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

  • #64,061
  • Feb 28, 2008 8:30pm Feb 28, 2008 8:30pm
I shorted at 210 this morning and I said I would hold it for 200-300. Now it is getting close to 200 pips. I was so sure of this trade that I went real heavy. The setup was just so "perfect": trendline break, qqe crossed and below gann line, no major MAs for support, stock was plummeting after negative news, uj broke major support. Sometimes forex is just that simple and easy. I'm closing half my position here and letting the other half tp at 207.50. I'm set for the month after this trade.
  • #64,062
  • Feb 28, 2008 8:34pm Feb 28, 2008 8:34pm
Quoting jarroo
Can Price Action be this easy? The answer is: Yes.
Jarroo, as you can see I dont post much yet but read alot and learn a huge amount from all the veterans in here that are kind enough to share their thoughts and reasoning. I must say, I took your suggestion some time ago to read the James16 thread on PA. It really is enlightening and is quite an amazing tool for us. Thank you for your contribution here along with all the others. Im learning much thanks to you and others. PA is really that easy.
  • #64,063
  • Feb 28, 2008 8:54pm Feb 28, 2008 8:54pm
UJ is approaching 102!!! What is the significance of 102???

1. We've only traded below this level for two years (94-95) out of the 30 or so years history of this pair.

2. Looking at the monthly chart, once this pair bounced from this level, it didn't retest and created a long term (about 1 year) uptrend.

We might see 102 tomorrow or we might see it 3 months from now. If it does, make sure you catch the "bottom"
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  • #64,064
  • Feb 28, 2008 8:59pm Feb 28, 2008 8:59pm
Quoting bluemax
Jarroo, as you can see I dont post much yet but read alot and learn a huge amount from all the veterans in here that are kind enough to share their thoughts and reasoning. I must say, I took your suggestion some time ago to read the James16 thread on PA. It really is enlightening and is quite an amazing tool for us. Thank you for your contribution here along with all the others. Im learning much thanks to you and others. PA is really that easy.
Thanks, blue. Once you start looking for it on higher time frames and applying it, the more you will be convined that it is the only way to go. Believe me I've been there. I have had charts that look like some of the ones you see here on this thread. Full of so many indicators you can even see Price movement.

The key is practising its application. The more you practise the better and more confident you become. Price Action is King, everything else is tools for Price Action.

Jim
Indicators show the past. Price Action "Indicates" the future.
  • #64,065
  • Edited 9:34pm Feb 28, 2008 9:02pm | Edited 9:34pm
Quoting jarroo
Can Price Action be this easy? The answer is: Yes.
I can see the light now... Thanx i didn't realize that this is so easy! Definately will be applying this to my trading.
  • #64,066
  • Feb 28, 2008 9:40pm Feb 28, 2008 9:40pm
Price has broke through the Weekly Inside Bar (Tan highlight). S/R levels for Price Action are 207.75 and 207.00.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #64,067
  • Feb 28, 2008 9:56pm Feb 28, 2008 9:56pm
I see the price holding below a key area at 208.20...for now. So this does this mean if this area holds and breaks the trend line we could see a move lower in the london session and if not we might see a retace to those sweet spots?????

"where feedback flows intelligence grows"

-Pipimint
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Enjoy it while it lasts, then pay for it. Be Grateful.
  • #64,068
  • Feb 28, 2008 10:07pm Feb 28, 2008 10:07pm
Hey pipmint, put my S/R levels on your chart (or separate chart) and apply your fib tool to the recent high and low. Interesting.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #64,069
  • Feb 28, 2008 10:10pm Feb 28, 2008 10:10pm
Quoting jarroo
Hey pipmint, put my S/R levels on your chart (or separate chart) and apply you fib tool to the recent high and low. Interesting.
Jarroo are u still short?
  • #64,070
  • Feb 28, 2008 10:19pm Feb 28, 2008 10:19pm
Quoting Jerry
Jarroo are u still short?
Absolutely.

There are no signs from Price Action for me to exit. Now, I have scaled out of some postions at my S/R levels. But, overall I'm still short.
Indicators show the past. Price Action "Indicates" the future.
  • #64,071
  • Feb 28, 2008 10:23pm Feb 28, 2008 10:23pm
Quoting jarroo
Hey pipmint, put my S/R levels on your chart (or separate chart) and apply your fib tool to the recent high and low. Interesting.
So I see targets now here... at 206.68,205.88/22, 204.57 for shorts and retrace longs at opposite target levels??

"Where feedback Flows intelligence grows"

-Pipimint
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Enjoy it while it lasts, then pay for it. Be Grateful.
  • #64,072
  • Feb 28, 2008 10:44pm Feb 28, 2008 10:44pm
Quoting Pipimintpati
So I see targets now here... at 206.68,205.88/22, 204.57 for shorts and retrace longs at opposite target levels??

"Where feedback Flows intelligence grows"

-Pipimint
Yeah. If a retrace occurs now, I was just pointing out how the fib levels matched my S/R levels. Those S/R levels have been I my charts for weeks.
Indicators show the past. Price Action "Indicates" the future.
  • #64,073
  • Feb 28, 2008 10:58pm Feb 28, 2008 10:58pm
Quoting jarroo
Yeah. If a retrace occurs now, I was just pointing out how the fib levels matched my S/R levels. Those S/R levels have been I my charts for weeks.

Yeah I noitced that and my auto S&R indicator has had around those same levels too and you can see I don't have the daily levels because, what for? Thanks for pointing out the next step for me I have just started to see whats happening here and on GBP/CHF too, only a break here may go way down??
Thanks again.

"where feedback flows intelligence grows"

-Pipimint
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Enjoy it while it lasts, then pay for it. Be Grateful.
  • #64,074
  • Feb 28, 2008 11:08pm Feb 28, 2008 11:08pm
Quoting jarroo
Absolutely.

There are no signs from Price Action for me to exit. Now, I have scaled out of some postions at my S/R levels. But, overall I'm still short.
iam long @ 208.26 SL 207.76 will see how it goes.. but anyway im going to turn daily qqe looks good for tank(down)
  • #64,075
  • Feb 28, 2008 11:40pm Feb 28, 2008 11:40pm
Do we really see the bottom now??

G/U currently sit on strong resistance level...
U/J overall still down trend
GBPhttp://www.forexfactory.com/images/m...mpact_high.gifNationwide House Prices m/m WORST THAN expectation


I believe there is more potential room for short
  • #64,076
  • Feb 28, 2008 11:41pm Feb 28, 2008 11:41pm
I know everyone's preaching for a 'tankin', but I think we may have found our temp bottom before our next 213.85 retest, or at least a 50/61.8 retrace.

Here is a 4H chart, with TLs.

Price is sitting on the horizontal TL for 2 4H bars.
Even with a break/breach of this Horizontal, it'll then have to break the lower TL from back in January.

1H has had 8 bars fluttering above the 207.9 area, at the 0.0 fib.

I know 4H QQE is down, and Daily is down now as well, but I think this area's gonna be a tough nut to crack and a 50.0 fib retrace would bring her right back up to the 100SMA.

RSI is also hitting 30 line at Oversold.
Last time she did that on the 4H it turn around and brought us 400 pips up.

Just a thought.

kj
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  • #64,077
  • Feb 29, 2008 12:05am Feb 29, 2008 12:05am
seems , we go back to london pivot now...
  • #64,078
  • Feb 29, 2008 12:07am Feb 29, 2008 12:07am
Quoting Jerry
seems , we go back to london pivot now...
London Pivot????
  • #64,079
  • Feb 29, 2008 12:13am Feb 29, 2008 12:13am
Quoting VagyokC4
London Pivot????
208.80-90 it's just my suggestion
  • #64,080
  • Feb 29, 2008 12:23am Feb 29, 2008 12:23am
We may bounce from here. I'm out of all shorts at 207.60. If the yellow trendline is broken, I'll rejoin short on the retest.
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