london is over, pound made a final helpless attempt, my eu long is growing (i wonder how your shorts can do too), i hope for gj to relax and drop now. yen should strengthen. btw, pound just disconnected from eur.
Auslanco - GBP/JPY and GBP/USD (newstrade)
- #76,002
- Apr 28, 2008 11:06am Apr 28, 2008 11:06am
- Joined Oct 2007 | Status: Trader | 5,510 Posts
Good Afternoon everybody,
Still holding Short from earlier today and using 150 pip SL to counter this choppiness today.
Looks like a lovely set of bear reversal candles forming on the 1 hr and a Doji on the 4 hr....what do you think? I'm waiting to see if the 1hr reversal candles are intact on the hour (12mins from now)
How are you getting on with the egg balancing act?
- #76,003
- Apr 28, 2008 11:07am Apr 28, 2008 11:07am
- | Membership Revoked | Joined Apr 2008 | 2,468 Posts
We need to break this 207.50 level though...I think this one is turning into major support...would be nice to see it broken and down to 205.70 later
- #76,004
- Apr 28, 2008 11:27am Apr 28, 2008 11:27am
- Joined Apr 2006 | Status: Trader | 2,429 Posts
=
Whatz up bro?????
TRIALS THAT SHAKE SOME, CONFIRM OTHERS!
- #76,005
- Apr 28, 2008 11:30am Apr 28, 2008 11:30am
- | Joined Mar 2008 | Status: Sniper | 1,001 Posts
207 is major long term support/resistance. The Beast ranged between 190 and 207 from 2004 until mid 2006.
Beast is currently coming down of a top channel bounce, in what could be a 5 wave corrective, to the lower channel. This 13 year old trend channel (in the early 190s - tested mid-march?) needs to be broken for the beast to descend, and there is a similar monster of a trend line on the DJIA, as you might expect.
If you look at the supercycle, the last major wave was down. The zig zagging from 1994 on suggests this is a corrective wave, which means a downward impulse wave will resume after the corrective wave completes.
Wave 4 clearly overlaps the the range of wave 2. This defies guidelines to EW Impulse waves, and supports the conclusion that the 94 wave is corrective, a sideways counter trend flat, not an impulse wave. It COULD be an impulse wave however as Elliot Wave's flaw is its subjectivity.
Big thanks to Piters for these good charts on the GJ.
Original thread: http://www.forexfactory.com/showthread.php?t=82299
I know this is a bigger picture than what is normally discussed, but in getting to know this pair I'm working from the macro to the micro. Any thoughts
Beast is currently coming down of a top channel bounce, in what could be a 5 wave corrective, to the lower channel. This 13 year old trend channel (in the early 190s - tested mid-march?) needs to be broken for the beast to descend, and there is a similar monster of a trend line on the DJIA, as you might expect.
If you look at the supercycle, the last major wave was down. The zig zagging from 1994 on suggests this is a corrective wave, which means a downward impulse wave will resume after the corrective wave completes.
Wave 4 clearly overlaps the the range of wave 2. This defies guidelines to EW Impulse waves, and supports the conclusion that the 94 wave is corrective, a sideways counter trend flat, not an impulse wave. It COULD be an impulse wave however as Elliot Wave's flaw is its subjectivity.
Big thanks to Piters for these good charts on the GJ.
Original thread: http://www.forexfactory.com/showthread.php?t=82299
I know this is a bigger picture than what is normally discussed, but in getting to know this pair I'm working from the macro to the micro. Any thoughts
Money & Pain
Respect the market, protect your capital, be patient
- #76,011
- Apr 28, 2008 12:35pm Apr 28, 2008 12:35pm
- | Membership Revoked | Joined Apr 2008 | 2,468 Posts
- #76,013
- Apr 28, 2008 12:53pm Apr 28, 2008 12:53pm
- Joined Nov 2007 | Status: beginner | 7,828 Posts
On your 4hr Chart I see Long verus Short Shadows
You probably already know this, but I'll write it as it's good information on price action for newbies:-
A long upper shadow indicates that the Bulls controlled the ball for part of the game, but lost control by the end and the Bears made an impressive comeback. This, being on the 4hr is obviously stronger than a pattern on the 1hr etc.
What does anyone else think? I am holding Short so would like to see this pair descend over the next few days...
what A long upper shadow indicates that the Bulls controlled
- #76,015
- Apr 28, 2008 12:57pm Apr 28, 2008 12:57pm
- | Membership Revoked | Joined Apr 2008 | 2,468 Posts
what A long upper shadow indicates that the Bulls controlled
Sorry, I didn't explain myself fully:-
Long Versus Short Shadows
The upper and lower shadows on candlesticks can provide valuable information about the trading session. Upper shadows represent the session high and lower shadows the session low. Candlesticks with short shadows indicate that most of the trading action was confined near the open and close. Candlestick with long shadows show that traded extended well past the open and close.
http://stockcharts.com/school/data/m...ongshadows.gif
Candlesticks with a long upper shadow and short lower shadow indicate that buyers dominated during the session, and bid prices higher. However, sellers later forced prices down from their highs, and the weak close created a long upper shadow. Conversely, candlesticks with long lower shadows and short upper shadows indicate that sellers dominated during the session and drove prices lower. However, buyers later resurfaced to bid prices higher by the end of the session and the strong close created a long lower shadow.
- #76,016
- Apr 28, 2008 12:59pm Apr 28, 2008 12:59pm
- Joined Mar 2007 | Status: Trader | 1,731 Posts
thanks shahroodi
what news have you got about GJ ??
1-sl hit
2-tp hit
3-if in the start of next week,price don't reaches my sl or tp,i will close it manually.
good luck
- #76,017
- Apr 28, 2008 1:02pm Apr 28, 2008 1:02pm
- Joined Nov 2007 | Status: beginner | 7,828 Posts
Sorry, I didn't explain myself fully:-
Long Versus Short Shadows
The upper and lower shadows on candlesticks can provide valuable information about the trading session. Upper shadows represent the session high and lower shadows the session low. Candlesticks with short shadows indicate that most of the trading action was confined near the open and close. Candlestick with long shadows show that traded extended well past the open and close.
http://stockcharts.com/school/data/m...ongshadows.gif
Candlesticks with a long upper shadow and short lower shadow indicate that buyers dominated during the session, and bid prices higher. However, sellers later forced prices down from their highs, and the weak close created a long upper shadow. Conversely, candlesticks with long lower shadows and short upper shadows indicate that sellers dominated during the session and drove prices lower. However, buyers later resurfaced to bid prices higher by the end of the session and the strong close created a long lower shadow.
- #76,018
- Apr 28, 2008 1:05pm Apr 28, 2008 1:05pm
- | Joined Mar 2008 | Status: Sniper | 1,001 Posts
Any speculation on when we're going to see 200?
Money & Pain
Respect the market, protect your capital, be patient
- #76,019
- Apr 28, 2008 1:07pm Apr 28, 2008 1:07pm
- | Membership Revoked | Joined Jun 2007 | 3,782 Posts
Hi all, am back after taking a long nap. GJ got me dizzy today
- #76,020
- Apr 28, 2008 1:11pm Apr 28, 2008 1:11pm
- Joined Aug 2007 | Status: The Weather Man | 8,859 Posts
Hi all, am back after taking a long nap. GJ got me dizzy today