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

  • #61,821
  • Feb 14, 2008 2:01pm Feb 14, 2008 2:01pm
vinesh2 check ur pm man!
  • #61,822
  • Feb 14, 2008 2:01pm Feb 14, 2008 2:01pm
Quoting fourxtrader
WOW! Talk about a sudden drop.
Hope no longs were stopped out
(at least from our fraternity).

Dr. D.
IMM sold on the close. . .
  • #61,823
  • Feb 14, 2008 2:19pm Feb 14, 2008 2:19pm
Quoting fourxtrader
WOW! Talk about a sudden drop.
Hope no longs were stopped out
(at least from our fraternity).

Dr. D.

You could have seen it coming a mile away on the 4 hour charts. We got a perfect pin bar 2 bars ago. (at least on mine, which close at 3,7, and 11).

That followed by this confirming bar and I think after this slight pullback to 213, we should be headed south now.
I dream, therefore I become.
  • #61,824
  • Feb 14, 2008 2:23pm Feb 14, 2008 2:23pm
Quoting mike w
You could have seen it coming a mile away on the 4 hour charts. We got a perfect pin bar 2 bars ago. (at least on mine, which close at 3,7, and 11).

That followed by this confirming bar and I think after this slight pullback to 213, we should be headed south now.
I'm with u Mike, I gotta study them pin bars. Looks like daily s1 on the way!
  • #61,825
  • Feb 14, 2008 2:28pm Feb 14, 2008 2:28pm
Quoting quecee5
I'm with u Mike, I gotta study them pin bars. Looks like daily s1 on the way!

I hear ya man, im in for the longer haul south now until we get to the bottom then I plan on adding to long positions for that 50% mark. I didn't think it would come a few days ago until price started to stall at the lower levels and create a bottom. Now, it's looking to be a different story. This is going to be an excellent trade in both directions for us, im pretty sure.
As for studying pin bars, they are bread and butter. On longer timeframes, they make for the easiest trade opportunities to get into and out of trades. PA is always king.

On another note, How have you been? I hope everythings goin good for you man.
I dream, therefore I become.
  • #61,826
  • Feb 14, 2008 2:42pm Feb 14, 2008 2:42pm
Quoting mike w
You could have seen it coming a mile away on the 4 hour charts. We got a perfect pin bar 2 bars ago. (at least on mine, which close at 3,7, and 11).

That followed by this confirming bar and I think after this slight pullback to 213, we should be headed south now.
Hi mike, IMO if price intends to continue it's retracement down to 210.80 or 209.90 area, it will first return up and test 61.8 (213.25) or max 76.4 (213.45) fib levels of this last fall and then start another bigger fall.

This is what I see ... do you agree?
Discipline + Patience - Fear - Greed = Success
  • #61,827
  • Feb 14, 2008 2:44pm Feb 14, 2008 2:44pm
It's a link that may be usefull for you, if you gotta study pin bars

http://www.dacharts.com/articles/_AnalyMktTrad.htm
  • #61,828
  • Feb 14, 2008 2:46pm Feb 14, 2008 2:46pm
Quoting arezab
Hi mike, IMO if price intends to continue it's retracement down to 210.80 or 209.90 area, it will first return up and test 61.8 (213.25) or max 76.4 (213.45) fib levels of this last fall and then start another bigger fall.

This is what I see ... do you agree?
Hey Arezab, I cant fully answer that as it very well could (you know how this thing fluctuates), but through the use of my system, we got up to 90 something, which created the 38.2 retrace of that last move down from the top. WIth that, I think we will end up with a pin bar going against support at the close of this hour. If that happens and that small support breaks (which it probably will), then I wouldnt look to see those levels again. Anything's possible though, especially with how g/j moves.
I dream, therefore I become.
  • #61,829
  • Feb 14, 2008 2:49pm Feb 14, 2008 2:49pm
My MT4 isnt following price right now, so I cant really post a chart of it or I would.
I dream, therefore I become.
  • #61,830
  • Feb 14, 2008 2:57pm Feb 14, 2008 2:57pm
And here is that hourly pin

Arezab, put a 5 sma on your charts. You'll often find that is the area that price will retrace to before continuing on its path. You'll notice it quite a bit. Price is attracted to it.
I dream, therefore I become.
  • #61,831
  • Feb 14, 2008 3:00pm Feb 14, 2008 3:00pm
Quoting mike w
I hear ya man, im in for the longer haul south now until we get to the bottom then I plan on adding to long positions for that 50% mark. I didn't think it would come a few days ago until price started to stall at the lower levels and create a bottom. Now, it's looking to be a different story. This is going to be an excellent trade in both directions for us, im pretty sure.
As for studying pin bars, they are bread and butter. On longer timeframes, they make for the easiest trade opportunities to get into and out of trades. PA is always king.

On another note, How have you been? I hope everythings goin good for you man.
I hear ya on that - I'm researching it as I write.

Anyway I'm doing fine, GJ has proven to be very profitable for me lately which wasn't always the case. I'm finally comfortable with my chart analysis but I switch to analyzing HTF charts 1st then dialing it down to watch price action and my trade position. That has made all the difference in the world and I spend less time in front of the computer and more time enjoying life and studying my charts and other techniques. I'm also, trading long-term with very selective trades instead of going after every trade - LOL

Anyway, glad to see u stop in and bless this thread with your analysis every now and then. . .
  • #61,832
  • Feb 14, 2008 3:03pm Feb 14, 2008 3:03pm
Quoting naatha
It's a link that may be usefull for you, if you gotta study pin bars

http://www.dacharts.com/articles/_AnalyMktTrad.htm

Thxs!
  • #61,833
  • Feb 14, 2008 3:04pm Feb 14, 2008 3:04pm
Now with that hourly pin, for a conservative play of adding to the positions, you would wait for a confirming candlestick (confirming candlesticks are candlesticks where price closes lower than the previous bar), and then you could probably add to your shorts or create short orders at that point. Low risk, high reward trade. For the love of everything good, dont trade that because some dummy in here said it. Trade it if YOU see it in your charts. If you see no justification for a position, trust yourself with your trades. You'll end up much better in the long run because of that.

unless its Karmo. do everything he says. lol he'll make you rich beyond belief if you were to study his tactics and style of trading.
I dream, therefore I become.
  • #61,834
  • Feb 14, 2008 3:05pm Feb 14, 2008 3:05pm
Quoting mike w
And here is that hourly pin

Arezab, put a 5 sma on your charts. You'll often find that is the area that price will retrace to before continuing on its path. You'll notice it quite a bit. Price is attracted to it.
here is a 1hr and two 4hr charts with 5 SMA. . .
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1hr chart updated.gif Size: 25 KB
Click to Enlarge Name: 4hr chart updated.gif Size: 25 KB
Click to Enlarge Name: 4hr chart updated2.gif Size: 19 KB
  • #61,835
  • Feb 14, 2008 3:09pm Feb 14, 2008 3:09pm
Quoting quecee5
I hear ya on that - I'm researching it as I write.

Anyway I'm doing fine, GJ has proven to be very profitable for me lately which wasn't always the case. I'm finally comfortable with my chart analysis but I switch to analyzing HTF charts 1st then dialing it down to watch price action and my trade position. That has made all the difference in the world and I spend less time in front of the computer and more time enjoying life and studying my charts and other techniques. I'm also, trading long-term with very selective trades instead of going after every trade - LOL

Anyway, glad to see u stop in and bless this thread with your analysis every now and then. . .
Thats great to hear! I do the same thing with my positions too. I normally use weeklies to confirm where we're headed, then down to dailies for a solid entry, then down to 4 hour charts for adding into the position.
Everybody's been there and done that- trying to be in the market at all times. That's how you know your progressing as a trader if your not feeling the need to be in all the time. Longer term charts are the way to go too. Trust me on that. Out of all of my trades, the longer term ones are the ones that make me a lot of money, whereas the shorter term trades are so-so when in comparison.

Oh and I'll be posting a lot more again now that I have a few orders of business squared away. You dont even need me here though! lol Trust me, Ive been reading your stuff and your turning into a grade A trader. Just wait till 3 to 5 years from now when you look back on this. You'll be like wow.
I dream, therefore I become.
  • #61,836
  • Feb 14, 2008 3:09pm Feb 14, 2008 3:09pm
Quoting mike w
unless its Karmo. do everything he says. lol he'll make you rich beyond belief if you were to study his tactics and style of trading.
A lot of Karmo pills required.
  • #61,837
  • Feb 14, 2008 3:11pm Feb 14, 2008 3:11pm
Quoting quecee5
here is a 1hr and 4hr chart with 5 SMA. . .
Thanks for posting the charts Quecee. Arezab and all others, you see how price went and touched that 5 sma before continuing on its path? That usually shows you great entry areas for your trades. Do research with it, study it, demo with it, and then, ultimately, trade with it. Once you grow accustomed to using it, it will enhance your trading. I guarantee it.

Especially on higher timeframe charts, it makes a world of difference to get in at that excellent price compared to a so so price that you probably would have jumped in at, instead of waiting for the retracement.
I dream, therefore I become.
  • #61,838
  • Feb 14, 2008 3:13pm Feb 14, 2008 3:13pm
Quoting pkimnyc
A lot of Karmo pills required.
You know it man! lol
Thats what this business is all about and he's the man with it. I've learned a lot from him and I think every trader reading this can as well. I've actually spent days studying his thought processes for trades and now I am becoming more like him. lol sounds creepy, but it's made me money.
I dream, therefore I become.
  • #61,839
  • Feb 14, 2008 3:15pm Feb 14, 2008 3:15pm
Confiming bar, here we come!

Alritey ladies and gents, Im out for a while. I got a hot date tonight! lol
Best of luck to everybody in your trades.
I dream, therefore I become.
  • #61,840
  • Feb 14, 2008 3:17pm Feb 14, 2008 3:17pm
Quoting mike w
Thats great to hear! I do the same thing with my positions too. I normally use weeklies to confirm where we're headed, then down to dailies for a solid entry, then down to 4 hour charts for adding into the position.
Everybody's been there and done that- trying to be in the market at all times. That's how you know your progressing as a trader if your not feeling the need to be in all the time. Longer term charts are the way to go too. Trust me on that. Out of all of my trades, the longer term ones are the ones that make me a lot of money, whereas the shorter term trades are so-so when in comparison.

Oh and I'll be posting a lot more again now that I have a few orders of business squared away. You dont even need me here though! lol Trust me, Ive been reading your stuff and your turning into a grade A trader. Just wait till 3 to 5 years from now when you look back on this. You'll be like wow.
Lol - thanks for the kind words and I look forward to seeing you ar'd here more often. As u know I always respected and enjoyed your style of trading/analysis and we seemed to be on the same page most often then not.

Anyway, got some studying to do (pin bars) while I let this trade ride. . .Talk with soon!
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