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

  • #68,041
  • Mar 13, 2008 3:10pm Mar 13, 2008 3:10pm
So far the bullish 1H qqe5 cross over took GJ to the 50 fib at 205.40, then the bearish 4H chart kicks in. Now GJ is bouncing against this trendline. A break of this trendlin will provide for a nice short scalp down to the low 203 area. I have a new daily mom in one hour then I will see where price might being moving next.
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  • #68,042
  • Mar 13, 2008 3:19pm Mar 13, 2008 3:19pm
for your consideration and critique all


i would think the best strategy is riding the red line up long for the time being...until and unless it breaks the trendline low to the downside into the bigger trend down..........simple


look at the possible up targets if this thing retraces up higher than u all think it might???? that move down was quite large..... u never know

once it BREAKS low then i will be my usual bear self again until then go with the flow bro .....



just my 2 cents....
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  • #68,043
  • Mar 13, 2008 3:34pm Mar 13, 2008 3:34pm
Quoting dagoods
for your consideration and critique all


i would think the best strategy is riding the red line up long for the time being...until and unless it breaks the trendline low to the downside into the bigger trend down..........simple


look at the possible up targets if this thing retraces up higher than u all think it might???? that move down was quite large..... u never know

once it BREAKS low then i will be my usual bear self again until then go with the flow bro .....



just my 2 cents....
Nice charts as always bro! =

Here is what I'm thinking. . .

1) Price is trading below daily pivot
2) Right now it's sitting below daily S2 @ 204.67
3) A close below this will see 203.40 1st target, perhaps lower to 201.50 area. . . Just my take on this.

If it goes up again I will short it for the 5th time right back down, not thinking long on this one right now. . .

Good luck on your trade 2day bro!

1hr chart for u. . .
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  • #68,044
  • Mar 13, 2008 3:37pm Mar 13, 2008 3:37pm
Quoting quecee5
Nice charts as always bro! =

Here is what I'm thinking. . .

1) Price is trading below daily pivot
2) Right now it's sitting below daily S2 @ 204.67
3) A close below this will see 203.40 1st target, perhaps lower to 201.50 area. . . Just my take on this.

If it goes up again I will short it for the 5th time right back down, not thinking long on this one right now. . .

Good luck on your trade 2day bro!
ok thanks q apprecite the input bro... yeah i forgot about your daily pivot magic method that u taught me a long time ago.... i will monitor it closely for sure

  • #68,045
  • Mar 13, 2008 3:42pm Mar 13, 2008 3:42pm
Quoting quecee5
Nice charts as always bro! =

Here is what I'm thinking. . .

1) Price is trading below daily pivot
2) Right now it's sitting below daily S2 @ 204.67
3) A close below this will see 203.40 1st target, perhaps lower to 201.50 area. . . Just my take on this.

If it goes up again I will short it for the 5th time right back down, not thinking long on this one right now. . .

Good luck on your trade 2day bro!
Hey Quecee,how are u determineing those supp. and resist. levels!?
Thaks in advance
  • #68,046
  • Mar 13, 2008 3:48pm Mar 13, 2008 3:48pm
Quoting I.Y.I
Hey Quecee,how are u determineing those supp. and resist. levels!?
Thaks in advance
i guess..
http://www.actionforex.com/technical.../piv.t-points/
  • #68,047
  • Mar 13, 2008 3:51pm Mar 13, 2008 3:51pm
Quoting sieb_ila
i guess..
http://www.actionforex.com/technical.../piv.t-points/
That's a very good source btw. . .
  • #68,048
  • Mar 13, 2008 3:55pm Mar 13, 2008 3:55pm
Quoting sieb_ila
i guess..
http://www.actionforex.com/technical.../piv.t-points/
Thx broI'll check it
  • #68,049
  • Mar 13, 2008 3:57pm Mar 13, 2008 3:57pm
Im using new Habeeb's pivot indicator thats posted on the mt4 forum and it draws different pivots then i see you posted, this thing with pivots is complicated, because we might get incorrect data and that will lead us to failed trading...

what you guys do with such issues?
  • #68,050
  • Mar 13, 2008 3:57pm Mar 13, 2008 3:57pm
Quoting I.Y.I
Thx broI'll check it
Once u learn how to use it it's - PRICELESS!
Another tool in the toobox!

Let's see how it closes. .
  • #68,051
  • Mar 13, 2008 4:00pm Mar 13, 2008 4:00pm
Quoting belekas
Im using new Habeeb's pivot indicator thats posted on the mt4 forum and it draws different pivots then i see you posted, this thing with pivots is complicated, because we might get incorrect data and that will lead us to failed trading...

what you guys do with such issues?

my experience with pivots and s/r trendlines indicators in general is that they signifiy zones and areas rather than exacts my brother

areas to watch helps make a trading plan ...with contigencies...and thats what queecee taught me

thanks q!


  • #68,052
  • Mar 13, 2008 4:03pm Mar 13, 2008 4:03pm
Quoting dagoods
my experience with pivots and s/r trendlines indicators in general is that they signifiy zones and areas rather than exacts my brother

areas to watch helps make a trading plan ...with contigencies...and thats what queecee taught me

thanks q!


Very well stated bro!

Lets see where GJ is headed for this next session. . .
  • #68,053
  • Mar 13, 2008 4:03pm Mar 13, 2008 4:03pm
Quoting quecee5
Nice charts as always bro! =

Here is what I'm thinking. . .

1) Price is trading below daily pivot
2) Right now it's sitting below daily S2 @ 204.67
3) A close below this will see 203.40 1st target, perhaps lower to 201.50 area. . . Just my take on this.

If it goes up again I will short it for the 5th time right back down, not thinking long on this one right now. . .

Good luck on your trade 2day bro!

1hr chart for u. . .
I'm with you Q.

I keep seeing lower lows being made on the daily chart.

I would love it to retrace up a lot.

But I see too much downside risk for now.


Look for rejections, get confirmation, then short it for a long ride. Any short in the 205/204 area has a good chance to hit even if she retraces up. Let them run and be patient.

Use support/res for entries.
  • #68,054
  • Mar 13, 2008 4:10pm Mar 13, 2008 4:10pm
Quoting quecee5
Once u learn how to use it it's - PRICELESS!
Another tool in the toobox!

Let's see how it closes. .

If the 1h candle clouses below the Gann,which is in the 204 204.10 area,i think these could be a good short entry!
  • #68,055
  • Mar 13, 2008 4:10pm Mar 13, 2008 4:10pm
My pivots just updated. . .
These are the levels/zones I will be watching - amongst other things!

R3 = 209.75
R2 = 208.06
R1 = 206.35
Daily pivot = 204.66
S1 = 202.95
S2 = 201.26
S3 = 199.55

Lets see where it goes. . .

Btw 204.10 = weekly S1 and monthly S1 = 203.47
Might stall in these areas if it continues to go down. . .
  • #68,056
  • Mar 13, 2008 4:17pm Mar 13, 2008 4:17pm
Quoting I.Y.I
If the 1h candle clouses below the Gann,which is in the 204 204.10 area,i think these could be a good short entry!

again the daily S1 @ 204.30 maybe the price will bounce again to the 205.60 area
  • #68,057
  • Mar 13, 2008 4:21pm Mar 13, 2008 4:21pm
I think all newbies in the first year of trading should reduce their lot size substantially. For example, if all you have to trade is one lot, and you use all of it for one position, you are at great risk. Forex is all about pips, not dollars.
For that same one lot size, you could place 10 smaller positions, thereby spreading your risk and diversifying.

If you are inexperienced, open your position with a tester, which is a tiny lot size placed near support/res with a good risk/reward factor. If support/res breaks you get stopped at a small loss. If it holds and reverses, then you get a good pip run. Add to that position when retracements run out of steam.

Major support/res levels should be your entry/exit targets.
  • #68,058
  • Mar 13, 2008 4:22pm Mar 13, 2008 4:22pm
hi all
  • #68,059
  • Mar 13, 2008 4:25pm Mar 13, 2008 4:25pm
Quoting warta
again the daily S1 @ 204.30 maybe the price will bounce again to the 205.60 area
or if it breaks were going dooown what DP you have on GJ mate? If drawn a regression channel on GJ and notice today it was mooving in 100pips channel, sad though...
  • #68,060
  • Mar 13, 2008 4:25pm Mar 13, 2008 4:25pm
I think it's heading down because trendline was broken and it's like 40 pips below it now. But it's going so slow it's like "hello bears it just broke a trendline please sell!"
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