Me too, short at 198.80...now nearly -500+ pips! 
Patience, let the market come to you!
Auslanco - GBP/JPY and GBP/USD (newstrade)
- #73,662
- Apr 17, 2008 2:38pm Apr 17, 2008 2:38pm
- Joined Apr 2006 | Status: Trader | 2,429 Posts
i have one short now 204.08
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
- #73,663
- Apr 17, 2008 2:39pm Apr 17, 2008 2:39pm
- | Membership Revoked | Joined Apr 2008 | 2,468 Posts
Short here too 201.55, 203.08 and 202.18. Just when things look good for shorts it takes off have seen this so many time. I am going to stay with the longer term trend. Weekley is still below GANN and Monthly is well below GAN and on my Monthly lower Moving Average has crossed the higher Moving Average indications of more downtrend coming. However, will need to be patient as this thing but shoot but quiet high 206 207 area
Thanks for your reply.That makes me feel better already...It was concerning me though that we were in a trend change? I'm thinking a trip below 201 tomorrow may be on the cards...we need a retracement soon, and a large one at that...
- #73,665
- Apr 17, 2008 2:41pm Apr 17, 2008 2:41pm
- | Membership Revoked | Joined Apr 2008 | 2,468 Posts
i have one short now 204.08
I think there are a lot of bids over 204.45 ish...But I think to go South from here first...What is your target? 201.20?
- #73,667
- Edited 2:59pm Apr 17, 2008 2:46pm | Edited 2:59pm
- Joined Oct 2007 | Status: Trader | 5,510 Posts
I hear ya, but a break of 198 1st target then 196.85/95 area would be more convincing that price is headed back to the lows and perhaps lower.
Only time will tell - as I see a very interesting week ahead for GJ, probably not as some r expecting! =
It's always good to analyze charts starting with the weekly and daily. A good starting point would be to look at the weekly 5 sma hi/lo/close. . . Then determine where price opens relative to the channel. . . Then look to the lower TF's to determine entry once u determine if the trend is up or down. . .
I know many don't trade Aus's strategy but I would encourage people to go back and re-read some of his strategies like momentum, 1/4 hr strategy and others. . . It will keep you out of losing trades more often than not.
and Btw, it's never good practice to keep adding to a losing trade in hopes that the trend will eventually change. . . But heh, trade your own strategy and learn from your own mistakes! Also, sometimes it good to sit and watch if you are unsure were the market is headed. There will always be plenty of trades but accounts get blown daily due to lack of MM and people feeling like that have to trade all day every day!
Just my two cents!
- #73,668
- Apr 17, 2008 2:47pm Apr 17, 2008 2:47pm
- | Membership Revoked | Joined Apr 2008 | 2,468 Posts
Me too, short at 198.80...now nearly -500+ pips!
Hi
198.80 looked good didn't it?
I'm was thinking we'll be back past there by the end of next week...The Bear Party is on me if we do!!
- #73,670
- Apr 17, 2008 2:48pm Apr 17, 2008 2:48pm
That makes me feel better already
My account is already streched with this 500 pip rally...couldn't go 1000pips though...When do you think we'll go South my friend?
I'm sure this price action is just a flash in the pan and a bit of a trap...
UK economic data is terrible and I think the next piece of bad news will drive us South again - in a brick dropped of a building kind of way....Everyone tell me it's all going to be OK please or I'll have to kill my Shorts above 206...
Shakes
If it doesn't go south before this, this alone would bring GJ to 214, if GU stands still that is. And well we can't even be sure if that line will hold. But GU was very bullish today, hopefully it will go down again, I've heard predicitons of it reaching below 1.7 this year.
I can only survive another 2000 pips drawdown, damn.
Well everyone has to blow his first account right? Luckily it's only €200 for me. My other trades have started going well, the ones where I have used stoploss.
This 1000 pips drawdown GJ trade of mine and from today 2 shorts on GU with almost 400 pips drawdown together were all caused be my trying to hedge instead of using stoploss, or hmm no 1 was caused by not using stoploss and then my pc frooze (Could I sue microsoft for this?
).. And it didn't work out too well.
- #73,671
- Apr 17, 2008 2:48pm Apr 17, 2008 2:48pm
- | Membership Revoked | Joined Apr 2008 | 2,468 Posts
Here is a post I posted on Sunday night. Not sure why people thought GJ was headed south and decided to short when all the LTF charts were pointing up even when the daily looked bearished - 1/4 hr looked to have lot of room to move up and it looked OS as stated in earlier post.
It's always good to analysis chart starting with the weekly and daily. A good starting point would be to look at the weekly 5 sma hi/lo/close. . . Then determine where price opens relative to the channel. . . Then look to the lower TF's to determine entry once u determine if the trend is up or down. . .
I know many don't trade Aus's strategy but I would encourage people to go back and re-read some of his strategies like momentum, 1/4 hr strategies and others. . . It will keep you out of losing trades more often than not.
Just my two cents!
Many thanks, I'll have a look
- #73,672
- Apr 17, 2008 2:51pm Apr 17, 2008 2:51pm
I think there are a lot of bids over 204.45 ish...But I think to go South from here first...What is your target? 201.20?
- #73,673
- Apr 17, 2008 2:52pm Apr 17, 2008 2:52pm
- Joined Apr 2006 | Status: Trader | 2,429 Posts
No idea.. I have a trendline on USD/JPY daily about 500 pips up, with a bit of an angle, it wont go straight up, it's 600 pips above us right now.
If it doesn't go south before this, this alone would bring GJ to 214, if GU stands still that is. And well we can't even be sure if that line will hold. But GU was very bullish today, hopefully it will go down again, I've heard predicitons of it reaching below 1.7 this year.
I can only survive another 2000 pips drawdown, damn.
Well everyone has to blow his first account right? Luckily it's only €200 for me. My other trades have started going well, the ones where I have used stoploss.
This 1000 pips drawdown GJ trade of mine and from today 2 shorts on GU with almost 400 pips drawdown together were all caused be my trying to hedge instead of using stoploss, or hmm no 1 was caused by not using stoploss and then my pc frooze (Could I sue microsoft for this?
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
- #73,674
- Apr 17, 2008 2:56pm Apr 17, 2008 2:56pm
why would you let any trade go 1000 pips against you?
But I don't think I would have let it do it if I had more money in play
.Lol I have to stop hedging.
- #73,675
- Apr 17, 2008 2:57pm Apr 17, 2008 2:57pm
- | Membership Revoked | Joined Apr 2008 | 2,468 Posts
No idea.. I have a trendline on USD/JPY daily about 500 pips up, with a bit of an angle, it wont go straight up, it's 600 pips above us right now.
If it doesn't go south before this, this alone would bring GJ to 214, if GU stands still that is. And well we can't even be sure if that line will hold. But GU was very bullish today, hopefully it will go down again, I've heard predicitons of it reaching below 1.7 this year.
I can only survive another 2000 pips drawdown, damn.
Well everyone has to blow his first account right? Luckily it's only €200 for me. My other trades have started going well, the ones where I have used stoploss.
This 1000 pips drawdown GJ trade of mine and from today 2 shorts on GU with almost 400 pips drawdown together were all caused be my trying to hedge instead of using stoploss, or hmm no 1 was caused by not using stoploss and then my pc frooze (Could I sue microsoft for this?
in the original direction!"I set a large stop on this pair as I though there would be some volitility this week and emmm...I was right....Did'nt expect this much though...
Honestly - without the benifit of hindsight -did anyone think a 500 pip trip North in 48hrs?? Obviously I didn't.
- #73,676
- Edited 3:00pm Apr 17, 2008 2:58pm | Edited 3:00pm
- | Membership Revoked | Joined Apr 2008 | 2,468 Posts
- #73,677
- Apr 17, 2008 3:02pm Apr 17, 2008 3:02pm
- | Membership Revoked | Joined Apr 2008 | 2,468 Posts
Take that!
take that G/J!!!...
- #73,679
- Apr 17, 2008 3:07pm Apr 17, 2008 3:07pm
I have three shorts from 204.32; 204.29; 204.26, but judging on the past experince all the beast does is just goes the oposite way from your positions. Got to unpack the patience bag!!!
- #73,680
- Apr 17, 2008 3:08pm Apr 17, 2008 3:08pm
- Joined Sep 2005 | Status: J16 Senior Member | 13,635 Posts
Why are you people going short? Help me understand your madness. Are you guessing? What are you basing your shorts on?
Indicators show the past. Price Action "Indicates" the future.