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

Quoting vinesh2

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Anyone notice the last two 4hr candle are similar. Any importance of that?

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Quoting lilmoe

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now that's what i call a nice chart
with ya 100.99%

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Quoting Infinity

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I think the long will be good........ but I still haven't received confirmation as we have not had a close above the 1h 100sma yet. We could be heading back to 202.70s once again soon in order to pick up more buyers.

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Quoting warta

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WAITING A GOOD ENTRY
ANYONE CAN HELP ?

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Quoting mike w

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Check out the very first page of the James16 chart thread and look at his chart on that page. It looks like that to me! Trend continuation pattern. Am I correct in this thought or no? If anyone could steer me right if I'm not, it is much appreciated.

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Quoting lilmoe

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for that to be a trend continuation pattern, this 4h candle needs to close above 203.71... the fourth or the confirmation candle of that type of pattern has to be the highest in terms of closing price. this pattern usually indicates a retracement or price gathering of momentum. and would usually look like a normal swing low and sing higher high on a smaller TF

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Quoting mike w

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Thanks a lot Lilmoe, it's much appreciated man!

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Quoting Infinity

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I meant 202.90s....

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Quoting shakesfx

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Looks like we found some buyers at 202.80 last time...higher lows each time, so like you say hopefully dip 30/40 pips from here (presently at 203.36) and we're off North...but of course the beast could just fart in my face and head South instead LOL...

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Quoting Infinity

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I think it will go up based on the bullish engulfing candle on the yen daily and the cable also looks set to rise to 1.9750 area. Also the geppy 4h looks quite bullish. I am just waiting on a break and close above the 1h 100sma. I think the RICS house price balance will inject some pace in the movement......

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Quoting lilmoe

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lol. with ur experience i'm sure u already knew that. i just went ahead and explained it for those who don't

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Quoting lilmoe

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by the way, i would like to add something else that i noticed myself (i think)

in this very type of trend continuation pattern, the price goes up just as much as it did before that pattern started to form, and also in a very close timeframe (in terms of time not chart TFs). now, that upwards movement started from 200.15 all the way to 203.71 about 350 pips. now if this candle confirms and breaches 203.71 then the price will shoot up 350 pips from the "Bottom" of that candle. in english, if this is really a trend cont pattern, then we are looking at 206-207 areas. BUT BUT BUT BUT, there is one other condition that the CURRENT pattern also didn't finish yet, THE TIMEFRAME. the price has 12 hours limit to finish this cycle, otherwise it will be delayed or achieved after another major retracement.

here's an example of a good pattern that i pointed out during the 1100 upwards movement of last month. oh yea, i also remember something about someone owing me dinner at that time? memory problems i guess


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Quoting lilmoe

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by the way, i would like to add something else that i noticed myself (i think)

in this very type of trend continuation pattern, the price goes up just as much as it did before that pattern started to form, and also in a very close timeframe (in terms of time not chart TFs). now, that upwards movement started from 200.15 all the way to 203.71 about 350 pips. now if this candle confirms and breaches 203.71 then the price will shoot up 350 pips from the "Bottom" of that candle. in english, if this is really a trend cont pattern, then we are looking at 206-207 areas. BUT BUT BUT BUT, there is one other condition that the CURRENT pattern also didn't finish yet, THE TIMEFRAME. the price has 12 hours limit to finish this cycle, otherwise it will be delayed or achieved after another major retracement.

here's an example of a good pattern that i pointed out during the 1100 upwards movement of last month. oh yea, i also remember something about someone owing me dinner at that time? memory problems i guess


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Quoting aediaz1

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I thought this explanation would cast light on your discovery.

What you are referring to here is called flag pattern in TA. Viewing on 1h chart we can see price forms flag pattern (on 4h too but more clearly on 1h).

How to measure potential TP trading those flag;
Half of flagpoles seize (last bull/bear run which is this case is 600 pips) so if you cut your TP by half, you have done it correctly after "the book".

In some cases price would go longer as here, but in most scenarios you wouldn't push it too far without any profit taken of the table.

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Quoting lilmoe

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by the way,
yesterday, i mentioned a formula that i use on pennants, symmetrical triangles, and wedges.

125/80 = 1.56

80/1.56 = 51 (rounded)

check this out...

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Quoting mktjong

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Hi kujo17,

Have u ever worked with Keanu Reeves, Harrison Ford, Jet Li? How do u think of them?

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