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

  • #64,321
  • Mar 2, 2008 3:51pm Mar 2, 2008 3:51pm
Friday's G/J daily candlestick saw a particularly large fall. I often notice that a strong candlestick occurs in reverse immediately following a strong move in one direction. Could we see a return to 209.50 tomorrow? The down move is starting to look a bit exhausted on the 4 hour chart. We've been ranging since late January, could the previous 7th Feb 205.80 level hold and we move back up? I think a buy position right now with a sell stop at 205.70 could possibly be fruitful without risking too many pips. Mind you, I'm no expert so perhaps safer to stick with the main downward trend!!
  • #64,322
  • Mar 2, 2008 3:58pm Mar 2, 2008 3:58pm
Quoting Pip Dream
Friday's G/J daily candlestick saw a particularly large fall. I often notice that a strong candlestick occurs in reverse immediately following a strong move in one direction. Could we see a return to 209.50 tomorrow? The down move is starting to look a bit exhausted on the 4 hour chart. We've been ranging since late January, could the previous 7th Feb 205.80 level hold and we move back up? I think a buy position right now with a sell stop at 205.70 could possibly be fruitful without risking too many pips. Mind you, I'm no expert so perhaps safer to stick with the main downward trend!!

See candlesticks of 21st Jan & 22nd Jan as an example of what I mean. These dates were the start of the move back upto high 213's
  • #64,323
  • Mar 2, 2008 4:18pm Mar 2, 2008 4:18pm
Dang it!
  • #64,324
  • Mar 2, 2008 4:20pm Mar 2, 2008 4:20pm
205.65 and the gap is still open.
Nihil Sine Deo.
  • #64,325
  • Edited 4:34pm Mar 2, 2008 4:20pm | Edited 4:34pm
Quoting Pip Dream
See candlesticks of 21st Jan & 22nd Jan as an example of what I mean. These dates were the start of the move back upto high 213's
204.94 is daily s1. . .
If that holds then we may 207.41/208.68 which is daily pivot then r1
UJ should have support @ 103.15 area 1st. . . if that breaks then 102 area which is (daily/weekly and monthly support)
  • #64,326
  • Mar 2, 2008 4:34pm Mar 2, 2008 4:34pm
Quoting quecee5
204.94 is daily s1. . .
If that holds then we may 207.41/208.68 which is daily pivot then r1
UJ should have support @ 103.15 area. . . or 102 area. . . (daily/weekly and monthly support)
My broker got gaps downtrend around 120 pips after market open
  • #64,327
  • Mar 2, 2008 4:43pm Mar 2, 2008 4:43pm
Quoting sifoorex
My broker got gaps downtrend around 120 pips after market open
Lets see if it holds here. . . If not then the next stop is 203.64, if it holds then we may see it retrace back to at least the daily pivot. A break of the daily pivot would see 208.68 which we could see the bears come back into play with momentum. . .

Looks like the selling in GJ has calm for the moment. Intraday s1 for UJ is at 103.33 for now - a break of that would see 103.15, then 102.96. . . which would put GJ on it way to 203.60's if the selling in GU also persist.
  • #64,328
  • Mar 2, 2008 4:47pm Mar 2, 2008 4:47pm
It went right to 204.94 and turned for the moment. Can it hold?



Quoting quecee5
204.94 is daily s1. . .
If that holds then we may 207.41/208.68 which is daily pivot then r1
UJ should have support @ 103.15 area 1st. . . if that breaks then 102 area which is (daily/weekly and monthly support)
  • #64,329
  • Mar 2, 2008 4:52pm Mar 2, 2008 4:52pm
Quoting alsup1955
It went right to 204.94 and turned for the moment. Can it hold?
Yep, I have 204.91 - so far so good. . . Lets see what it does from here. Typically, but not always it will at least go back and close the gap. I was actually expecting it to go to at least 204.53 area and put in a triple bottom so that means we might see the lows broken at a lower price in the days/weeks to come. . .
  • #64,330
  • Mar 2, 2008 4:59pm Mar 2, 2008 4:59pm
People planning for big upswings do not appreciate the rapidly worsening economic picture. We might get a little rebound, but we will almost assuredly go sub-200 this week.

Someday soon, you people will realize that the crazy doomer with the funny signature was right.
  • #64,331
  • Mar 2, 2008 5:04pm Mar 2, 2008 5:04pm
196 by the end of the week lookin better and better. Lets see what happens tonight. Hoping for a small rally to fail so I can get back in short. Lookin for a bounce to 205.90 ? LET'S GET READY TO RUUUUUUMBLE. Good luck everyone.
  • #64,332
  • Mar 2, 2008 5:08pm Mar 2, 2008 5:08pm
Man it just can,t make up its mind. I'm feeling it should fill that gap, but like u said its like picking the keno numbers..............I was short from 211.10 with 10 lots on friday and closed b4 the market closed...Should of kept it open for another 100 pips...



Quoting quecee5
Yep, I have 204.91 - so far so good. . . Lets see what it does from here. Typically, but not always it will at least go back and close the gap. I was actually expecting it to go to at least 204.53 area and put in a triple bottom so that means we might see the lows broken at a lower price in the days/weeks to come. . .
  • #64,333
  • Mar 2, 2008 5:09pm Mar 2, 2008 5:09pm
Quoting quecee5
Yep, I have 204.91 - so far so good. . . Lets see what it does from here. Typically, but not always it will at least go back and close the gap. I was actually expecting it to go to at least 204.53 area and put in a triple bottom so that means we might see the lows broken at a lower price in the days/weeks to come. . .
I agree, Q.

204.80-90 S/R level looks good for a turning point either breaking down and contining or retraces. I'm thinking more down movement. Then again, who isn't thinking that.
Attached Image
Indicators show the past. Price Action "Indicates" the future.
  • #64,334
  • Mar 2, 2008 5:18pm Mar 2, 2008 5:18pm
http://www.forexfactory.com/showpost...ostcount=64318

http://www.tradingrooms.com/chartpos...2008221446.png
http://www.tradingrooms.com/chartpos...2200823138.png
http://www.tradingrooms.com/chartpos...2008231633.png
  • #64,335
  • Mar 2, 2008 5:23pm Mar 2, 2008 5:23pm
If this thing breaks 204.50, I think it's gonna go down fast.
  • #64,336
  • Mar 2, 2008 5:28pm Mar 2, 2008 5:28pm
Whoever posted that "Golden Section" indicator =
  • #64,337
  • Mar 2, 2008 5:32pm Mar 2, 2008 5:32pm
I agree quecee, im having a play with it now looks interesting.. will see how it fares today...lol
  • #64,338
  • Mar 2, 2008 5:33pm Mar 2, 2008 5:33pm
Wow .. pipforia .. what a move
I hope nobody went long since last week ..hehe :-)
  • #64,339
  • Mar 2, 2008 5:41pm Mar 2, 2008 5:41pm
Quoting totalpips
I agree quecee, im having a play with it now looks interesting.. will see how it fares today...lol
According to this thing "GS" 204.58/68 was the low, next stop could be 207.77 on a retrace looking at 4hr chart. . . But I'm also using my typical indicators and it appears GJ is a bit OS at the moment on lower TF.

Also, I bought a small long on that run down at 204.65 with SL @ BE. . . Not something I typically do but it looks like we just put in a triple bottom, so if it can hold above 205 I think we will see it retrace a bit and I will move my stop up accordingly! Low risk trade for me at the moment. . .
  • #64,340
  • Mar 2, 2008 5:43pm Mar 2, 2008 5:43pm
What golden section indicator? Where is it? I want to play too.
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