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

Quoting lilmoe

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i always bug u guys about my 127.2 fibo bounce and how price reverses back again off 78.6 to go through 127.2 extension and target 161.8 (yellow horizontal lines). actually, i've noticed some instances where price goes back only to 100% before another reversal, but for some reason i'm going to support 78.6 where i think price should close the gap we had last monday. we MIGHT reach 201 again (i'm doubting this big time, but it's not impossible)
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Quoting Pirin

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The Central Banks of Japan and England are waiting for the experts on forex factory to do their charting analysis in order to determinate the future development of the financial markets. You have to wait for one of our experts to post something like "down GBP, go down", "more green pips down" or draw a trendline for the markets to make a move.

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Quoting moneybookers

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which area are you targeting for short to open?

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Quoting malcolmb14

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selling the rallies is a good idea at this point until the daily tells us otherwise , it is the safe trade , however one has to be aware of what time frame they are selling the rallies on . The better idea is to sell the breaks of bear flags on a 15 min chart. This is why on a previous post I mentioned 188 breakdown is a good place to short in the coming days

In strong downtrend it is known that we retrace to the 38.2 fib .... for this overall move down from 215 that is 197.30. If this happens that is a 1000 pip move up yet the market could still be classified in a downtrend

Lilmoe took a position right at the bottom .... now that is an awesome trader , one that can trade both sides of the market and has a valid reason for getting into the trade and manages his / her risk

just food for thought

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Quoting malcolmb14

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I may be wrong on this ... but why does the 4 hour pattern that formed Thursday and Friday like familiar ?

I know because it is an identical pattern to the one that occurred at 194 before run to 216

bears were sucked in then also .....

This may be way off base .. but they sure look like the same pattern

and have the fundamentals really got any worse from then till now ? I mean I did not understand at that time why gj did not keep trucking to 175

the move to 194 was a 1200 pip drop ..... the move on Thursday was only 800 pips ...

mmmm makes you wonder if that was one big old bear trap. Remember how DJ and gj became disconnected and everyone was confused in this forum

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Quoting malcolmb14

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for now get the short out of your mind ..... the 60 min says up ..... geez do not rush into any position , instead take your time and see what develops

I try not to guess the market as this will stop you from getting into a long trade if you think it is short and vica verse. Instead react to the charts.

this news may be good for gbpusd (bad for usd ).. not sure yet . and if it is then the gJ may surpass 193 and close gap to 197 .... and the bears will still be shouting sell the rallies. Remember this move has been coming from the decline in the GBPUSD . There are way to many traders getting married to their positions.

If the stock markets rally they will take uj up with them . I think this news over the weekend may be good for the overall financial sector and bring a little bit of confidence back into the market.

right now shorts have downside capped at that DOUBLE BOTTOM at 186.

This is frustrating me I see alot of newer traders ignoring what is going on on the 60 min chart ... this is a ROUNDED BOTTOM .... very bullish steady buying pattern. We may have a significant retracement

If 188 is broken there maybe a 200 pips move to the downside and then see what goes on from there. Beauty is that one should not take a short till the breakdown of the bottom of the bear flag and even is price has dropped to 189.2 over the weekend that gives us a whole 120 pips to see what the market is doing before entering a trade

my plan 188 break down= short to 187 then 186
price tests 188 then looks set to hold this area on a 15 min then long into 193

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Quoting dreed

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Currently, I see Gbp/Jpy Bid price at 190.34 http://www.forex-markets.com/quotes_crossrates.htm

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Quoting markam

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It's official

Statement by Secretary Henry M. Paulson, Jr. on Treasury and Federal Housing Finance Agency Action to Protect Financial Markets and Taxpayers

http://www.treasury.gov/press/releases/hp1129.htm

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Quoting pipsfari

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Hi Malcomb,I really appreciate your posts along with those of the other great treaders here,thanks.Do you use OR in forex and if so what time period for OR and what pairs,thanks

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Quoting pipsfari

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Hi Malcomb,I really appreciate your posts along with those of the other great treaders here,thanks.Do you use OR in forex and if so what time period for OR and what pairs,thanks

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Quoting malcolmb14

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forex and open range do work as a lot of the time, forex and the US stock markets will run hand in hand

I use 9:30 est to 10 est as my open range on OIl inventory and gas inventory days use 10:35 est as the end of the open range (1hr 5 min open range)

If I use it I use it on the eurusd .. seems to work well as it is linked into oil

It should net 30 - 40 pips EVERY DAY , but if trading eurusd always watch oil chart as well

chart below is for Friday



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Quoting malcolmb14

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shorts may be slaughtered .....

I hate this rubbish ....I know alot of traders in this forum are over leveraged and thinking they were going to make a bunch on drop to 175 ...instead their accounts are going to be destroyed

There are some great traders in here .... Karmo , Dr Guppy, Lilmoe , Scrat , Orion etc etc .. but no one trade will be right 100 % of the time

ALWAYS REMEMBER
1)WHAT GOES DOWN FAST WILL RETRACE JUST AS FAST . It is a rule of trading and a very simple one
2) nothing moves fast in one direction for ever
3) never think you are going to become millionaires overnight in this game
4) Always move stops down as soon as you have profit
5) NEVER move your stops ... if you had 350 pips profit and now it has been eaten up in this retrace , admit you were dumb not moving stop down to protect profit and get out of the trade. Do not move your stop to -300 pips thinking you will give it some breathing room as the trend is down and for sure it is going to 175. This is what destroys accounts.
6) manage the risk ..... do not over leverage your accounts for the get rich in one trade plan . THIS IS GAMBLING AND NOT TRADING

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Quoting malcolmb14

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forex and open range do work as a lot of the time, forex and the US stock markets will run hand in hand

I use 9:30 est to 10 est as my open range on OIl inventory and gas inventory days use 10:35 est as the end of the open range (1hr 5 min open range)

If I use it I use it on the eurusd .. seems to work well as it is linked into oil

It should net 30 - 40 pips EVERY DAY , but if trading eurusd always watch oil chart as well

chart below is for Friday



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Quoting dreed

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Currently, I see Gbp/Jpy Bid price at 190.34 http://www.forex-markets.com/quotes_crossrates.htm

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