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

Quoting quecee5

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Based on this chart it looks like all fibs have been hit, but maybe forexnovice can add a comment or two to this. . .

Looking at this chart I'm not sure where price would go (as far as up) and how it would fit into the analysis. Unless 213.60 is truly the bottom then I guess price could start all over again going up, however is that likely considering UJ has broken back below the 109.40 trend line and could be headed toward 108.50????

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Quoting quecee5

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Thanks but I guess we'll see shortly.
We may see price drift toward 213.33 before any retrace back up. A 50 bps cut is most likely being priced in so I'm not sure what would drive price upward, maybe some of the "fundamental knowing" seniors could answer that question. . . Also GU looks "crippled" at this point so any downward movement we see in GJ should be a result of selling pressure in UJ, JMHO. . .

I'll trade it both ways like I've been doing all morning so doesn't matter to me much, just trying to get a bit of perspective from these moves. . .

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Quoting my2buoys

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I don't see how price could go down without first going up. Open up your chart to a 4H instead of a 1H and you'll see we've been in a range since the first of the year. Price has bounced between 213.50 and 217 as highlighted by the space between the purple vertical lines (sorry, my charts can't shade). The Monthly and Weekly charts have just entered OS territory on Stochastics. The Daily has been OS for almost two weeks. The 4H has room to move down, but unless there's a big sell-off in the DOW, I don't see price breaking that 213.50 area convincingly before the 4H becomes OS as well. When price ranges the way it is ranging right now, it's best to back up to a higher TF for Fib analysis. There is a virtual triple bottom at the 213.50 area. Until that area is effectively broken, it is only natural to assume a Fib retracement to the levels mentioned by several other traders in this thread.

M2B

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Quoting FX-Petra

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quecee5,
Benanke speech would, in normal conditions, have sent GU much higher. Fed funds now stands at 90% of a 50 point cut at end of January. With Boe on hold that makes GU a much, much more attractive buy for long term players. The fly messing things up is that most do not believe that BOE is really on hold--only a pause. If we get some news that England's enconomy is not as horrific as many are saying, GU shorts will run for the hills. I am long GJ @ 213.70 simply based on risk reward. If we break under 212.80, I am out for a 90 pip loss. If events happen to spring the retrace, the reward will be a handsome one.

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Quoting PipChick

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M2B,
Do you mind me asking what your stochs settings are?

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Quoting my2buoys

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They are 8,3,3. If you zoom in on the chart (if your computer allows that) you should be able to see the settings on all my indicators on the chart.

M2B

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Quoting my2buoys

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I don't see how price could go down without first going up. Open up your chart to a 4H instead of a 1H and you'll see we've been in a range since the first of the year. Price has bounced between 213.50 and 217 as highlighted by the space between the purple vertical lines (sorry, my charts can't shade). The Monthly and Weekly charts have just entered OS territory on Stochastics. The Daily has been OS for almost two weeks. The 4H has room to move down, but unless there's a big sell-off in the DOW, I don't see price breaking that 213.50 area convincingly before the 4H becomes OS as well. When price ranges the way it is ranging right now, it's best to back up to a higher TF for Fib analysis. There is a virtual triple bottom at the 213.50 area. Until that area is effectively broken, it is only natural to assume a Fib retracement to the levels mentioned by several other traders in this thread.

M2B

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Quoting doughboi

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How could you blow an account? me sitting here and exiting a trade is just the same as setting a stop loss when i am away from my computer. But if you are worried that i will let my emotions get the best of me then you shouldnt be,...I have blown a few accounts myself in the past. and I know better.

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Quoting fourxtrader

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We may see the fourth quadrant filled before going down. LOL

Dr. D.

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Quoting fourxtrader

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Posted this chart 46+ hours ago........ "nature abhors a vacuum"

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Quoting fourxtrader

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Posted this chart 46+ hours ago........ "nature abhors a vacuum"

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Quoting fourxtrader

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and subsequently seems to be filling the voids.

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Quoting arezab

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what a nice ranging market .... do you enjoy ?

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Quoting MMDealer

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Hey bro (and everyone else who may be interested),

I am a newbie - and im right more than im wrong. Usually right 9/10 times. This belief in myself results in a psychology which is not flexible enough to make the sort money i should be in a ranging market like this.

As opposed to booking pips up and down, i tend to take a view and wait till im right. Massive opportunity cost in that. This has just become apparent to me and ill work on this in the future.

Just throwing it out there...

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