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

  • #74,221
  • Apr 21, 2008 1:06pm Apr 21, 2008 1:06pm
Long term trend is up and the tape is currently half way down to the bottom channel from the last bounce on the top. It broke up out this down channel on Apr 17 and is currently on its way back down from Fridays high, what was resistance on the way up is now support on the way back down.

Is it going to plummet? Anyone still bullish?

Money & Pain Respect the market, protect your capital, be patient
  • #74,222
  • Apr 21, 2008 1:12pm Apr 21, 2008 1:12pm
8 hours on same Support... still.... safe Shorts below 204.00

tails curled, butts crossed

chart watching in progress, do not disturb


http://www.doske.com/Charts/snapshot-72.png
  • #74,223
  • Apr 21, 2008 1:13pm Apr 21, 2008 1:13pm
Quoting toyboy tramp
Long term trend is up and the tape is currently half way down to the bottom channel from the last bounce on the top. It broke up out this down channel on Apr 17 and is currently on its way back down from Fridays high, what was resistance on the way up is now support on the way back down.

Is it going to plummet? Anyone still bullish?

The only important thing is whether you're bullish.
Patience + Humility + Study = Success
  • #74,224
  • Apr 21, 2008 1:22pm Apr 21, 2008 1:22pm
Won't be until it bounces off the long term bottom channel, but I wasn't bullish for that rally either...I can't see what I'm not looking at, still learning to look, which is why I put it out there.

Money & Pain Respect the market, protect your capital, be patient
  • #74,225
  • Apr 21, 2008 1:23pm Apr 21, 2008 1:23pm
Quoting toyboy tramp
Won't be until it bounces off the long term bottom channel, but I wasn't bullish for that rally either...I can't see what I'm not looking at, still learning to look, which is why I put it out there.

Can anyone tell me why if you set a pending order, the order seems to trigger if the market gets close to the order, but not actually touches. Or has that ever happened to any of you?
All that is left in FF is just plain garbage. "Cloggie"
  • #74,226
  • Apr 21, 2008 1:24pm Apr 21, 2008 1:24pm
Quoting toyboy tramp
Long term trend is up and the tape is currently half way down to the bottom channel from the last bounce on the top. It broke up out this down channel on Apr 17 and is currently on its way back down from Fridays high, what was resistance on the way up is now support on the way back down.

Is it going to plummet? Anyone still bullish?

Depends on what it does once it reaches the trend line support (203.70 area). . . A fierce bounce and close above 204 would be bullish IMO.

A close below 203.40/50/70 area would see 201 1st major support (there is some intraday support b/n there, 202.60 area), then 201. . .
  • #74,227
  • Apr 21, 2008 1:27pm Apr 21, 2008 1:27pm
Quoting toyboy tramp
Won't be until it bounces off the long term bottom channel, but I wasn't bullish for that rally either...I can't see what I'm not looking at, still learning to look, which is why I put it out there.

Gotcha. I'm short and will reevaluate once we hit 203.50
Patience + Humility + Study = Success
  • #74,228
  • Apr 21, 2008 1:31pm Apr 21, 2008 1:31pm
Quoting tonyo524
Can anyone tell me why if you set a pending order, the order seems to trigger if the market gets close to the order, but not actually touches. Or has that ever happened to any of you?
perhaps your looking at the wrong side of the currency pair? ex.

204.13/204.20

you set a short at 204.13, but your looking at 204.20? thats the only thing i can think of anyways
  • #74,229
  • Apr 21, 2008 1:32pm Apr 21, 2008 1:32pm
Quoting DutchTrader
Gotcha. I'm short and will reevaluate once we hit 203.50
I'm short too but I'm starting to scale out of the position to lock in some profit on the way down. . .
  • #74,230
  • Apr 21, 2008 1:36pm Apr 21, 2008 1:36pm
Quoting quecee5
I'm short too but I'm starting to scale out to lock in some profit on the way down. . .
Good tactic.
Patience + Humility + Study = Success
  • #74,231
  • Apr 21, 2008 1:41pm Apr 21, 2008 1:41pm
Quoting tonyo524
Can anyone tell me why if you set a pending order, the order seems to trigger if the market gets close to the order, but not actually touches. Or has that ever happened to any of you?
This happens when you set a buy stop/limit because the price that you enter is the ask price and the chart shows the bid price, the spread difference. For example, if you set your buying order at 1.9800, the chart will show that at the price of 1.9797 it triggers because the chart shows the bid/cheaper price. Of course there is an option in Metratrader to show both prices on the chart.

Kevin
  • #74,232
  • Apr 21, 2008 1:44pm Apr 21, 2008 1:44pm
Quoting quecee5
I'm short too but I'm starting to scale out of the position to lock in some profit on the way down. . .
I am chasing my targets...

lol c'ya tomorrow I am off, thank you to all for your company today !!
  • #74,233
  • Apr 21, 2008 1:47pm Apr 21, 2008 1:47pm
Quoting Kaysole
This happens when you set a buy stop/limit because the price that you enter is the ask price and the chart shows the bid price, the spread difference. Of course there is an option in Metratrader to show both prices on the chart.

Kevin
What happened was I set a buy stop at 1.5910, and the wick of the candle had stopped at 1.5908, but it had triggered the buy. It has done that a lot of times with different pairs. It used to do that in the demo, but I didn't pay it any mine, but it gets kind of aggravating with real money. I see what you guys are telling me, and i will check closely the bid ask prices next time. Thanks a mill.
All that is left in FF is just plain garbage. "Cloggie"
  • #74,234
  • Apr 21, 2008 1:47pm Apr 21, 2008 1:47pm
Quoting Piters
I am chasing my targets...

lol c'ya tomorrow I am off, thank you to all for your company today !!

I hear ya. . .
I like to lock in profits at certain levels so I don't get caught in any sudden reversals. . .
Have a gd day my friend =
  • #74,235
  • Apr 21, 2008 1:47pm Apr 21, 2008 1:47pm
Quoting DutchTrader
I'm SHONG

Karmo, Dutch and Q,

You guys are crackin me up. Must be nice to be doing so well to be able to make jokes like that. Hopefully someday I'll make it to that place. I still don't know how Karmo has the patience. Gotta be a lot of confidence behind that. Somethin I've completely lost but am workin on gettin back. Anyway I also see at least 203.5 and possibly 201 but am still on the sidelines watching and learning to get my confidence back. Still trading demo though.
  • #74,236
  • Apr 21, 2008 1:47pm Apr 21, 2008 1:47pm
Quoting quecee5
I'm short too but I'm starting to scale out of the position to lock in some profit on the way down. . .
Heh...I thought you were only looking for support to go long, I knew you couldn't resist this sweet fall.
  • #74,237
  • Apr 21, 2008 1:48pm Apr 21, 2008 1:48pm
Quoting Dmac
Karmo, Dutch and Q,

You guys are crackin me up. Must be nice to be doing so well to be able to make jokes like that. Hopefully someday I'll make it to that place. I still don't know how Karmo has the patience. Gotta be a lot of confidence behind that. Somethin I've completely lost but am workin on gettin back. Anyway I also see at least 203.5 and possibly 201 but am still on the sidelines watching and learning to get my confidence back. Still trading demo though.

I'm a small fry bro, trust me. I don't chase pips because when you do they start running.
Patience + Humility + Study = Success
  • #74,238
  • Apr 21, 2008 1:48pm Apr 21, 2008 1:48pm
bi bi 204
  • #74,239
  • Apr 21, 2008 1:48pm Apr 21, 2008 1:48pm
I have 203.9 as very strong support on my chart although it may go as low as 203.5 area.

Just my view could be wrong.
  • #74,240
  • Apr 21, 2008 1:49pm Apr 21, 2008 1:49pm
Quoting tonyo524
What happened was I set a buy stop at 1.5910, and the wick of the candle had stopped at 1.5908, but it had triggered the buy. It has done that a lot of times with different pairs. It used to do that in the demo, but I didn't pay it any mine, but it gets kind of aggravating with real money. I see what you guys are telling me, and i will check closely the bid ask prices next time. Thanks a mill.
sounds like you have a bid chart. When buying off a bid chart ( going long ) always add the spread to your entry price.
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