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  • #1,221
  • Mar 27, 2008 7:53pm Mar 27, 2008 7:53pm
I see 199.00 area is the solid support. If it ever gets down 30-40 pips below that level, then the trend might continue to be down. Otherwise, still looking to the upside ..
  • #1,222
  • Mar 27, 2008 7:57pm Mar 27, 2008 7:57pm
Just wondering
  • #1,223
  • Mar 27, 2008 8:00pm Mar 27, 2008 8:00pm
  •  FxChi
  • | Joined Dec 2007 | Status: Cash Rules Everything Around Me | 749 Posts
Quoting cotoho
http://apnews.myway.com/article/20080327/D8VM0BPO1.html

How can there be a major move up with this hanging over everyone's head?
Mmmmm. Very interesting. You should also check out: http://www.dailyfx.com/story/bio1/Br...653915808.html

In summary, they're saying the Pound could break 2.0 if any mortgage lender announces losses or closes shop. Nationwide the country's 2nd largest mortage lender is planning on turning away business. More UK numbers tomorrow, so we should expect decent volatility.
"Wishful thinking dies hard." Igor T.
  • #1,224
  • Mar 27, 2008 8:01pm Mar 27, 2008 8:01pm
Quoting mktjong
I am looking to long instead, if hourly chart is starting to trend up ..it may be the timing to enter long

we are testing that 61.8% fib right now at 199.25.

It could be where the pivot forms to go long.
Blogging daily now at www.volume.zone
  • #1,225
  • Mar 27, 2008 8:08pm Mar 27, 2008 8:08pm
Quoting malcolmb14
we are testing that 61.8% fib right now at 199.25.

It could be where the pivot forms to go long.
I'd be carefull picking bottom here. Nikkei 225 is down 12,532.79 - 71.79 ... meaning that we might see a move down. I'm kepping my shorts till London open.
  • #1,226
  • Mar 27, 2008 8:13pm Mar 27, 2008 8:13pm
Ok so here we are at the 61.8% of last nights move to high of US sesssion.

199.25 .

I would wait for a trend reversal confirmation on the 15 min , a break of at least the 20 sma to go long. Put it this way if there is another wave up it , it will be as long as the last 350 pip. So we can affrod to wait a few pips for trend reveral confirmation.

The range is getting narrower and narrower on the 4 hour , expect another major movement(500 pips plus in days) in the next week or so
Blogging daily now at www.volume.zone
  • #1,227
  • Mar 27, 2008 8:26pm Mar 27, 2008 8:26pm
Quoting malcolmb14
Ok so here we are at the 61.8% of last nights move to high of US sesssion.

199.25 .

I would wait for a trend reversal confirmation on the 15 min , a break of at least the 20 sma to go long. Put it this way if there is another wave up it , it will be as long as the last 350 pip. So we can affrod to wait a few pips for trend reveral confirmation.

The range is getting narrower and narrower on the 4 hour , expect another major movement(500 pips plus in days) in the next week or so
malcomb can you share your setup for charts pls ? indicators and EMA's or SMA's pls ? ( or even a template ? )

Thanks,
Goodbadmas
  • #1,228
  • Mar 27, 2008 8:28pm Mar 27, 2008 8:28pm
Quoting malcolmb14
Ok so here we are at the 61.8% of last nights move to high of US sesssion.

199.25 .

I would wait for a trend reversal confirmation on the 15 min , a break of at least the 20 sma to go long. Put it this way if there is another wave up it , it will be as long as the last 350 pip. So we can affrod to wait a few pips for trend reveral confirmation.

The range is getting narrower and narrower on the 4 hour , expect another major movement(500 pips plus in days) in the next week or so
That's what I would like to hear
Thanks bro.
  • #1,229
  • Mar 27, 2008 8:29pm Mar 27, 2008 8:29pm
Quoting malcolmb14
Ok so here we are at the 61.8% of last nights move to high of US sesssion.

199.25 .

I would wait for a trend reversal confirmation on the 15 min , a break of at least the 20 sma to go long. Put it this way if there is another wave up it , it will be as long as the last 350 pip. So we can affrod to wait a few pips for trend reveral confirmation.

The range is getting narrower and narrower on the 4 hour , expect another major movement(500 pips plus in days) in the next week or so
Hi Malcom, is ur 20sma on 15m chart at 199.75 ? since i noticed there r some difference coz of broker n timezone
Sometimes in order to see the light, you have to risk the dark
  • #1,230
  • Mar 27, 2008 8:37pm Mar 27, 2008 8:37pm
Quoting johnchia
Hi Malcom, is ur 20sma on 15m chart at 199.75 ? since i noticed there r some difference coz of broker n timezone
ive got 199.61
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
  • #1,231
  • Mar 27, 2008 8:43pm Mar 27, 2008 8:43pm
Quoting moneymagnet
ive got 199.61
Thx bro
Anyway since today is the last trading day on the month will profit taking pull GJ back to 195 or even lower ? Any thought on that ?
Sometimes in order to see the light, you have to risk the dark
  • #1,232
  • Mar 27, 2008 9:13pm Mar 27, 2008 9:13pm
Mr. Mirror Image tells me that the low on GBPJPY is here, as of 19:12 PST @ 199.57.

200 pips lower and 13 hours into the session, confirmed also by Gann angles and Arc projection

FWIW,
Al
  • #1,233
  • Mar 27, 2008 9:21pm Mar 27, 2008 9:21pm
Quoting malcolmb14
If you can wait till 199.2 that would be a better place to sell .

Lots of support on the 199.5 to 199.2 zone , incuding 61.8 % fib reatracement and 50 sma on both the 60 min and 2 hour
You meant buy right?
  • #1,234
  • Mar 27, 2008 9:23pm Mar 27, 2008 9:23pm
Quoting zebra7860
Mr. Mirror Image tells me that the low on GBPJPY is here, as of 19:12 PST @ 199.57.

200 pips lower and 13 hours into the session, confirmed also by Gann angles and Arc projection

FWIW,
Al
go long
  • #1,235
  • Mar 27, 2008 9:27pm Mar 27, 2008 9:27pm
She's hung up at the pivot point
  • #1,236
  • Mar 27, 2008 9:31pm Mar 27, 2008 9:31pm
Quoting johnchia
Thx bro
Anyway since today is the last trading day on the month will profit taking pull GJ back to 195 or even lower ? Any thought on that ?
definitely possible with Japan converting money back to yens to fix books. you never know bro thats y we trade what we see. but i thought monday was the last trading day of the month.
  • #1,237
  • Mar 27, 2008 9:33pm Mar 27, 2008 9:33pm
The pattern that is playing out is a falling wedge , these are continuation patterns. In this case that would be down .

We have yet to test the monthly trend line at 185.

House prices are coming out of the UK tonight, If we break 198.5 and bottom trend line ( that would be 4th test of the bottom of the wedge and according to Gann could make for a powerful move down).

Now if the house prices surprise to the upside we could get the move thru the top of the wedge and go test the fib extension up in the 207 zone.

Either way when this wedge breaks , which it will soon , there is going to be a large move.

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Blogging daily now at www.volume.zone
  • #1,238
  • Mar 27, 2008 9:36pm Mar 27, 2008 9:36pm
Quoting rrram2
You meant buy right?

I meant sell we are in a primary downtrend

going long increases your risk of a losing trade by 100%

The trend is your friend
Blogging daily now at www.volume.zone
  • #1,239
  • Mar 27, 2008 9:44pm Mar 27, 2008 9:44pm
Quoting malcolmb14
I meant sell we are in a primary downtrend

going long increases your risk of a losing trade by 100%

The trend is your friend
Thats for sure but I gotta hold onto my longs that are only 20 pips down,
Just in case. I'll be sure to place some stops eh? ))
  • #1,240
  • Mar 27, 2008 9:50pm Mar 27, 2008 9:50pm
Quoting malcolmb14
I meant sell we are in a primary downtrend

going long increases your risk of a losing trade by 100%

The trend is your friend
In 13, 6 min bars starting with the low at 21:06
it went from a low of 199.25 to a high of 199.96
thats 70 pips, and heck I take sometimes less than 20 pips on trades.
And I was long during all those bars. And I think it has just as good of a chance of going north than south here. And I'm about even ATM and its heading north.
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