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

  • #62,681
  • Feb 20, 2008 9:20am Feb 20, 2008 9:20am
Based on fib extension levels and fib confluences on my H4 chart, if 209.00 is broken down, 207.90 and then 206.80 will be accessible soon.

Pending orders in place ...
Discipline + Patience - Fear - Greed = Success
  • #62,682
  • Feb 20, 2008 9:24am Feb 20, 2008 9:24am
that's obvious. it's actually so obvious that i might think it's a trap... oh well. bring it on!

Quoting aediaz1
Could turn out quite well if your short gets triggered. Based on the strong resistance we now have, I think we have alot of S/L right beneath your numbers.
Nihil Sine Deo.
  • #62,683
  • Feb 20, 2008 9:28am Feb 20, 2008 9:28am
That 209.10 area has been the bottom a couple of times. sure seems more inclined for the move south, looking at the time frames. Isn't this the 3rd or 4th test of this area?
  • #62,684
  • Feb 20, 2008 9:28am Feb 20, 2008 9:28am
Islander reminded me of FOMC in approx and 2 1/2 hours so ranging is possible. Ask we speak, price rejects again from currently support-line. A big move is closing up ?
Measure twice, cut once
  • #62,685
  • Feb 20, 2008 9:29am Feb 20, 2008 9:29am
Hi ,
I have a question if somebody could help(Sorry if it's off the topic)
I was wondering which Trendline here is more reliable?

TL NO.2 the horizental Green one or NO.1(Orange)which is drawn from left low to right high?

Thanks
Mike
Attached Image (click to enlarge)
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Failure, is a wonderful teacher!
  • #62,686
  • Feb 20, 2008 9:31am Feb 20, 2008 9:31am
Mike, I would suggest go to www.babypips.com for trend line studies
  • #62,687
  • Feb 20, 2008 9:34am Feb 20, 2008 9:34am
Quoting vinesh2
Mike, I would suggest go to www.babypips.com for trend line studies
I've finished that long time ago but I don't remember anything specific about this problem.Do you?

Regards
Mike
Failure, is a wonderful teacher!
  • #62,688
  • Feb 20, 2008 9:34am Feb 20, 2008 9:34am
Quoting Scrat
that's obvious. it's actually so obvious that i might think it's a trap... oh well. bring it on!
Haha do I know that feeling. I don't have the "guts" anymore doing limited orders, fingers still burning after some failing. Market always seems to change in the second my position is executed by entering limited orders.
Measure twice, cut once
  • #62,689
  • Feb 20, 2008 9:35am Feb 20, 2008 9:35am
Nothing but lower highs on the 15m for the past 12 hrs. gotta break one way or the other. Down in the short term looks more likely, with all the large time frames in agreement.
  • #62,690
  • Feb 20, 2008 9:36am Feb 20, 2008 9:36am
The green line you have posted is a an area of support and resistance. You'll notice how price bounced off of it quite a few times. It holds strength, whether as support or resistance depending on where price is at. The trendline is also holding as solid support. I wouldn't weigh either by themselves, but instead look at them in unison.

Im still looking at solid long positions until that support breaks away. right now, we are in a bargain spot for buying. If it breaks, then oh well, it's time to sell and make more money off of it. I would take that initial sell and then wait for price to retest the trendline and then create another order, as more often than not, price will do that.
I dream, therefore I become.
  • #62,691
  • Feb 20, 2008 9:39am Feb 20, 2008 9:39am
Thanks Mike

So both are important somehow specialy now which they met each other.

I got you.I was wondering may be we could ignore any of them.

Regards
Mike
Failure, is a wonderful teacher!
  • #62,692
  • Feb 20, 2008 9:40am Feb 20, 2008 9:40am
I agree, but the daily since the 23rd has higher lows. Could be the turn up


Quoting PipAV8tor
That 209.10 area has been the bottom a couple of times. sure seems more inclined for the move south, looking at the time frames. Isn't this the 3rd or 4th test of this area?
  • #62,693
  • Feb 20, 2008 9:42am Feb 20, 2008 9:42am
Quoting mike1349
Thanks Mike

So both are important somehow specialy now which they met each other.

I got you.I was wondering may be we could ignore any of them.

Regards
Mike
Sure thing man. Let me tell you this, if something on your charts is just screaming at you, it's more often than not right.
I dream, therefore I become.
  • #62,694
  • Feb 20, 2008 9:43am Feb 20, 2008 9:43am
Definitely higher lows, but also lower highs, creating a triangle. Some sort of move will be made. I am hoping lower first and then the bounce up to 213-217 would be great.

Doesn't the conspiracy theory state that it should bust low, right before a big move up, to clear out all the stops and trigger all the sell orders??? lol
  • #62,695
  • Feb 20, 2008 9:44am Feb 20, 2008 9:44am
I would think that we will start seeing a move upwards until the end of the day now. Who knows though, I just plan on trading accordingly to whatever may happen.
I dream, therefore I become.
  • #62,696
  • Feb 20, 2008 9:45am Feb 20, 2008 9:45am
Quoting Scrat
if it goes down, i wouldn't believe in 213 anymore. but since anything is possible, i will go by the chart and not by what i believe.
Has nothing to do with what I believe - I let the data speak.

For me the market is based on 2 things Price vs. Time and and from what I see is just a matter of time. . . within reason of course!

u
  • #62,697
  • Feb 20, 2008 9:48am Feb 20, 2008 9:48am
Quoting quecee5
Has nothing to do with what I believe - I let the data speak.

For me the market is based on 2 things Price vs. Time and and from what I see is just a matter of time. . . within reason of course!

u
I agree with you on that Quecee. Price is king in this. Timing, I've come to learn, means quite a bit as well. Each and every move needs its own specific time to be able to carry out. This is why you see ranges in between large moves. Large moves need that little bit extra in order to gain some fire.
I dream, therefore I become.
  • #62,698
  • Feb 20, 2008 9:49am Feb 20, 2008 9:49am
uh oh, maybe I was right! lol

If price doesn't break and close below a trendline, then that trendline is still valid.
I dream, therefore I become.
  • #62,699
  • Feb 20, 2008 9:51am Feb 20, 2008 9:51am
Quoting quecee5


Market demand is at 207.40 when this tug-a-war completes. . .
She will probably take a trip to 207.50 ish to touch the bottom trendline of the ascending triangle.

http://www.forexfactory.com/attachme...3&d=1203380440
  • #62,700
  • Feb 20, 2008 9:53am Feb 20, 2008 9:53am
This boring retracement is taking more time than I expected, cmon GJ lets get over this silly retracement and fly to 217
Trade what you see, not what you think.
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