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

Quoting Togy

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Hi Mike ... hope all is well bud. Can you elaborate as to why you sold at the 201 level. what gave you the indication the pair would drop from there ?
Your insight is greatly appreciated.

Thank You

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Quoting dogberry

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Yes, Geppy almost touched the lower line of the ascending channel and then moved up a little bit. If 195.8 is broken it will go down.

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Quoting mike w

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There's the 196 area that I talked about last night now. It may drop a decent deal further to around 195-194, but I'm looking to see a bullish pattern on the charts here soon. If it comes about, great, I'll be able to ride it up to around 204 I think. If not, then no trade yet. Nice short down to 197 from 201 last night though.

Have a great day everybody! I'll post with charts if anything looks worth while to trade anytime soon.

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Quoting Togy

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Hi Mike ... hope all is well bud. Can you elaborate as to why you sold at the 201 level. what gave you the indication the pair would drop from there ?
Your insight is greatly appreciated.

Thank You

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Quoting warta

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hi togy i wana show u my point of view hope it can help

@ 201 on the 4 h frame it show a pin bar arrounded by pink
witch is a sell signal after the R2 bounce the price
the chart can show u how it work
mostly a pin bar is a gr8 indicator for a reversal trend

Attachment

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Quoting Pipimintpati

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IMHO if gold and oil fall then the value of the dollar is increasing therefore Pounds buys less Dollars and Pounds buys less Jen. Gold is the thermostat for real value but just my IMO.

-Pipimint

-Quote of the day-

"Great Spirits have always encountered violent opposition from mediocre minds"
-Albert Eistein

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Quoting mike w

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Nice analysis Warta!

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Quoting Dmac

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I don't know Mike, It's at a crucial point right now at 196.40ish. We could see it bounce up from here.

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Quoting warta

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hey bro hows u today
hows the scalping with u today ? seems we are waiting a nice scapling now

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Quoting warta

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hey mikyyy
miss u bro
and tkx for ur pm last night i just check it and reply
tkx again my friend for ur support

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Quoting mktjong

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I scalped Eur/Usd just now, it was a nice one.. buy low @support, demand increases then u get in http://www.forexfactory.com/images/icons/icon10.gif
Just scalp .. no big pips but use bigger lots with good MM.

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Quoting mike w

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Hey sure thing man, that's what were here for! I'm here to become a better trader and push myself to the top and that's where I want everybody else to be too. I'd love to be able to make a real change through this, even if people do say it's near impossible. Hell, Walt Disney said it best- Doing the impossible is kind of fun.

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Quoting warta

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am waiting a big scalping in G/j lool

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Quoting mktjong

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I still have one open short on Geppy .. i hope it's draining down the toilet soon

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Quoting GodfreyH

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Genuine news is a poor substitute for juicy forex rumors , whats that saying again..., sell the sizzle and not the steak...

Anyway, I find it helps to have this news indicator to alert you to the various news events, so you are not caught unawares.

You can set it to just high (market mover) news, or medium and low news as well. It can be adjusted to different corners of your screen as well so you don't lose valuable screen real estate.

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Quoting mike w

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Sure thing! I study waves a good bit now, and yeah I know that's controversial to a lot of traders but it works for me. Ok first off, you'll notice on the hourly that 5 waves were created upwards and so for the very last bar of that upmove being a pin bar that was my selling point to short. It was the 23:00 bar on 3-18 (last night). With that, normally, there are 3 corrective waves downwards. The 3rd wave ended with the bar on 3-19 9:00 at 195.78. I wasn't sure as to how far it would drop so I set a conservative target on it. Now we entered the range period, which I think will break to the upside in order to start the process all over again.

That along with the fact that we were near resistance based on my methodology on the 4 hour chart showed that the move would probably be slowing down anyways. I only know that because of experience with it as you learn all the little stuff along with the experience.

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Quoting vinesh2

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Mike whats up I am looking at possible resistence around 195.48 which is also 23.6 FIB level from the fall at 205 area Which is also near Daily S1 and Monthly S3 but Weekley S2 can also be a target for loading longs. 4H inidcators are creeping down but volume is thin so never know

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Quoting mike w

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I agree man, I just put up a small buy order and plan on adding once it goes lower if it does. I'd love to see it at 194-195 for a buy order up to 204 or 205.

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