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

  • #62,921
  • Feb 21, 2008 6:58am Feb 21, 2008 6:58am
Quoting malcolmb14
If this happens here are fib values of 209.2 to 212 run

23.6 = 211.26
38.2 = 210.83
50= 210.50
61.8 =210.16


Typically retracements are 50 % or 61.8% fibs

Currently I am flat , but am looking for clean break out of 212 or break down of 211.5 for a quick 80-100 pip scalp.
Nice trading style.....Standby..long if gj retrace ment...
  • #62,922
  • Feb 21, 2008 7:22am Feb 21, 2008 7:22am
Hi Guys,
I was wondering how could we confirm that we are in a retracement.For example right now in M15 could we say we are getting a retracement?

Regards
Mike
Failure, is a wonderful teacher!
  • #62,923
  • Feb 21, 2008 7:25am Feb 21, 2008 7:25am
pennant on the hourly?
Fear's for the other guy
  • #62,924
  • Feb 21, 2008 7:53am Feb 21, 2008 7:53am
210.70 - 80 area turns to tough support now and seems to be a very nice place to enter long (if it gets there) up to 213 area. 213.10 is where this bearish gartley pattern on H1 time frame matures. From there or lower area if price doesn't get there, I expect a retracement at least down to this 212 which is the current resistance line we are right now.
Attached Image (click to enlarge)
Click to Enlarge Name: gartley.gif Size: 23 KB
Discipline + Patience - Fear - Greed = Success
  • #62,925
  • Feb 21, 2008 7:57am Feb 21, 2008 7:57am
Quoting ovaforty
Seemed like a good move at the time. LOL
I bought the rejection at 209.12 for the triple interest.
I booked my longs at 211.70 area. Looking to buy dips as long as price stays above the 4 hour 5 sma high and the daily 5 sma high.
  • #62,926
  • Feb 21, 2008 8:00am Feb 21, 2008 8:00am
Quoting mrhurley1
pennant on the hourly?
What's a pennant? Sorry, my mother language is not english and I'm not familiar with all trading terms yet.
  • #62,927
  • Feb 21, 2008 8:03am Feb 21, 2008 8:03am
Quoting arezab
210.70 - 80 area turns to tough support now and seems to be a very nice place to enter long (if it gets there) up to 213 area. 213.10 is where this bearish gartley pattern on H1 time frame matures. From there or lower area if price doesn't get there, I expect a retracement at least down to this 212 which is the current resistance line we are right now.
seem 210.7 is reasonable price since Mom 1 4hr pointing down.
  • #62,928
  • Feb 21, 2008 8:14am Feb 21, 2008 8:14am
Quoting mike1349
Hi Guys,
I was wondering how could we confirm that we are in a retracement.For example right now in M15 could we say we are getting a retracement?

Regards
Mike

Mike

In my original posting I mentioned 'if it happens' for the retracement.


The GBPJPY will follow dj-30 today as they are still very much connected at the hip.

DJ-30 high yesterday was 12460. We are finding good support there in the futures. This is also top of a pennant on 60 min / 30 min, If the dj-30 break higher today it will move into 12600 as it breaks the top of the pennant, taking gbpjpy into at least 212.5 ish. Ultimately i see dj-30 completing wave 5 close to 12800.

If the dj-30 fails 12460 to the downside on heavy selling today then GBPJPY will move down into those retracement price levels.

Ultimately I see 12800 - 12900 on dj-30 and 217 on GBPJPY .. .then from there as DJ - 30 drops into 10800....yes 10800..... GBPJPY will drop to test monthly trend line at 190 ( as long as indices and GBPJPY do no become disconnected) . This will take months to unfold as the true economic mess that America is in really becomes clear.

In this market anything could happen.
Blogging daily now at www.volume.zone
  • #62,929
  • Feb 21, 2008 8:32am Feb 21, 2008 8:32am
Quoting malcolmb14
Mike

In my original posting I mentioned 'if it happens' for the retracement.


The GBPJPY will follow dj-30 today as they are still very much connected at the hip.

DJ-30 high yesterday was 12460. We are finding good support there in the futures. This is also top of a pennant on 60 min / 30 min, If the dj-30 break higher today it will move into 12600 as it breaks the top of the pennant, taking gbpjpy into at least 212.5 ish. Ultimately i see dj-30 completing wave 5 close to 12800.

If the dj-30 fails 12460 to the downside on heavy selling today then GBPJPY will move down into those retracement price levels.

Ultimately I see 12800 - 12900 on dj-30 and 217 on GBPJPY .. .then from there as DJ - 30 drops into 10800....yes 10800..... GBPJPY will drop to test monthly trend line at 190 ( as long as indices and GBPJPY do no become disconnected) . This will take months to unfold as the true economic mess that America is in really becomes clear.

In this market anything could happen.
Hi,

I thought the GBPJYP was connected to the USDJYP which in turn is connected to the Dow Jones.............
  • #62,930
  • Feb 21, 2008 8:33am Feb 21, 2008 8:33am
Quoting mrhurley1
pennant on the hourly?
looks like its developing into more of a bull flag than pennant. . .
Either or its looks to be bullish for now =
  • #62,931
  • Feb 21, 2008 8:36am Feb 21, 2008 8:36am
Quoting ps3ud0nym
What's a pennant? Sorry, my mother language is not english and I'm not familiar with all trading terms yet.
Some learning for u and other newbies. . .

Enjoy!

http://www.chartpatterns.com/index.html
  • #62,932
  • Feb 21, 2008 8:40am Feb 21, 2008 8:40am
Bet I'm not the only 1 sniffing around for a long. Drawn a fib from london session low till high on 15m, so aiming @ 211 area for a continuation (hopefully) of this upward trend.
Attached Image (click to enlarge)
Click to Enlarge Name: gupopy15.gif Size: 32 KB
Measure twice, cut once
  • #62,933
  • Feb 21, 2008 8:45am Feb 21, 2008 8:45am
Hi malcolm,

You talking the dow and the geppy till the 217 form here to nowhere, take month etc etc yet as the closing you make statement " In this market anything could happen" .I have no ability to see that far i guess, i just trade now..the present..just take all the nickel and dime u can take from the market now..tomorrow will be a different story.Im not in 217 or 203 side ...im in "211.55" ( current price ).IMHO

Quoting malcolmb14
Mike

In my original posting I mentioned 'if it happens' for the retracement.


The GBPJPY will follow dj-30 today as they are still very much connected at the hip.

DJ-30 high yesterday was 12460. We are finding good support there in the futures. This is also top of a pennant on 60 min / 30 min, If the dj-30 break higher today it will move into 12600 as it breaks the top of the pennant, taking gbpjpy into at least 212.5 ish. Ultimately i see dj-30 completing wave 5 close to 12800.

If the dj-30 fails 12460 to the downside on heavy selling today then GBPJPY will move down into those retracement price levels.

Ultimately I see 12800 - 12900 on dj-30 and 217 on GBPJPY .. .then from there as DJ - 30 drops into 10800....yes 10800..... GBPJPY will drop to test monthly trend line at 190 ( as long as indices and GBPJPY do no become disconnected) . This will take months to unfold as the true economic mess that America is in really becomes clear.

In this market anything could happen.
  • #62,934
  • Feb 21, 2008 8:49am Feb 21, 2008 8:49am
Quoting quecee5
Some learning for u and other newbies. . .

Enjoy!

http://www.chartpatterns.com/index.html
Thanks a lot. So basically, a pennant is a corrective triangle.
  • #62,935
  • Feb 21, 2008 8:49am Feb 21, 2008 8:49am
Quoting quecee5
looks like its developing into more of a bull flag than pennant. . .
Either or its looks to be bullish for now =

yea think it is just waintin on the philidelphia news if thats positive then we should see more upside
Fear's for the other guy
  • #62,936
  • Feb 21, 2008 9:03am Feb 21, 2008 9:03am
Here is a chart..The geppy face a resistance and on h1 we find spinning mania ( sign of reversal--could be) but in this term let see it as a sign of retracement..crap..when i type the price hit my tp..excuse me
Attached Image
  • #62,937
  • Feb 21, 2008 9:11am Feb 21, 2008 9:11am
If this support holds, lets see if we can test resistance-line again. Price is also around 50% retracement drawn from london low-high.
Attached Image (click to enlarge)
Click to Enlarge Name: gupopy30m.gif Size: 35 KB
Measure twice, cut once
  • #62,938
  • Feb 21, 2008 9:22am Feb 21, 2008 9:22am
Geez, what got the dollar so strong?
Mostly in the CAD and GBP
  • #62,939
  • Feb 21, 2008 9:24am Feb 21, 2008 9:24am
Quoting parlenk
Hi malcolm,

You talking the dow and the geppy till the 217 form here to nowhere, take month etc etc yet as the closing you make statement " In this market anything could happen" .I have no ability to see that far i guess, i just trade now..the present..just take all the nickel and dime u can take from the market now..tomorrow will be a different story.Im not in 217 or 203 side ...im in "211.55" ( current price ).IMHO
Only nickels and dimes lol ..I prefer bills .... the larger the better.

I am a day trader .. a scalper if you like. I mainly trade the UK / US overlap (4am to 8:30 west coast / Pacfiic standard) .

So like you I just look for oppertunities in the here and now .... target 50 pips a day . Some days are better than others and some days I do not even want to talk about


Right now I wait here with trigger finger ready for long after covering short 211. DJ-30 approaches test of yesterdays high at 12460 and I have a long trigger with entry 211.25.
Blogging daily now at www.volume.zone
  • #62,940
  • Feb 21, 2008 9:24am Feb 21, 2008 9:24am
Quoting alsup1955
Geez, what got the dollar so strong?
Mostly in the CAD and GBP
Speculators are pricing in a bottom for the USD
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