GJ has been OB on the daily charts for almost 10 days. This news spike will pick up some selling strength and we should see new lows by Friday NY or Monday London.
JMO
JMO
Auslanco - GBP/JPY and GBP/USD (newstrade)
- #95,363
- Jun 19, 2008 6:50am Jun 19, 2008 6:50am
- Joined Jan 2007 | Status: Trader | 3,719 Posts
actually, smaller time frames are OB. i don't have time to explain everything now, but looking at 1hr chart i would guess we will see a possible retrace to 211.60 area then another push up to 213.70/214.10. this would make the setup ready for a drop.
and if higher time frames stay mildly OB as of now, this it would reinforce the short setup...
but let's not jump the gun yet.
and if higher time frames stay mildly OB as of now, this it would reinforce the short setup...
but let's not jump the gun yet.
Maybe..what I see is the end of consolidation right above previous resistance, with a super bullish 4H bar that hardly indicates any return to 210.30s is imminent..
As for indicators, I don't see any signs of being ovrbought .Quite the opposite, e.g. Momentum shows bullish divergence etc
PS: Orion, I can hardly see the price action in your charts! It is a miracle you can trade on this
Nihil Sine Deo.
- #95,365
- Jun 19, 2008 7:12am Jun 19, 2008 7:12am
Pros, can only say 1 thing without semi professional support aka Buying this drops. We know for a fact the REAL MONEY doesnt buy tops.At what point does this happen. Have they sucked in enough suckers for its last leg my position is YES GL to you
There is still mucho retail shorting interest at these levels clearly, so 212s are unlikely the ultimate top of this corrective leg up
Watch as it hits higher and higher levels
- #95,367
- Jun 19, 2008 7:29am Jun 19, 2008 7:29am
- Joined Feb 2008 | Status: Trader | 5,732 Posts
it looks asif g/u may be finding a top on hourly
If this us unemployment number is bad, just sit back and watch this go to 9750....if good retracement coming....
I am out @ 9720 from 9480
waiting for new signal long or short...
Patience + Discipline - Greed = Success
could be a nice sell in gbp/chf at 2.0600
im lock my profit+200pips and let it run till gap filled.
for gbp/chf and usd/chf trader click here
- #95,369
- Jun 19, 2008 7:42am Jun 19, 2008 7:42am
- Joined Nov 2006 | Status: Dubai | 11,493 Posts
That was easy pips 
Trade what you see, not what you think.
- #95,370
- Jun 19, 2008 7:42am Jun 19, 2008 7:42am
I think it will,the gap gonna be filled
im lock my profit+200pips and let it run till gap filled.
for gbp/chf and usd/chf trader click here
Fear's for the other guy
- #95,371
- Jun 19, 2008 7:55am Jun 19, 2008 7:55am
- Joined Oct 2007 | Status: Trader | 5,510 Posts
Pros, can only say 1 thing without semi professional support aka Buying this drops. We know for a fact the REAL MONEY doesnt buy tops.At what point does this happen. Have they sucked in enough suckers for its last leg my position is YES GL to you
Geppy on steriods right now -
All the charts are lining up as OB with exception of the 4hr chart which will eventually top out at some point and then we will be ready for 206.40 area.
Good luck and happy trading all. . .
- #95,372
- Jun 19, 2008 8:07am Jun 19, 2008 8:07am
212 is unlikely to be the last top before any major leg down here. It is certainly not my top since, those who followed my posts, know I am long in since 204s, when people here were screaming the collapse is imminent
There is still mucho retail shorting interest at these levels clearly, so 212s are unlikely the ultimate top of this corrective leg up
Watch as it hits higher and higher levels
I feel like im a broken record for saying this but it doesnt matter squat what or where the retail interest is as to where the real price goes! This is one of the great urban myths of forex. The fact is, retail money doesnt go anywhere near the actual interbank market. Unless you are trading with an ECN (which means you arent a retail investor) your money goes as far as your broker and doesnt go near the interbank and accordingly has no effect on the market directly by influencing price, or indirectly by influencing bankers / funds activity in attempting to shark retailers money (an impossibility given retail money is not actually up for grabs on the interbank market as a counterparty!). I know im being pedantic but it i dont like people labouring under misconceptions.
Lemming Forex! The Way to Trade....
- #95,373
- Jun 19, 2008 8:10am Jun 19, 2008 8:10am
- Joined Oct 2007 | Status: Trader | 5,510 Posts
Maybe..what I see is the end of consolidation right above previous resistance, with a super bullish 4H bar that hardly indicates any return to 210.30s is imminent..
As for indicators, I don't see any signs of being ovrbought .Quite the opposite, e.g. Momentum shows bullish divergence etc
PS: Orion, I can hardly see the price action in your charts! It is a miracle you can trade on this
http://img104.imageshack.us/img104/4...reakouthy5.jpg
Notice how price keep going up but ZL MACD on Daily keeps heading south, which tells me that interest is waning. . . Also, notice how ZL Stoch on Daily is heading south as price continues to increase. . .
Look at the ZL MACD's and notice where the bar was when price hit these same levels (212.80 area) previously and notice how the bars are decreasing in volume as the price returns to these levels. . .
This tells me that price is topping out or will top out soon. . . Once the 4hr chart catches up with all the other OB charts the fall will be forthcoming. . .
JMHO but lets see how this all plays out. . . I'll continue to scale in short until it tops out then down for the ride. . . But that's just me. . .
As Aus always says, indicator are a matter of interpretation - some see the glass half full and some see it half empty - I choose to see it both ways. . .
Good luck my friend
- #95,374
- Jun 19, 2008 8:12am Jun 19, 2008 8:12am
- Joined Aug 2007 | Status: The Weather Man | 8,859 Posts
I don't see that....
If this us unemployment number is bad, just sit back and watch this go to 9750....if good retracement coming....
I am out @ 9720 from 9480
waiting for new signal long or short...
i think i see it. i closed my longs for lots of pips
now short with a tight SL
- #95,376
- Jun 19, 2008 8:14am Jun 19, 2008 8:14am
- Joined Jan 2007 | Status: Trader | 3,719 Posts
very nicely put. this is one of the golden rule in forex.
Here are two chart for you, one LTF and the other HTF. . .
Notice how price keep going up but ZL MACD keeps heading south, which tells me that interest is waning. . . Also, notice how ZL Stoch is heading south as price continues to increase. . .
Look at the ZL MACD and notice where the bar was when price hit these same levels (212.80 area) previously and notice how the bars are decreasing in volume as the price returns to these levels. . .
This tells me that price is topping out or will top out soon. . . Once the 4hr chart catches up with all the other OB charts the fall will be forthcoming. . .
JMHO but lets see how this all plays out. . . I'll continue to scale in short until it tops out then down for the ride. . . But that's just me. . .
As Aus always says, indicators are a matter of interpretation - some see the glass half full and some see it half empty - I choose to see it both ways. . .
Nihil Sine Deo.
- #95,377
- Jun 19, 2008 8:15am Jun 19, 2008 8:15am
- Joined Apr 2007 | Status: "As Above So Below" | 6,206 Posts
"Millionaires don't use astrology, billionaires do"
- #95,380
- Jun 19, 2008 8:28am Jun 19, 2008 8:28am
Yep, will start to scale in short positions NOW with small positions up to 213.50/214 area if it makes it up there. . .
Geppy on steriods right now -
All the charts are lining up as OB with exception of the 4hr chart which will eventually top out at some point and then we will be ready for 206.40 area.
Good luck and happy trading all. . .
Fear's for the other guy