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

  • #102,101
  • Jul 18, 2008 2:34pm Jul 18, 2008 2:34pm
Quoting karmostaji
DING DING DING!!!

we have a new high just as expected
Just shorted this baby @213.59 ..let's see how it goes
It has been way over-bought now ..
  • #102,102
  • Jul 18, 2008 2:34pm Jul 18, 2008 2:34pm
Quoting karmostaji
DING DING DING!!!

we have a new high just as expected
What do you see as the next move going into the weekend if a trader is flat right now? We actually are hitting the new high with no momentum. The pair is busting through the high. Do you see a pull back or 214?
  • #102,103
  • Jul 18, 2008 2:37pm Jul 18, 2008 2:37pm
Quoting fxhigh2130
What do you see as the next move going into the weekend if a trader is flat right now? We actually are hitting the new high with no momentum. The pair is busting through the high. Do you see a pull back or 214?
Buy dips

That should be anyone's plan who are sitting on the sidelines.

Have a great weekend everyone
Trade what you see, not what you think.
  • #102,104
  • Jul 18, 2008 2:47pm Jul 18, 2008 2:47pm
Quoting karmostaji
Buy dips

That should be anyone's plan who are sitting on the sidelines.

Have a great weekend everyone
So what you are saying is let it retrace from here and then buy when it continues up?

The longer time frames show it should continue upward overall IMVHO..

Thanks for your analysis Karmo, very important for people like me who are still learning....

Have a great weekend!!!
  • #102,105
  • Edited 3:17pm Jul 18, 2008 3:02pm | Edited 3:17pm
it's not the way it goes now. there is more room up. i will short it only if it comes below 213.25

Quoting mktjong
Just shorted this baby @213.59 ..let's see how it goes
It has been way over-bought now ..
Nihil Sine Deo.
  • #102,106
  • Jul 18, 2008 3:23pm Jul 18, 2008 3:23pm
the only difference now is that we had 3 weekly candles suggesting a terrible congestion, and this week closed way up higher. i don't believe in those dojis anymore, not unless i see a break of the weekly supporting trend line.
and by the way, the whole pattern on daily chart looks like we are during the 5th wave of a bull run. we will most likely have a correction when this ends, and it might go anywhere from 207 to 195; depends where this weekly wave ends.

Quoting malcolmb14
You might think this is this weeks chart ..... looks VERY simialr to price action last few days

In fact this is chart for week ending Feb 27th .... before drop to 192. High 213 .80 .... low of range 208.80 ... sounds like this week doesn't it ? Friday finished on a high ... mm .. SAME PATTERN

I spotted the same divergence then as i do now. I had same arguements with every one .. they thought i was nuts saying down to 200 .

200 by August 15th ....

Attachment
Nihil Sine Deo.
  • #102,107
  • Jul 18, 2008 3:42pm Jul 18, 2008 3:42pm
Quoting Scrat
it's not the way it goes now. there is more room up. i will short it only if it comes below 213.25
If it goes higher will short more .. start scaling the short now
  • #102,108
  • Jul 18, 2008 3:57pm Jul 18, 2008 3:57pm
Quoting mktjong
If it goes higher will short more .. start scaling the short now
bad idea, Just follow the Daily trend which is UP
Trade what you see, not what you think.
  • #102,109
  • Jul 18, 2008 4:05pm Jul 18, 2008 4:05pm
Quoting karmostaji
bad idea, Just follow the Daily trend which is UP
Let's see. Trend is not always your friend in Forex, my friend ..
If it is, why there are losers since following the trend is very easy thing to do ..
Anyway, let's see how it plays out next week. It's already way over-bought. Big boys would likely buy at much lower price, try to make the most of it. Demand wanes, supply rules .. .. just my personal opinion ..

Have a good week-end!
  • #102,110
  • Jul 18, 2008 4:15pm Jul 18, 2008 4:15pm
Quoting mktjong
Let's see. Trend is not always your friend in Forex, my friend ..
If it is, why there are losers since following the trend is very easy thing to do ..
losers have problem with their entry and no patience? JK
  • #102,111
  • Jul 18, 2008 4:27pm Jul 18, 2008 4:27pm
you have to be very careful, because even if a correction is expected, this will only be used to reload longs.
look at the following charts.
this one is an h4, showing a perfect example of an impulse. but is the 5th wave over yet?

Quoting mktjong
If it goes higher will short more .. start scaling the short now
Attached Image (click to enlarge)
Click to Enlarge Name: gjh4.gif Size: 16 KB
Nihil Sine Deo.
  • #102,112
  • Jul 18, 2008 4:33pm Jul 18, 2008 4:33pm
now let's look at this one, it is the 5th wave on lower tf. i think there's more room up, so be careful with that short.
on the other hand, if 213.30 is taken, then yes, we are in a correction and will expect a drop to anywhere between 211.60 and 209.30. but until then, i would go with 215.03 as my first target.
Attached Image (click to enlarge)
Click to Enlarge Name: gjm15.gif Size: 12 KB
Nihil Sine Deo.
  • #102,113
  • Jul 18, 2008 4:40pm Jul 18, 2008 4:40pm
Would that be a double top on GJ on Weekley? I am not in front of my charts but looking at price looks like a doulble top
  • #102,114
  • Jul 18, 2008 4:59pm Jul 18, 2008 4:59pm
Consider this on the weekly.

Since 2 and 4 are often times the same distance, we could be topping off here. Time will tell.
Attached Image (click to enlarge)
Click to Enlarge Name: chrt.jpg Size: 90 KB
  • #102,115
  • Jul 18, 2008 5:04pm Jul 18, 2008 5:04pm
What is the current GJ price? XE.com is showing 214.96!!!
  • #102,116
  • Jul 18, 2008 5:07pm Jul 18, 2008 5:07pm
Quoting vinesh2
What is the current GJ price? XE.com is showing 214.96!!!
Discard anything that you see on that website bro. www.forex-markets.com/quotes.htm is normally more accurate.
Patience + Discipline - Greed = Success
  • #102,117
  • Jul 18, 2008 5:14pm Jul 18, 2008 5:14pm
Yep, its the weekend. Sooooo its time to get away from the screens and go party. Yeah.....

Enjoy your weekend people.......

.....and dont forget to party.....
Attached Image
Patience + Discipline - Greed = Success
  • #102,118
  • Jul 18, 2008 5:41pm Jul 18, 2008 5:41pm
Quoting Infinity
Yep, its the weekend. Sooooo its time to get away from the screens and go party. Yeah.....

Enjoy your weekend people.......

.....and dont forget to party.....
Yup .. good week-end bro .. feel like long time no see and no talk from you :-)
Hope you're doing fine

http://content.sweetim.com/sim/cpie/...s/0002029D.gif
  • #102,119
  • Jul 18, 2008 5:49pm Jul 18, 2008 5:49pm
Quoting mktjong
Yup .. good week-end bro .. feel like long time no see and no talk from you :-)
Hope you're doing fine

http://content.sweetim.com/sim/cpie/...s/0002029D.gif
Yo Mk,

I am doing great. I am not trading gj much though. I only took 2 gj trades this week for about 300 pips total.... EU and GU have been giving me most of my pips lately. Thanks for your concern bro and may the pips be with you...

...
Patience + Discipline - Greed = Success
  • #102,120
  • Jul 18, 2008 6:06pm Jul 18, 2008 6:06pm
Quoting Clouds
Good advice, the USD is looking pretty bullish
I agree with ya, Clouds. Grab onto GBP as long as you can!
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