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

  • #79,821
  • May 9, 2008 12:51pm May 9, 2008 12:51pm
Quoting Devilc0de
market slow now, scalping time
Careful of itchy fingers syndrome, today is Friday.:timeout:

Bless
Patience + Discipline - Greed = Success
  • #79,822
  • May 9, 2008 12:53pm May 9, 2008 12:53pm
thanks bro, just scalping 1 lot for 10 pip tp
  • #79,823
  • May 9, 2008 1:40pm May 9, 2008 1:40pm
it's starting to consolidate a little now, by looking on the 5m chart, so watch out to those that are scalping.
  • #79,824
  • May 9, 2008 2:43pm May 9, 2008 2:43pm
Quoting Devilc0de
thanks bro, just scalping 1 lot for 10 pip tp
I quietly went long @200.86 and just closed it for about 20 pips.
Scalp...
  • #79,825
  • May 9, 2008 2:43pm May 9, 2008 2:43pm
It didn't look like it at first, but we are seeing a bounce of the trend line that I posted early this morning. I just wanted to point out that on both the 4 and
1HR charts, the candles that are the swings close high. The RSI is soooo oversold, this beast needs to head to the surface for a breath of fresh air. The swing low high close candles combined with oversold conditions are strong signs of a retrace. I think a bounce off the 23 or the 38.2 inner fib is a good possibility before the flock continues their journey south to the pip party. 23 is sitting at 201.96, and the 38 is at 203.31. I have TP set at the 23 to be conservative.

You guys and gals are all great, I hope your weekends are great!

Scotty B
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  • #79,826
  • May 9, 2008 2:49pm May 9, 2008 2:49pm
actually. i'm thinking more than 203, 204.40 is just a starter. i have a feeling that 199.78 is the bottom of this bear.

Quoting Scotty B
It didn't look like it at first, but we are seeing a bounce of the trend line that I posted early this morning. I just wanted to point out that on both the 4 and
1HR charts, the candles that are the swings close high. The RSI is soooo oversold, this beast needs to head to the surface for a breath of fresh air. The swing low high close candles combined with oversold conditions are strong signs of a retrace. I think a bounce off the 23 or the 38.2 inner fib is a good possibility before the flock continues their journey south to the pip party. 23 is sitting at 201.96, and the 38 is at 203.31. I have TP set at the 23 to be conservative.

You guys and gals are all great, I hope your weekends are great!

Scotty B
  • #79,827
  • May 9, 2008 2:51pm May 9, 2008 2:51pm
I think ultimately it will break 200 again. but it will range for a while , the range may be anywhere between 200-205.
  • #79,828
  • May 9, 2008 2:52pm May 9, 2008 2:52pm
Right on man!
  • #79,829
  • May 9, 2008 2:57pm May 9, 2008 2:57pm
Quoting Peterinforex
I think ultimately it will break 200 again. but it will range for a while , the range may be anywhere between 200-205.
I have noticed from last several weeks. If it closes high on Friday then on Monday it goes up a bit then it plunges. Same thing if it closes low on Friday then on Monday it goes down a bit then reverses completely. Could the next week repeat this cycle? Absolutely ...I think we just have to wait and see then..
Have a great week-end every one! Thanks for the week.
  • #79,830
  • May 9, 2008 2:57pm May 9, 2008 2:57pm
Quoting Scotty B
It didn't look like it at first, but we are seeing a bounce of the trend line that I posted early this morning. I just wanted to point out that on both the 4 and
1HR charts, the candles that are the swings close high. The RSI is soooo oversold, this beast needs to head to the surface for a breath of fresh air. The swing low high close candles combined with oversold conditions are strong signs of a retrace. I think a bounce off the 23 or the 38.2 inner fib is a good possibility before the flock continues their journey south to the pip party. 23 is sitting at 201.96, and the 38 is at 203.31. I have TP set at the 23 to be conservative.

You guys and gals are all great, I hope your weekends are great!

Scotty B
...I also have an eye on this dow trend line. A close below it will be bearish for both dow and geppy, but if it holds, we could see 209 or higher again soon. However, I still think we will see 198 then possibly 196 before going above 209. Next week will be sweet either way. Price action will guide us.

Bless
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Patience + Discipline - Greed = Success
  • #79,831
  • May 9, 2008 3:06pm May 9, 2008 3:06pm
UJ is dead. Trendline broken, on the daily, weekly and monthly. Put a fork in it. We couldn't breach 103.30 today and got slapped down like a 2 bit whore. I look for the usual Japanese exporter buying on Sunday then the return to normalcy by Euro open, i.e. 101.
Patience + Humility + Study = Success
  • #79,832
  • May 9, 2008 3:07pm May 9, 2008 3:07pm
take a look at dow's monthly chart


Quoting Infinity
...I also have an eye on this dow trend line. A close below it will be bearish for both dow and geppy, but if it holds, we could see 209 or higher again soon. However, I still think we will see 198 then possibly 196 before going above 209. Next week will be sweet either way. Price action will guide us.

Bless
  • #79,833
  • May 9, 2008 3:09pm May 9, 2008 3:09pm


Have a good one

Quoting mktjong
I have noticed from last several weeks. If it closes high on Friday then on Monday it goes up a bit then it plunges. Same thing if it closes low on Friday then on Monday it goes down a bit then reverses completely. Could the next week repeat this cycle? Absolutely ...I think we just have to wait and see then..
Have a great week-end every one! Thanks for the week.
  • #79,834
  • May 9, 2008 3:15pm May 9, 2008 3:15pm
i had a long at 200.76 throwing it away after i saw a hidden bearish divergence on my h1 chart. this could gap downwards next sunday night

take care fellow traders! have a great weekend
  • #79,835
  • May 9, 2008 3:23pm May 9, 2008 3:23pm
Quoting lilmoe
i had a long at 200.76 throwing it away after i saw a hidden bearish divergence on my h1 chart. this could gap downwards next sunday night

take care fellow traders! have a great weekend
Nope, don't see the hourly "hidden B.D." (I might be wrong) ..but I agree it could have a gap downwards on opening next week..hehe.
  • #79,836
  • May 9, 2008 7:18pm May 9, 2008 7:18pm
Quoting DutchTrader
UJ is dead. Trendline broken, on the daily, weekly and monthly. Put a fork in it. We couldn't breach 103.30 today and got slapped down like a 2 bit whore. I look for the usual Japanese exporter buying on Sunday then the return to normalcy by Euro open, i.e. 101.
  • #79,837
  • May 9, 2008 7:31pm May 9, 2008 7:31pm
Quoting lilmoe
i had a long at 200.76 throwing it away after i saw a hidden bearish divergence on my h1 chart. this could gap downwards next sunday night

take care fellow traders! have a great weekend
lilmoe,

I see bullish divergence forming, however I would like to see one more low.
What do you guys think? I would appreciate your feed back. Thanks.
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  • #79,838
  • May 9, 2008 7:51pm May 9, 2008 7:51pm
Quoting pkimnyc
I would like to see one more low
Aftermarket pricing has already been down to around 200 (currently back up to 200.5x), we'll see if that holds up (down?) through the weekend.
  • #79,839
  • May 10, 2008 1:11am May 10, 2008 1:11am
well, the idea of divergence maybe can took into consideration.However daily still showing the strong bearish (qqe pointing down,price under gan hilo and 5hr sma).For me if penetrate the red rectangle zone we are truly heading south.Or else 211/215 could be the next target.http://img374.imageshack.us/img374/8...previewza9.gif possible.
  • #79,840
  • May 10, 2008 4:03am May 10, 2008 4:03am
Quoting pkimnyc
lilmoe,

I see bullish divergence forming, however I would like to see one more low.
What do you guys think? I would appreciate your feed back. Thanks.
Heh bro,

Here is something to consider. . .

4hr looks bullish and could see price return to 38%-50% of the initial fall. This would rtn price back to the 203-204 range. Note, 203.03 is where the 4hr gann hi/lo sits. 204 is 50% retrace of the entire fall. . .

Here is what I would look for using the 4hr chart, if price touch 204.04 and close above minor resistance @ 203.48, this is a bullish signal that the uptrend will continue to at least the next target which is 55 EMA @ 204.75/80 area. . . A rejection there and GJ is back on it way to fall sharp to 198. . . A close above then your senario plays out - back to 209 in a choppy manner. . .

Now conversely, if GJ get's rejected at 38% of the fall @ 203/203.40'ish (more likely) then 198 support will be tested. . .

Flipping to the daily,

Daliy looks very bearish and will play out. . . Notice the confluence of resistance located right ar'd 204.75/80 area, which is 5 SMA and 55 EMA cross. . . That tells me that more down side is probable and price will not make it back to that price point before heading down. . . ZL MACD/ZL Stoch confirms this as well if you look carefully.

Therefore, I think price will stay beneath the 203/204 price point then head back south to test 198 in the short-term and possibly back to 192 medium term. . .

1st chart 4hr, 2nd chart daily. . .

Enjoy and talk with u all next week. . .
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