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

  • #62,181
  • Feb 18, 2008 11:28am Feb 18, 2008 11:28am
Quoting quecee5
Steve - welcome to the thread =
Thanks. Nice meeting you quecee.
  • #62,182
  • Feb 18, 2008 11:29am Feb 18, 2008 11:29am
Quoting kujo17
You're not blind, your patient and trade with the long term trend which is smart.

I'm only short at the moment, because I truely feel this bigger retrace is indeed happening.

Short from 213, 212 and 211s...... TP at 209.17.

I think it'll hit 208.8 area, just like Q and Jaroo, but left a little cushion on my TPs for safety.

30m, 1H and 4H are all pointing south and making Lower Highs..... Down......

Then, like you, forsee the 50% retrace of the big move down completed by weeks end, around 217, once we get above the 4H 200ema.

Have a great day all. It's a holiday in the US and also my birthday.

Be back for the Tokyo session.

Cheers.
Happy B-Day and enjoy your day. . .
  • #62,183
  • Feb 18, 2008 11:39am Feb 18, 2008 11:39am
Ok, time for my first chart. If you look at the weekly chart and draw an S/R line at 204.59, you will see that this level is historically a very strong resistance level. We have a fake breakout on 2/2004 when it was first touched, then we bounced off of it for the next year and a half then finally break through.

Now back on January of this year, when we first hit 204.71, there was a bounce of about 600 pips, then it came down for a retest and hit a new low at 204.59, this time we bounced for about 1000 pips.

Now back then, 204.59 was sitting on the weekly 61.8 fib, now it is sitting between the 38.2 and 50 fib. I know gj's tendency to retrace to the 50% fib but I think we will get many more bounces off of this level before it will break.
Attached Image (click to enlarge)
Click to Enlarge Name: 2-19b.gif Size: 15 KB
  • #62,184
  • Feb 18, 2008 11:54am Feb 18, 2008 11:54am
Quoting $teve
Ok, time for my first chart. If you look at the weekly chart and draw an S/R line at 204.59, you will see that this level is historically a very strong resistance level. We have a fake breakout on 2/2004 when it was first touched, then we bounced off of it for the next year and a half then finally break through.

Now back on January of this year, when we first hit 204.71, there was a bounce of about 600 pips, then it came down for a retest and hit a new low at 204.59, this time we bounced for about 1000 pips.

Now back then, 204.59 was sitting on the weekly 61.8 fib, now it is sitting between the 38.2 and 50 fib. I know gj's tendency to retrace to the 50% fib but I think we will get many more bounces off of this level before it will break.
Agreed, the short term low in place has been tested several time already and held (so far. . .).

However, I do believed it will be broken soon (weeks/months) once UJ and GU correction has completed as both are still in a down-trend. . The infamous 200 will be hit or shall I say 199 area, it's just a matter of time. Right now we need more buyers to inflate price then we'll see the big sell-off. . .
  • #62,185
  • Feb 18, 2008 12:12pm Feb 18, 2008 12:12pm
Quoting quecee5
Agreed, the short term low in place has been tested several time already and held (so far. . .).

However, I do believed it will be broken soon (weeks/months) once UJ and GU correction has completed as both are still in a down-trend. . The infamous 200 will be hit or shall I say 199 area, it's just a matter of time. Right now we need more buyers to inflate price then we'll see the big sell-off. . .
Well I hope it won't be broken soon because I will be buying once it gets closer to that level and put my sl beyond that. My style is I like to go against the trend when the trend came up against what I consider very strong support/resistance. Then put my sl just beyond the S/R level. Like right we have a strong support at 210.77 area, a confluence of support (4H 50ema/100sma, weekly 5 sma and weekly pivot). We already have about 15 failed 1h candle closing below 210.77. I like to buy here and tp about 20-50 pips until it is broken then I get stopped for about 40-60 pips.
  • #62,186
  • Feb 18, 2008 12:18pm Feb 18, 2008 12:18pm
Quoting $teve
Well I hope it won't be broken soon because I will be buying once it gets closer to that level and put my sl beyond that. My style is I like to go against the trend when the trend came up against what I consider very strong support/resistance. Then put my sl just beyond the S/R level. Like right we have a strong support at 210.77 area, a confluence of support (4H 50ema/100sma, weekly 5 sma and weekly pivot). We already have about 15 failed 1h candle closing below 210.77. I like to buy here and tp about 20-50 pips until it is broken then I get stopped for about 40-60 pips.
agreed, and it's time to decide for GJ to move little down and bounce one more time off it.
  • #62,187
  • Feb 18, 2008 1:27pm Feb 18, 2008 1:27pm
Quoting jarroo
Wow, I should have played the GBPUSD today.

That's what I call breaking the S/R level HARD.
amazing becuz i posted this chart i believe twice in the past week and was sleep during the break. i just didnt think it would break this soon. waiting for the retest then lets see if i can get on board for a contiuation. expecting a nice fall if that occurs.
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #62,188
  • Feb 18, 2008 2:29pm Feb 18, 2008 2:29pm
Many here are favoring shorts and whatnot, but here's a simple chart and you be the judge.

http://img113.imageshack.us/img113/6576/gjip7.gif
Trade what you see, not what you think.
  • #62,189
  • Feb 18, 2008 2:38pm Feb 18, 2008 2:38pm
Quoting moneymagnet
amazing becuz i posted this chart i believe twice in the past week and was sleep during the break. i just didnt think it would break this soon. waiting for the retest then lets see if i can get on board for a contiuation. expecting a nice fall if that occurs.
You snooze, you lose.

I was awake and missed it. Go figure that out. Wait a mintue . . . I think I fell sleep watching GBPJPY.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #62,190
  • Feb 18, 2008 2:41pm Feb 18, 2008 2:41pm
Quoting karmostaji
Many here are favoring shorts and whatnot, but here's a simple chart and you be the judge.

http://img113.imageshack.us/img113/6576/gjip7.gif
ascending triangle. GJ must break 211.70 first and then we expect break @ 212.20 to move toward 217
  • #62,191
  • Feb 18, 2008 2:54pm Feb 18, 2008 2:54pm
Quoting karmostaji
Many here are favoring shorts and whatnot, but here's a simple chart and you be the judge.

http://img113.imageshack.us/img113/6576/gjip7.gif
karmo I can't see any chart ...
Discipline + Patience - Fear - Greed = Success
  • #62,192
  • Feb 18, 2008 3:12pm Feb 18, 2008 3:12pm
Quoting naatha
http://www.tradingrooms.com/chartpos...2008204828.png
GJ1day chart
Your kidding , right?
Indicators show the past. Price Action "Indicates" the future.
  • #62,193
  • Feb 18, 2008 3:14pm Feb 18, 2008 3:14pm
Quoting jarroo
Your kidding , right?

lol....no Jarroo! He's an artist!

Im just kidding naatha!
I dream, therefore I become.
  • #62,194
  • Feb 18, 2008 3:23pm Feb 18, 2008 3:23pm
Quoting arezab
karmo I can't see any chart ...
Click 'refresh'
Trade what you see, not what you think.
  • #62,195
  • Feb 18, 2008 3:39pm Feb 18, 2008 3:39pm
Quoting karmostaji
Many here are favoring shorts and whatnot, but here's a simple chart and you be the judge.
This is what I see. It could go either way Karmo depending on the news.
Attached Image (click to enlarge)
Click to Enlarge Name: GBPJPY.JPG Size: 87 KB
  • #62,196
  • Feb 18, 2008 4:19pm Feb 18, 2008 4:19pm
Quoting mike w
lol....no Jarroo! He's an artist!

Im just kidding naatha!
Picasso would be proud.
Indicators show the past. Price Action "Indicates" the future.
  • #62,197
  • Feb 18, 2008 4:27pm Feb 18, 2008 4:27pm
Quoting jarroo
Picasso would be proud.
  • #62,198
  • Feb 18, 2008 4:46pm Feb 18, 2008 4:46pm
Quoting ultimate
This is what I see. It could go either way Karmo depending on the news.
GJ is forming a foundation for its jump up and it's getting closer now to begin with it
  • #62,199
  • Feb 18, 2008 4:47pm Feb 18, 2008 4:47pm
Quoting jarroo
Picasso would be proud.
lol
  • #62,200
  • Feb 18, 2008 4:57pm Feb 18, 2008 4:57pm
Quoting metlife777
GJ is forming a foundation for its jump up and it's getting closer now to begin with it
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