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

  • #81,201
  • May 14, 2008 7:03pm May 14, 2008 7:03pm
Response to James Chen post, (see todays Technical Analysis).

We had a rather similar situation in 2005 (see weekly chart, then daily chart). I would say that there is a possibility for GBP to recover. Nice setup, let’s see which way it will go.
Attached Image(s) (click to enlarge)
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- Keep an open mind, but not so open that your brains fall out. -
  • #81,202
  • May 14, 2008 7:04pm May 14, 2008 7:04pm
What Rustyy said. Everytime I read about the DJIA the key phrase is "light volume, no follow through from big funds seen"
Patience + Humility + Study = Success
  • #81,203
  • May 14, 2008 7:12pm May 14, 2008 7:12pm
I would be cautious of this pre-Tokyo fix noise.

Lets see what the Japanese traders do at 0100 GMT.

Watch USD/JPY.
  • #81,204
  • May 14, 2008 7:25pm May 14, 2008 7:25pm
Quoting Rustyyy
I would be cautious of this pre-Tokyo fix noise.

Lets see what the Japanese traders do at 0100 GMT.

Watch USD/JPY.
I have posted my UJ evaluation in the USD/JPY thread as I could not see any reason for GJ to fall today so I checked on UJ and GU.
UJ has strong 10 month resistence level just 100 pips up. Well...it is all in the other thread......
"Keep your eyes on the helpers" - Mr. Rogers
  • #81,205
  • May 14, 2008 7:48pm May 14, 2008 7:48pm
Quoting OrionsWay
I agree Que. I have seen hundreds come and go while they bask in their so called glory and shine, markets can and will humble anyone and everyone who thinks they have them figured out, History always repeats itself.
Steady goes it, is how professional money plays the game and your outline is not too far behind that curve.

Very nicely said Orion. Slow and steady wins the race
Blogging daily now at www.volume.zone
  • #81,206
  • May 14, 2008 8:10pm May 14, 2008 8:10pm
Below is a daily chart with MA's 25, 7 and 3. Interesting when they cross???

Thoughts or comments are welcome
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  • #81,207
  • May 14, 2008 8:16pm May 14, 2008 8:16pm
I've been running all around tarnation today, and away from the computer. The wife and I are going on a weekend trip and leaving at 6am sharp! She's the boss around here, and I try not to make the woman angry. Lookout!

Anyways... I was pleased to discover my upper 38 target was hit when I checked a little bit ago. Last night price kept hitting like what seemed to be an unending ceiling. Lots of resistance out there.

Because of the laziness price is showing in her journey to the north, I picked one candle that was significant on the hour chart to trade off of. We have a breach of the 0 line and price has not been able to break the 100 in the last few hours. My target is at the lower 38 ext @ 203.41.
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  • #81,208
  • May 14, 2008 8:25pm May 14, 2008 8:25pm
Tarnation!..haven't heard that for awhile...love it...have a good trip!
  • #81,209
  • May 14, 2008 8:27pm May 14, 2008 8:27pm
Quoting Scotty B
I've been running all around tarnation today, and away from the computer. The wife and I are going on a weekend trip and leaving at 6am sharp! She's the boss around here, and I try not to make the woman angry. Lookout!

Anyways... I was pleased to discover my upper 38 target was hit when I checked a little bit ago. Last night price kept hitting like what seemed to be an unending ceiling. Lots of resistance out there.

Because of the laziness price is showing in her journey to the north, I picked one candle that was significant on the hour chart to trade off of. We have a breach of the 0 line and price has not been able to break the 100 in the last few hours. My target is at the lower 38 ext @ 203.41.


Understand what can happen when wife gets angry and with going on a trip, watch out... Sounds like you did the right thing. I like your research, very interesting. Good Luck
  • #81,210
  • May 14, 2008 8:53pm May 14, 2008 8:53pm
Maybe my 10 hour trade will see som pips now....
Que
  • #81,211
  • May 14, 2008 9:08pm May 14, 2008 9:08pm
I may T/P at 204.22.

The hands of GOD are keeping it from breaching this level at the moment.
Que
  • #81,212
  • May 14, 2008 9:14pm May 14, 2008 9:14pm
Quoting Que
I may T/P at 204.22.

The hands of GOD are keeping it from breaching this level at the moment.
I'm not sure about the hands of God, but it certainly is stuck above the center of this spider web. If it can close beneath this, it will go down. It might be a good idea to close your shorts, but who knows what will come out of this mess.

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"Keep your eyes on the helpers" - Mr. Rogers
  • #81,213
  • May 14, 2008 9:20pm May 14, 2008 9:20pm
These shorts have over 10 hours of soak time on them (Deadliest Catch Reference heh). I don't want to give up on them. I hate doubt....
Que
  • #81,214
  • May 14, 2008 9:20pm May 14, 2008 9:20pm
Quoting damonl
I'm not sure about the hands of God, but it certainly is stuck above the center of this spider web. If it can close beneath this, it will go down. It might be a good idea to close your shorts, but who knows what will come out of this mess.

Attachment
Agreed, it is testing the 4H 200 ema. A very tough support indeed. Let's see ..
  • #81,215
  • May 14, 2008 9:21pm May 14, 2008 9:21pm
i love my indicators, when i take a trade my drawdowns are less than 20pips
  • #81,216
  • May 14, 2008 9:21pm May 14, 2008 9:21pm
Oh and for the record.

Your chart scares me lol.
Que
  • #81,217
  • May 14, 2008 9:22pm May 14, 2008 9:22pm
Quoting Que
These shorts have over 10 hours of soak time on them (Deadliest Catch Reference heh). I don't want to give up on them. I hate doubt....
I love that show
"Keep your eyes on the helpers" - Mr. Rogers
  • #81,218
  • May 14, 2008 9:23pm May 14, 2008 9:23pm
Well my obsession with this board made the decision for me. It just broke through as I was posting.
Que
  • #81,219
  • May 14, 2008 9:23pm May 14, 2008 9:23pm
Quoting Que
Oh and for the record.

Your chart scares me lol.
what is scry about it?
"Keep your eyes on the helpers" - Mr. Rogers
  • #81,220
  • May 14, 2008 9:24pm May 14, 2008 9:24pm
shorted at retest of 15min 50ema
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