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

  • #59,941
  • Jan 23, 2008 7:57am Jan 23, 2008 7:57am
Same here 4.86, giving a bit of play room

Devil went down on Geppy he was looking for souls to steal
"Millionaires don't use astrology, billionaires do"
  • #59,942
  • Jan 23, 2008 8:09am Jan 23, 2008 8:09am
Quoting OrionsWay
Same here 4.86, giving a bit of play room

Devil went down on Geppy he was looking for souls to steal
He got mine
  • #59,943
  • Jan 23, 2008 8:09am Jan 23, 2008 8:09am
Quoting arezab
do you think 204.70 will hold? I see a MACD divergence in my 1H chart. THis is the second time price touches 204.7 and some signs of rejection can be observed in lower TF's.

I've set up a very small buy position from 204.75 let's see what happens ...


Can't see any divergence on any TF mind posting a chart
Measure twice, cut once
  • #59,944
  • Jan 23, 2008 8:18am Jan 23, 2008 8:18am
Quoting arezab
do you think 204.70 will hold? I see a MACD divergence in my 1H chart. THis is the second time price touches 204.7 and some signs of rejection can be observed in lower TF's.

I've set up a very small buy position from 204.75 let's see what happens ...
Put it this way, there is more reason for price to go down than up so eventually 204.60's support will be broken. Until the fundamental are worked out for the positive, price will continue to challenge the down side.

Consider this, DOW is trading below long-term uptrend line support (12,130) and was sitting on some support @ 11,750 but is currently trading slightly below, this is not good for GJ. . . As long as DOW continues to trade below this level the tone will continue to be bearish and risk aversion will continue.

But heh, trade what you see. . .

Sell on all rallies in a downtrend market, let the charts tell you when its time to buy long-term and trade with the trend because trend is your friend!
  • #59,945
  • Edited 9:06am Jan 23, 2008 8:39am | Edited 9:06am
hi buddies
i fall to sleep and woke uo now.
wooow...as i was be wait the beast fall like rock.
but unfortunately i missed this movement.
i'll be wait for some retracemnet and then go short http://qsmile.com/qsimages/70.gif
  • #59,946
  • Jan 23, 2008 8:41am Jan 23, 2008 8:41am
Quoting aediaz1


Can't see any divergence on any TF mind posting a chart
dear ae, here is what I see on my chart ...

I think q is right, fundamentally we should be more short biased. Though because I pay close attention to divergences which is part of my style to identify the price reversal but fundamental issues are more important.

I closed my long position with some pips and will rather wait until proper sign of uptrend appears.
Attached Image (click to enlarge)
Click to Enlarge Name: div11.jpg Size: 169 KB
Discipline + Patience - Fear - Greed = Success
  • #59,947
  • Jan 23, 2008 8:47am Jan 23, 2008 8:47am
Quoting aediaz1


Can't see any divergence on any TF mind posting a chart
... It's also good to notice that bullish butterfly pattern on daily chart is at the end of its bearish range box right now and a reversal is somehow probable ...

let's just wait and see what comes next. Nothing is impossible sp with this pair.
Discipline + Patience - Fear - Greed = Success
  • #59,948
  • Edited 9:20am Jan 23, 2008 8:50am | Edited 9:20am
Nooo trends never end especial the ones of corrective nature, wee need more sellers

5 4hr bars have touched the lows each time bought with conviction, fairly safe to say demand is present. So why the accumulating? to resell possibly, or to exhaust the supply for cheap prices. time will tell.
"Millionaires don't use astrology, billionaires do"
  • #59,949
  • Edited 9:44am Jan 23, 2008 9:28am | Edited 9:44am
Quoting arezab
dear ae, here is what I see on my chart ...

I think q is right, fundamentally we should be more short biased. Though because I pay close attention to divergences which is part of my style to identify the price reversal but fundamental issues are more important.

I closed my long position with some pips and will rather wait until proper sign of uptrend appears.
Have just started to look into divergence this week, so I consider myself unskilled with this knowledge, so who am I to say I can't see any divergance, even when you draw it on ur chart
Measure twice, cut once
  • #59,950
  • Jan 23, 2008 9:48am Jan 23, 2008 9:48am
Quoting auslanco
sorry, this is off topic and a little overdue.
Darn! I missed the ceremonies.
  • #59,951
  • Jan 23, 2008 9:50am Jan 23, 2008 9:50am
Quoting aediaz1
Have just started to look into divergence this week, so I consider myself unskilled with this knowledge, so who am I to say I can't see any divergance, even when you draw it on ur chart
I'm learning too. It's a very powerful tool to identify reversals specially on longer TF's. You can use any tool to verify divergences but most commons are Stochastic and MACD. I personally use OSMA because it's handy while Stochastic is useful too.

If you never visited this link, I think it's worth to have a look. It explains divergences fairly nice with some pictures for every case. I used it too for the first time.

http://www.babypips.com/school/divergence_trading.html

and here is an indicator which does it for you and makes it simple ...

cheers
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Discipline + Patience - Fear - Greed = Success
  • #59,952
  • Jan 23, 2008 10:13am Jan 23, 2008 10:13am
Is this an example of Bullish Divergence? This is on the 4HR chart. I guess if we break hard through the 205 level and continue on down then it will prove wrong, but I guess time will tell.
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  • #59,953
  • Jan 23, 2008 10:27am Jan 23, 2008 10:27am
Quoting RichD
Is this an example of Bullish Divergence? This is on the 4HR chart. I guess if we break hard through the 205 level and continue on down then it will prove wrong, but I guess time will tell.
Your chart does show bullish divergence but you have drawn the line incorrectly on price. If you draw a line under MACD then you should also draw your line under price. Divergence lines drawn under price and MACD (or whatever oscillator you might be using), will always signify bullishness. If you draw a divergence line above price then you must also be able to draw a line above MACD. Divergence lines drawn above price and MACD will always signify bearishness.

M2B

PS- Price already moved almost 600 pips up as a result of that 4H divergence, from 204.70 to 210.50. The maximum I have ever seen price move up on a 4H divergence is 700 pips, with 500 pips being the average. The divergence on this chart has already been completed in my opinion. Price will probably move back down again, maybe as low as 200, before it moves back up.
  • #59,954
  • Jan 23, 2008 10:31am Jan 23, 2008 10:31am
Quoting my2buoys
Your chart does show bullish divergence but you have drawn the line incorrectly on price. If you draw a line under MACD then you should also draw your line under price. Divergence lines drawn under price and MACD (or whatever oscillator you might be using), will always signify bullishness. If you draw divergence lines above price then you must also be able to draw a line above MACD. Divergence lines drawn above price and MACD will always signify bearishness.

M2B
Ah yes I see thanks for pointing that out
  • #59,955
  • Jan 23, 2008 10:46am Jan 23, 2008 10:46am
Is pipsnipers not working or is it just full?

I haven't been able to log in all day. Anyone know?
  • #59,956
  • Jan 23, 2008 10:49am Jan 23, 2008 10:49am
M2B, what would be ideal setting for RSI and SOCH. I have SOCH at 8,3,3 with 80 and 20 Levels and RSI at 70,30 with 14 Day period. Is this good?
  • #59,957
  • Jan 23, 2008 10:58am Jan 23, 2008 10:58am
Quoting arezab
I'm learning too. It's a very powerful tool to identify reversals specially on longer TF's. You can use any tool to verify divergences but most commons are Stochastic and MACD. I personally use OSMA because it's handy while Stochastic is useful too.

If you never visited this link, I think it's worth to have a look. It explains divergences fairly nice with some pictures for every case. I used it too for the first time.

http://www.babypips.com/school/divergence_trading.html

and here is an indicator which does it for you and makes it simple ...

cheers
Seems like a interesting indicator , almost feels like cheating !
Measure twice, cut once
  • #59,958
  • Jan 23, 2008 11:00am Jan 23, 2008 11:00am
Quoting mjolimer
Is pipsnipers not working or is it just full?

I haven't been able to log in all day. Anyone know?
Don't have any problems joining , try check ur settings
Measure twice, cut once
  • #59,959
  • Jan 23, 2008 11:34am Jan 23, 2008 11:34am
Quoting vinesh2
M2B, what would be ideal setting for RSI and SOCH. I have SOCH at 8,3,3 with 80 and 20 Levels and RSI at 70,30 with 14 Day period. Is this good?
I don't use RSI, just Stochastics on 8, 3, 3 setting. I do use the Stoch/RSI indicator developed by Brucehvn to help determine short term momentum/direction. Yes, I use 80 and 20 for my OB and OS levels.

M2B
  • #59,960
  • Jan 23, 2008 11:40am Jan 23, 2008 11:40am
Quoting my2buoys
I don't use RSI, just Stochastics on 8, 3, 3 setting. I do use the Stoch/RSI indicator developed by Brucehvn to help determine short term momentum/direction. Yes, I use 80 and 20 for my OB and OS levels.

M2B
Been looking for a "manual" for that indicator ,aus had it on a template he shared on another thread some weeks ago. You use it as a momentum with OS OB lvls ?
Measure twice, cut once
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