Auslanco - GBP/JPY and GBP/USD (newstrade)
Hi forex this time i will have something useful to contributeyou are corect re aus strategy but what i see wrong is the 1H qqe is over bought. it will need to come down to 50 and head up again. corect me if i am wrong
PS only spoke out because i highly respect m2b and many dont know what a genious he is and what he has done for many
. All entries stopped out for +10pips. Back to the drawing board
.
Really not much happening since market open, unless you like watching paint dry.
I am still short on one position will open another at 212.30 if we get there, as I think bulls will be limited to 212.30. 210.50 is tough support, we will break this wedge sometime. I am biased for a downward break once 210.50 gives. We did complete a 50% retrace of the last significant down thrust. That is bear food boys
I am still looking for only short trades, a close above 214.25 will change my mind though. A close above that and 217 is inevitable. 217 is the 50% retrace on this downtrend on the daily. We have completed the 38.2% retrace though.
Bogus,
Thxs for your kind words I really appreciate it. . .
There are so many talented traders that frequent this thread, a lot of them whom I really look up to and enjoy their analysis.
However, as of late it seems that the thread has lost its focus. I would love to see this thread go back to what its best and widely known for and that's great discussion, analysis, teaching, learning and on occasion post that exhibit great sense of humor. . .
Sad to see such a great thread in the current state. . .
Just my 2 cents -
Cheers!
1st chart is a 1hr, 2nd is a 4hr chart. . .
If one takes the daily pivot in consideration a break and close below would see 209.28, which is daily s1 based on 4hr chart (bottom of the channel. . .)
What I would say is. . .all longs should be very careful if in countertrend trades.
But heh, I could be totally wrong.
Just a note for anyone that's interested. . .
I'm looking at 2 critical areas of resistance, 211.80 (was support turned resistance for now) and 212.40/50 (which is where the fall began last week).
A breach and 1 hr close above this resistance areas (latter mentioned) would mean more upside to at least 213.50 area and possibly higher. . .
Otherwise I'll continue to sell the rallies. . . JMHO based upon what the charts are telling me for now. . .!
What I would say is. . .all longs should be very careful if in countertrend trades.
But heh, I could be totally wrong.
210.40 ish looks like the retest to me.
