4, 2008 10:56am
Quoting dagoods
i was thinking uj could drag her down as well..... uj not looking very supported either..... this could be a fun day! or if not it could be another ranging scalper day ..... either way.... forex novice.... sorry bud but i respectfully disagree with you (at least for now) as i think long has not yet presented itself and short may have started to show her head again IMO === be careful those countertrend plays can hurt!
Yep, UJ is the "ugly" stepchild right now who no one wants to play with =

Anyway, I'll sit and watch GJ for now as I think there is a better trade that will present itself soon. . .
  • #57,338
  • Jan 4, 2008 10:58am Jan 4, 2008 10:58am
here is the one hour.... you can see where the resistance is.... so personally i wont feel comfortable long unless until that resistance is broken to the upside..... if price is rejected there i will short for at least a scalperdoo! IMHO!
Attached Image (click to enlarge)
Click to Enlarge Name: gj 1 hour.gif Size: 28 KB
  • #57,339
  • Jan 4, 2008 10:58am Jan 4, 2008 10:58am
Quoting quecee5
I'm with you on this one. . . I'm still on the sidelines but whoever bought from 213.49 bounce should have gotten at least 70/75 pip profit off the bounce. Well, that's if they closed it out for profit.

Right now I'm in a GU short from 1.9850 that I'm scaling out of and think that GU will go down further to at least 1.968 if it can't hold above the daily pivot which could drag GJ down toward 213.00 1st target IMO. . .
I never trade against trend but I am not seeing 213.49 as pivot. Is that a daily pivot? Where did you get your pivot info so that I can add it to my arsenal of tools. thx. Much appreciated.
  • #57,340
  • Jan 4, 2008 11:04am Jan 4, 2008 11:04am
to me gu looks temporarily supported uj is in freefall until further notice..... if g/u cant push up through its resisatnce gj will drop like a hammer .... lets hope so! trade according to you own plan and what you see..... i get the feeling though that ranges are beginning to form.....
Attached Image (click to enlarge)
Click to Enlarge Name: uj.gif Size: 26 KB
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