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

  • #66,201
  • Mar 6, 2008 1:39pm Mar 6, 2008 1:39pm
Quoting mike w
LOL We, Americans, are blind to other places and languages. Such a shame haha
Yes, Mike. I live in Minnesota, US. Thanks
  • #66,202
  • Mar 6, 2008 1:41pm Mar 6, 2008 1:41pm
Quoting shahroodi
dear hussin
plz don't write persian in this public thread.
plz write in english for public use
tks in advance
Hussin,
may be your saying about the luck is similar to a saying we have in France:
"When luck is against you even if you sit on a bench ***** will go up your ***"
is what you meant?
  • #66,203
  • Mar 6, 2008 1:41pm Mar 6, 2008 1:41pm
I am looking for a bounce at 206.27-33 if it goes there. 1h 50ema, 4h 10 ema and also 76.4 fib level of todays move await. If it breaks hard through there then I will have to say to longs for now.

Bless
Patience + Discipline - Greed = Success
  • #66,204
  • Mar 6, 2008 1:42pm Mar 6, 2008 1:42pm
FYI... GJ is still missing about 70-80 pips from its daily average range which normally is about 250 pips / day.

=> medium probability that we will get a little bit more price action in the last hours of the trading day... let's see in which direction...
  • #66,205
  • Mar 6, 2008 1:45pm Mar 6, 2008 1:45pm
Solid chance of a pin bar forming on the hourly here. Just have to wait for confirmation of it.
I dream, therefore I become.
  • #66,206
  • Mar 6, 2008 1:47pm Mar 6, 2008 1:47pm
Togy check your PM dude
  • #66,207
  • Mar 6, 2008 1:47pm Mar 6, 2008 1:47pm
Quoting mike w
LOL We, Americans, are blind to other places and languages. Such a shame haha
Quoting mktjong
Yes, Mike. I live in Minnesota, US. Thanks
But I know three languages .. http://www.forexfactory.com/images/icons/icon10.gif
( Chinese, English, Indonesia )
  • #66,208
  • Mar 6, 2008 1:49pm Mar 6, 2008 1:49pm
Quoting ernesto
FYI... GJ is still missing about 70-80 pips from its daily average range which normally is about 250 pips / day.

=> medium probability that we will get a little bit more price action in the last hours of the trading day... let's see in which direction...

BTW... 60 pips is exactly the distance from the daily range we are missing to reach 208.2 :-)

(corrected !)
  • #66,209
  • Mar 6, 2008 1:57pm Mar 6, 2008 1:57pm
Quoting malcolmb14
I think trading a quieter pair like usdcad or audusd is good for beginners on a 4 hour or even 8 hour time frame. I started with NZDUSD.

I am an intraday trader , but only trade for 5 hours per day otherwise you get burnt out pretty quick. I set profit targets for the day and once met stop trading. If I do 2 losing trades in a row I stop trading ... things are not working for me.

The other thing about intraday trading is choose your time to trade. The best time is during the euro / usa overlap. , 5 am Pacific to about 9am Pacific should net you those 30 pips you are looking for. You need the volatility.

Once you have the 30 pips ( the target you mentioned) stop trading !!! ... reiterate that one. So many times I have been in profit only to give it all back plus some through over trading.

Today for example there was a nice ramp up and a reversal. After that is went into chop. It is not worth sitting there for hours in the chop.... go do something more enjoyable that will refresh your mind and body.

Above all successful trading is not about the entry or exit , or how many pips you make, it is about good money management. If you flipped a coin every day you woke up ... heads for short and tails for long. You did one trade , but with good money management / risk , you would still make profit.

I think there is a forum on Forex factory that has tested this principal.
Yup agree.. just like my story..hehe. I have ever made 500 pips a day on this pair and too excited, the next days gave it all back .. such a shame http://www.forexfactory.com/images/icons/icon10.gif
  • #66,210
  • Mar 6, 2008 1:59pm Mar 6, 2008 1:59pm
Quoting mktjong
But I know three languages .. http://www.forexfactory.com/images/icons/icon10.gif
( Chinese, English, Indonesia )
Thats awesome man, you DEFINITELY dont fit the mold of the average American. lol

Out of all of my friends, only a hand full know other languages. I know a little German, but that's about it. I'm not too well versed in that area. I'd like to learn Chinese though, as I really think it's the up and coming language to know. I think that could take you pretty far just by knowing it.
I dream, therefore I become.
  • #66,211
  • Mar 6, 2008 1:59pm Mar 6, 2008 1:59pm
15 minute chart, if we see a close below the trend line, then 205/204 is in the cards...
Attached Image (click to enlarge)
Click to Enlarge Name: charts6.gif Size: 48 KB
  • #66,212
  • Mar 6, 2008 2:01pm Mar 6, 2008 2:01pm
Quoting mktjong
Yup agree.. just like my story..hehe. I have ever made 500 pips a day on this pair and too excited, the next days gave it all back .. such a shame http://www.forexfactory.com/images/icons/icon10.gif
I've done that in the past too. I think that is probably a worse feeling than not having had it at all. If that ever happens, I just take the week off.
I dream, therefore I become.
  • #66,213
  • Mar 6, 2008 2:05pm Mar 6, 2008 2:05pm
the moment we won't believe in longs anymore... that's when it will shoot up. since most of you have already turned to the downside, i guess we won't have to wait that much for 208.50.
just kidding, of course...
now back to the reality. we are in a downtrend, obviously. so the main activity should be to pick the best moments for entering short positions, not to calculate what the retracement might be. g-j is known to have small retracement during strong trends (and i'm talking about 23.6, not even 38.2); we might have had just enough for now, so it's time to be careful and watch out for the next fall.
this doesn't mean we won't see 208.50, or even 209.60. it just means, watch out for your SL if you're against the trend.
so, for the newbies, stare at h1/h4 charts and ask yourself this: where is the point of no return? where exactly on chart is the moment where you won't believe in longs anymore? that's your SL if you have a long position. and that's also your short entry.
Nihil Sine Deo.
  • #66,214
  • Edited 2:37pm Mar 6, 2008 2:06pm | Edited 2:37pm
smmcintyre posted

The G/J appears to be meeting strong resistance at on the 4 hour 50 EMA/ 1 hour 200 EMA.

GJ1d
http://www.tradingrooms.com/chartpos...2292008114.png
http://www.tradingrooms.com/chartpos...6200820511.png
UJ1d
http://www.tradingrooms.com/chartpos...6200820378.png
  • #66,215
  • Mar 6, 2008 2:14pm Mar 6, 2008 2:14pm
USD/JPY is close to hitting bottom for the third time @ 102.63.
  • #66,216
  • Mar 6, 2008 2:26pm Mar 6, 2008 2:26pm
1. What session do you think we should see bottom? .
2. What Time do you think it is best to analyze the pair?
3. Which time do you think the sweetspot is for the pair?

1 i beleive the bottom should come in the morning session of tomorrow
2 analyze these pairs during US session(carry traders)
3.Sweet spots for entering. I have no Idea



What do you guys & gals think?
GREED IS THE ULTIMATE INDICATOR
  • #66,217
  • Mar 6, 2008 2:29pm Mar 6, 2008 2:29pm
Quoting mike w
I've done that in the past too. I think that is probably a worse feeling than not having had it at all. If that ever happens, I just take the week off.
I would love to follow your teaching, but I 'm so afraid to make it only to ...French Fries.... with it! I prefer to follow my own instinct!!!!
  • #66,218
  • Mar 6, 2008 2:32pm Mar 6, 2008 2:32pm
Yeah, I've noticed, Mike knows his stuff
GREED IS THE ULTIMATE INDICATOR
  • #66,219
  • Mar 6, 2008 2:36pm Mar 6, 2008 2:36pm
Quoting Scrat
the moment we won't believe in longs anymore... that's when it will shoot up. since most of you have already turned to the downside, i guess we won't have to wait that much for 208.50.
just kidding, of course...
now back to the reality. we are in a downtrend, obviously. so the main activity should be to pick the best moments for entering short positions, not to calculate what the retracement might be. g-j is known to have small retracement during strong trends (and i'm talking about 23.6, not even 38.2); we might have had just enough for now, so it's time to be careful and watch out for the next fall.
this doesn't mean we won't see 208.50, or even 209.60. it just means, watch out for your SL if you're against the trend.
so, for the newbies, stare at h1/h4 charts and ask yourself this: where is the point of no return? where exactly on chart is the moment where you won't believe in longs anymore? that's your SL if you have a long position. and that's also your short entry.
Exactly what I wanted to say Scrat In a strong downtrend, a 50% retracement is not always guaranteed, on the contrary, I have observed many pairs reach only 23.6 or max. 38.2 retracement before continuing their journey south.
As was mentioned by naatha, G/J was rejected twice from the 200 EMA just above the 38.2 fib. in addition to this, there is a confluence there with the 23.6 fibofan retracement level of the fall from the beginning of November 2007. The price is now sitting just at the Daily Pivot @206.38, which is very close to the lower TL @206.09, so I am with you on this that we most probably are heading south.
  • #66,220
  • Mar 6, 2008 2:36pm Mar 6, 2008 2:36pm
now she is getting cheaper to buy it
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