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

Quoting rav700

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I currently have a short@ 213.11.....
I was waiting for the retrace..........any advice karmo....you there buddy have a stop @ 81.....do you think I should cut my losses or should I just be patient.....Thanks

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Quoting zoheir

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Rav, if you're thinking that 20 pips against you while trading GJ is a loss that needs to be cut , then I highly advise you to reconsider trading this pair, it seems that you have no reason that you're conviced of for opening a short and hence the panic.
this is all meant as a friendly advise so don't get me wrong, but I guess you have a lot of demoing to do before you can trade GJ.

best of luck

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Quoting dagoods

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skunny fibs are tough as u know.... my thoughts are that there are many points of support and resiatance and sometimes its hard to tell if a move is over yet.....skunny fibbing can require up to 4 fibs at once.... but i have an active buy fib still and i dont have a fib where yours is..... on the other hand i am not confident that my buy fib will be hit straight away since there is so much resistance in its way....(this owuld be a no trade zone for me unless we pucnh through resitance upside and then i take a small ride up...

so your fib is just another way to see that resistance.... but i am only learning this stuff....like u... so..... but i would expect my fib target to be hit sooner or later unless i did something wrong....


and if it doesnt hit sooner or later and i did do something wrong...then i would probably go retrade it and find out that there was a bigger timeframe down fib that countered it..... but

my 2 cents is we have more upside to go ..... like i originally posted.... but we could retrace first like karmo and quecee have pointed out...... so basically i add nothing to what has already been said LOL

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Quoting arezab

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Yes right, GJ is different from other pairs because of the amount of movement but in the matter of trading it is not any different. Either he has not sufficient capital to sustain some pips against his trade or he has not a good MM and has opened a big position ... I don't know but I don't think he should change this pair to another. IMO he should reconsider how much his account is capable to sustain risk and also he should select a good money management plan which is proper to his account size and leverage.

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Quoting forexnovice

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Gracias compañero! Lo aprecio mucho !

I believe one doesn't have to constantly re-fib if the areas of S/R have been figured out properly(on the higher TFs particularly) & thats what I working on although I will probably have a lot of homework to do b4 I understand Skunny's line of thought taking that 137 post into consideration which you highlighted earlier. Still miles to go on that one....

I have taken the short based on the 5sma channel that AUS introduced us to. Keep up the good work.

hehe...that PB on the 4hr is looking good

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Quoting karmostaji

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Excellent post , everything in this post is priceless and it's the only thing that will keep you in this FX market for a long long time.

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Quoting ammaramani

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where u see this retrace could be ... 212.68 ... 4h 5sma

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Quoting karmostaji

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GU facing resistance, daily TL
UJ just completed a bearish pattern
GJ completed a bearish pattern and is at extreme

A retracement is due and then bulls will take GJ to 217, I'll post charts later

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Quoting metlife777

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that move up is not finished yet, just S/R at 213.65 is very strong IMO;
it might go more up to accomplish the current move or at least to try S/R level again.

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Quoting ovaforty

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Market is also waiting for Bernanke's testimont before Congress later.

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Quoting arezab

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ovaforty, do you have any idea what he is going to talk about? I mean I want to know how much impact could his speech have on the market ...

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