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

  • #77,281
  • May 1, 2008 2:02am May 1, 2008 2:02am
There was a clear buy signal earlier in the Asian Session at 205.75 as GJ spiked down to the 50% retracement of yesterdays rally.

Now it needs the Brits to carry on buying cable to continue its rally towards the 2.0000 level - IF that happens GJ will get back towards yesterdays high.

No Europeans working today, so its all down to the UK for the next few hours....
Attached Image (click to enlarge)
Click to Enlarge Name: may 1 gj 15m 0600.gif Size: 17 KB
Trading Levels with WRBs
  • #77,282
  • May 1, 2008 2:04am May 1, 2008 2:04am
Quoting shakesfx


Good Morning Jerry,

I thought we'd get a bounce up to mid 207 from the 206.60ish level yesterday, but broke through to 50% Fib from move up...Not sure whether to Short from 207.40 though....it may try and make a new high first...I'll wait and see how it behaves if it gets there....If it goes straight through resistance at that level I'll leave the long running Just my opinion though..
im short now 206/16 let see if we close (30m) higher 206.50 i ll close my position
  • #77,283
  • May 1, 2008 2:08am May 1, 2008 2:08am
Quoting sarama001
really, I don't know how to apply this system. So I should start from april 18th as a crash course.
Let me presume you are a noob to fx - this then is my advice for what its worth:-
Price Action should be your first point of call. There is a thread dedicated to this on the main forum under "james16" I think.
Also goto "babypips dot com" and read through the lessons.
Read through this thread, I know its 1000's pages, so starting around April 18th is a good point as a member here posted charts and others posted the indicator lists around those dates.
PLEASE PLEASE demo this until you are consistantly profitable, then play with small amounts and as you build up discipline, confidence and patience (as well as controlling the emotions) you'll be OK.

BUT, if you're anything like me, you'll blow up your account before learning to control emotions like greed and fear...it seems the only way to learn properly. Thats why everyone screams "demo" then "small amounts" etc....very, very good advice....but of course no-one pays any attention till the margin call.

If, of course, you're not a noob, please forgive the above, but seriously demo this first as you'll need to tweek it to your style and combine with PA.

Hope this helps

Regards

Shakes
  • #77,284
  • May 1, 2008 2:10am May 1, 2008 2:10am
Cable has met long term resistance
U/J is at the bottom of short term up trend (EW corrective), another triangle looking for a break on the downside.
The big bear move is almost upon us
Money & Pain Respect the market, protect your capital, be patient
  • #77,285
  • May 1, 2008 2:11am May 1, 2008 2:11am
They are trading with Switzerland, not US, or Japan.
  • #77,286
  • May 1, 2008 2:15am May 1, 2008 2:15am
Quoting Jerry
im short now 206/16 let see if we close (30m) higher 206.50 i ll close my position

Waiting to see if we close this hour candle below 205.75/65

If not then I'll leave my Long in play....
  • #77,287
  • May 1, 2008 2:16am May 1, 2008 2:16am
Quoting shakesfx
Let me presume you are a noob to fx - this then is my advice for what its worth:-
Price Action should be your first point of call. There is a thread dedicated to this on the main forum under "james16" I think.
Also goto "babypips dot com" and read through the lessons.
Read through this thread, I know its 1000's pages, so starting around April 18th is a good point as a member here posted charts and others posted the indicator lists around those dates.
PLEASE PLEASE demo this until you are consistantly profitable, then play with small amounts and as you build up discipline, confidence and patience (as well as controlling the emotions) you'll be OK.

BUT, if you're anything like me, you'll blow up your account before learning to control emotions like greed and fear...it seems the only way to learn properly. Thats why everyone screams "demo" then "small amounts" etc....very, very good advice....but of course no-one pays any attention till the margin call.

If, of course, you're not a noob, please forgive the above, but seriously demo this first as you'll need to tweek it to your style and combine with PA.

Hope this helps

Regards

Shakes
Great advise shakes.

James16 Chart Thread :
http://www.forexfactory.com/showthread.php?t=2331
Indicators show the past. Price Action "Indicates" the future.
  • #77,288
  • May 1, 2008 2:17am May 1, 2008 2:17am
good morning all,

i think we will test ~207 again, its the falling 1h TL on my chart to start dropping from there all way down to ~202 the raising daily TL+ weekly/monthly 61% ret., because weekly its still bearish PA and this could be the end of the correction to raise to 213 in the following week(s).

Just thinking out loud, so this could be wrong
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  • #77,289
  • May 1, 2008 2:22am May 1, 2008 2:22am
Quoting jarroo
Great advise shakes.

James16 Chart Thread :
http://www.forexfactory.com/showthread.php?t=2331

Thanks for link...I couldn't find it for this guy
  • #77,290
  • May 1, 2008 2:25am May 1, 2008 2:25am
Very thin liquidity
  • #77,291
  • May 1, 2008 2:29am May 1, 2008 2:29am
Quoting Clouds
Very thin liquidity
Yep, give it an hour or two and we might see some lovely volatility me thinks... mind you, I thought the beast was going to stir yesterday and cause destruction throughout the land...All we got was a little yawn and a fart from it to say the least.:surprised
  • #77,292
  • May 1, 2008 2:37am May 1, 2008 2:37am
Quoting shakesfx
Yep, give it an hour or two and we might see some lovely volatility me thinks... mind you, I thought the beast was going to stir yesterday and cause destruction throughout the land...All we got was a little yawn and a fart from it to say the least.:surprised
Its already started - look at € down > 80 pips in the first half hour of London trading - cable -60 in sympathy? - or a Big Ben type of fake-out.
Trading Levels with WRBs
  • #77,293
  • May 1, 2008 2:38am May 1, 2008 2:38am
The USD is killing it tonight
  • #77,294
  • May 1, 2008 2:41am May 1, 2008 2:41am
Quoting shakesfx
Yep, give it an hour or two and we might see some lovely volatility me thinks... mind you, I thought the beast was going to stir yesterday and cause destruction throughout the land...All we got was a little yawn and a fart from it to say the least.

  • #77,295
  • May 1, 2008 2:49am May 1, 2008 2:49am
Quoting shakesfx
Thanks for link...I couldn't find it for this guy
The James16 Chart Thread is always just a click away from me. LOL
Indicators show the past. Price Action "Indicates" the future.
  • #77,296
  • May 1, 2008 2:54am May 1, 2008 2:54am
retrace, retrace,
  • #77,297
  • May 1, 2008 2:54am May 1, 2008 2:54am
Aleluja -86p , cangratz bulls
  • #77,298
  • May 1, 2008 2:57am May 1, 2008 2:57am
Quoting Jerry
Aleluja -86p , cangratz bulls
Did you really have a reason to short? or you just tested
  • #77,299
  • May 1, 2008 3:01am May 1, 2008 3:01am
covered 80% of position at 207 from 206.57 - 20% stop at BE, very good start for the day
  • #77,300
  • May 1, 2008 3:01am May 1, 2008 3:01am
am i the only one happy to see 207 again?
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