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

Quoting tranium

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Excellent piece of work GodfreyH. it will surely help to manage my trade better.

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Quoting ephisi

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exactly, even if d news comes out as expected, DOw should rally today, UJ is already showing signs, if news is bade it may shrug it offf, wealready know dat d housing market is bad, what worst can we expect

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Quoting ephisi

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u took my advice? Did it work, if ure in profit, watch out for a reversal, DOW may shake it off soon

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Quoting lilmoe

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i wouldn't be surprised if we get a triple top setup... if anyone's long plz try to lock in some profits. this upwards movement might just be a game by the players dow's side...

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Quoting DutchTrader

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I've noticed the carries aren't moving quite in conjuction with this bullish Dow. Both UJ and GJ stalled before important levels were broken thru.

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Quoting lilmoe

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open an h4 chart on UJ and tell me what u see...

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Quoting quecee5

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Okay, many people on this thread have been asking me about the ZL Stoch and how it can be best used for trading.

Well like many have stated, using Aus. 1hr/4hr system with a bit of ingenuity makes for a great trading system - simple at best.

Below is a 4hr chart that I use as a trading road map for GJ but I also use a 15 min chart to determine when a move has been exhausted.

The way I use Aus. system for buy/sell opportunity is with hi/lo Gann (blue line), 5 SMA close (white line), ZL Stoch. indicator, s/r line (yellow lines) and simple trend lines (magenta lines).

When 5 SMA close has crossed hi/lo Gann and ZL Stoch has confirmed it with a cross then I put in my entry buy/sell. . . Typically on a 4hr chart this move is good for at least 150-300 pips as can be seen from the chart.

However, one has to have an idea of his or her TP target. . . This will vary depending on your trading style and capital investment. I typically use intraday, daily, weekly and monthly pivots for this as I have explained before. The reason for the variation is, it depends on if I'm scalping, trading short or long term which is dictated by the trend and my position. . .

Also notice support and resistance levels. . . As can be seen price has either been supported or rejected at certain levels. This is where one could have bought or sold with reasonable stops (above or below) with minimal risk using ZL Stoch, 5 SMA and hi/lo Gann as a guide. . .

I'm not going to go into detail regarding this chart as I think it is very self evident what's going here. . . I have pointed out a few things on this simple chart that can be studied to give you a clear view how I trade the GJ pair. . .

Many wonder why I always post in this thread the following: if price breaks a level then the next target is this, a break of this target will see next target at XXXX. Well I'm using intraday/daily pivots as my guide/road map in addition to these very simple methods.

I also talk about price closing above/below intraday/daily pivots. . . This is a good method to use to determine where price could go next which is either the next support or resistance level. . . If price closes lower than it opened this should be telling u something and vise versa within reason!

That's why it is essential to look at the whole picture and not rely on just one indicator or trend lines or hocu pocus or whatever.

I'll say it once and I'll say it again -
It's Always Good To See The Glass Half Full And Half Empty!

Forex is not a guessing game! Successful traders try to reduce risk and protect profits.

Gamblers focus mainly on maximizing profits which leads to over leveraging and losing huge amounts of capital. . .

Keep in mind this is just one method I use and continue to explore other methods in my toolbox depending if the market is trending sideways, up/down/ranging etc. . .

It's always good to have many tools in the toolbox to adjust for a volatile market. For example, sometimes I will use chart pattern to determine where price could go, other times I might use a volume indicator to give clues on a specific move. Lastly I may use Trend Traffic to help eliminate fake-out trend reversals. These are just a few examples of using other tools in the toolbox in addition to what works to help see a clearer picture regarding where price could go next. (And I stress could, nothing is certain)

Lastly, I won't get into the fundamentals aspect of trading but I will say this - it does play a part where the market will go. I'm not saying trade on this type of news however it will give you a good idea where price will go next based on market sentiments. . .

At the end of the day Forex is based on one simple thing and that is:

The Law of Supply and Demand! Which comes from Business 101!

Furthermore, Price is based on market conditions and peoples emotions. If this wasn't the case there would be no market! So what does this equate to, glad u asked. . .
1) Price
2) Volume
3) Timing
There is no magic trick here, this is what moves a market!

We must always adjust accordingly so:
Never get married to a position, always be prepared to adjust with an adjusting market!

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Quoting DutchTrader

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Double top

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Quoting lilmoe

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fishy right?

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Quoting ephisi

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see what we were saying queccce, Dow shook it off

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Quoting malcolmb14

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Only reason it did was Ford profits ... that is the only reason markets went up

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Quoting malcolmb14

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Only reason it did was Ford profits ... that is the only reason markets went up

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Quoting DutchTrader

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yep, because Ford hasn't been profitable since the Ford administraiton

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Quoting vinesh2

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Malcolmb your opinion on the current market condition would be appreciated.

Thanks

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Quoting lilmoe

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