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  • #2,321
  • Aug 6, 2008 2:03am Aug 6, 2008 2:03am
Quoting Sainz4Pips
I got stopoped out at -40 pips on this unfortunately granite it is only a demo but it seems like the Cable in general spiked in the last hour for some reason



BTW thanks Codemuncher for the answer!
Gotta place wide stops with gbp/jpy and cable especially around areas of obvious support
  • #2,322
  • Aug 6, 2008 2:07am Aug 6, 2008 2:07am
I have a feeling we are going to see 213 today on the beast.
  • #2,323
  • Edited 2:51am Aug 6, 2008 2:08am | Edited 2:51am
Quoting Sainz4Pips
I got stopoped out at -40 pips on this unfortunately granite it is only a demo but it seems like the Cable in general spiked in the last hour for some reason
!
The Yen pairs can be funny at this time of day, towards the end of the Asian session ....

Sometimes you see a big spike up but no follow-through.

This can present an opportunity, of course, if it spikes up to a BRV S+R level, then shorts off again.

As Len says, need big stops on volatile pairs like GBP/JPY.

After 08:00 GMT, the Yen pairs tend to be a bit better-behaved in my experience.
  • #2,324
  • Aug 6, 2008 2:59am Aug 6, 2008 2:59am
People don't call it the beast for nothing guys a 40 pip sl on g/j is like a 10 pip stop loss on more pairs. It is just to tight... most of the time. doesn't mean it was your mistake though plenty of people do it again...and again...and again...
  • #2,325
  • Aug 6, 2008 3:02am Aug 6, 2008 3:02am
I added to gbp/jpy short @ 212.23 earlier during that spike. My average is now 212.07.
It would be nice if we got a quick plunge down to below 211.00. That doji that just finished forming on 4hr looks nice
  • #2,326
  • Aug 6, 2008 3:07am Aug 6, 2008 3:07am
Going to bed.... be back for US session.

Good night all
  • #2,327
  • Aug 6, 2008 3:32am Aug 6, 2008 3:32am
GBP/JPY spike up to 212.47 on the 06:00 GMT candle stopped pretty much right on the 212.43 76.4% Fibo retracement of the previous rundown.

With the more volatile pairs - eg GBP/USD, GBP/JPY, GBP/CHF - the 76.4% Fibo often holds the key to the likely reversal level, so I tend to look for good S+R levels in that sort of area.

Since the spike-up to 212.47, has been down as low as 211.76, ie 71 PIPs lower.

Lots of profit potential for a short at the 76.4% Fibo level, which was just above our S+R short zone anyway - or at least making sure we put our stop loss well above the 76.4% Fibo level.
  • #2,328
  • Aug 6, 2008 4:00am Aug 6, 2008 4:00am
Nice work going on here. Something to note on the geppy is the strong diagonal up trend line on the daily which it bounced off yesterday. We are in an uptrend and price smashed back up through the previous support level at 211.58 yesterday, which should have provided some resistance. I am wondering whether it will find support at the 211.50 area, and continue its move up maybe testing the 213 area.
Just a thought, somthing to add to the pot. You guys will still get enough to protect profits anyway, nice going.

Steve
  • #2,329
  • Aug 6, 2008 5:06am Aug 6, 2008 5:06am
I took the trade on the usd/jpy @ 108.50, but, see th graph. 14 pips against so far but I see quite the resistance indicated by those trend lines..

check it out.. do not panic yet if you traded this one..

cheers
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  • #2,330
  • Aug 6, 2008 5:35am Aug 6, 2008 5:35am
Quoting FxApasionado
I took the trade on the usd/jpy @ 108.50, but, see th graph. 14 pips against so far but I see quite the resistance indicated by those trend lines..

check it out.. do not panic yet if you traded this one..

cheers
Should be good so far - resistance at 108.75 and 109.10 - 109.10 being the more solid of the two.
  • #2,331
  • Aug 6, 2008 6:50am Aug 6, 2008 6:50am
Anyone have any idea about AUD.USD? SEems to have stalled...I am bearish but I also think it's way oversold.

The problem is, I don't see any catalyst to make the AUD go UP from here. Thoughts?
  • #2,332
  • Aug 6, 2008 7:35am Aug 6, 2008 7:35am
Quoting len979
Going to bed.... be back for US session.

Good night all
This isn't so much related to the thread, but I wanted to say thanks to len for getting my attention on Aud/Cad... it is like my new baby. I must say that I would not have even given the pair a second glance a week ago, but now I feel like it is something I could trade for years. Good times.

I posted this chart in the james16 forum earlier... now it is a little late to play off of it, but informative all the same.
Attached Image
  • #2,333
  • Aug 6, 2008 7:36am Aug 6, 2008 7:36am
Quoting seesaw
Anyone have any idea about AUD.USD? SEems to have stalled...I am bearish but I also think it's way oversold.

The problem is, I don't see any catalyst to make the AUD go UP from here. Thoughts?
Hi Seesaw !

I've got a Sell Entry Limit in on the Aussie at the 1.9290 S+R level, if it gets back up there.

Below that, 1.9202 looks like a good S+R level to me, having been a Daily Support and Resistance level back in the March / April timeframe.

Price has already tested the 1.9202 level today, and shorted off almost 70 PIPs from there.

0.9162 is the 76.4% Fibo level of the last big runup, and price is now at 0.9130, quite a bit below that, so looks bearish to me too.

Next serious S+R Support level that I can see is not until the 0.9035 - 0.9025 zone.

Maybe a Sell Entry Limit at 1.9202 ? However, it has already tested this level, so a re-test may not work 2nd time around.

These are my thoughts - anybody else have a view ?

Cheers, loudoniii
  • #2,334
  • Aug 6, 2008 7:43am Aug 6, 2008 7:43am
Quoting loudoniii
Hi Seesaw !

I've got a Sell Entry Limit in on the Aussie at the 1.9290 S+R level, if it gets back up there.

Below that, 1.9202 looks like a good S+R level to me, having been a Daily Support and Resistance level back in the March / April timeframe.

Price has already tested the 1.9202 level today, and shorted off almost 70 PIPs from there.

0.9162 is the 76.4% Fibo level of the last big runup, and price is now at 0.9130, quite a bit below that, so looks bearish to me too.

Next serious S+R Support level that I can see is not until the 0.9035 - 0.9025 zone.

Maybe a Sell Entry Limit at 1.9202 ? However, it has already tested this level, so a re-test may not work 2nd time around.

These are my thoughts - anybody else have a view ?

Cheers, loudoniii
Thanks Loudonii, my sentiments exactly. I'm hedging this one---I have sells at 92+ and I have buy to cover orders at 90 something. This has further to fall (as I speak)...
  • #2,335
  • Aug 6, 2008 8:19am Aug 6, 2008 8:19am
Anyone see any good S+R level(s) on EUR/USD before 1.5346, which is my next S+R level going down ?
  • #2,336
  • Aug 6, 2008 8:34am Aug 6, 2008 8:34am
Quoting loudoniii
Anyone see any good S+R level(s) on EUR/USD before 1.5346, which is my next S+R level going down ?
I'm looking at 1.5420 and 1.5390 as areas that can serve as a bottom for today.
  • #2,337
  • Aug 6, 2008 8:42am Aug 6, 2008 8:42am
Quoting loudoniii
Anyone see any good S+R level(s) on EUR/USD before 1.5346, which is my next S+R level going down ?
Still learning this method but I can see around 1.5360 as another S/R level

Cheers,
Skyline
Attached Image (click to enlarge)
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  • #2,338
  • Aug 6, 2008 8:43am Aug 6, 2008 8:43am
Quoting aerio
I'm looking at 1.5420 and 1.5390 as areas that can serve as a bottom for today.

Aerio - Great, thanks for the info. Cheers, Loudoniii
  • #2,339
  • Aug 6, 2008 8:45am Aug 6, 2008 8:45am
Quoting skyline
Still learning this method but I can see around 1.5360 as another S/R level

Cheers,
Skyline

Skyline - Great, thanks for the input. Cheers, Loudoniii
  • #2,340
  • Aug 6, 2008 8:48am Aug 6, 2008 8:48am
I see USD/ JPY going much higher after taking our the resistance level. Not today maybe, but soon.
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