Dislikedwhere do you see this level at 192.97?.market now still not openIgnored
Auslanco 15min GBP/JPY startegy 630 replies
Auslanco-GBP/JPY Strength Indicator strategy 344 replies
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Dislikedwho knew Mr. Paulson was going to do such a thing over the weekend, no one so if anyone who didn't use good money management, they probably will suffer and whoever did use a good money management, they'll take the loss and move on.
This is trading, not gambling.Ignored
DislikedAccording to my holy s**t indicator ..named so as the targets it gives are 99% spot on GJ is heading to 190.
Now 190 is an R5 level and could be a potential reversal level , HOWEVER is this is broken I hate to say this bears ... but 192 is on the cards
190 is ONLY a 50 % retracement of the move 194 to 186. With the risk aversion drop yesterday you have all seem to have gone a little nuts and forgotten the simple rules of trading ... what drops 800 pips WILL retrace to at least 38 % fib , but more likely 50% or 61.8 %.
We are above the 38.2% fib retracement , so the 50 % is the next logical choice at 190 ( also this is a level that was broken with NO retracement to it )
These are SIMPLE rules of trading and any newbies that have NOT taken profit on the drop down from 194 to 186 let this be a lesson NOT to be greedy.
Also If you know what you are doing nothing wrong with bottom picking as 186.47 now proves to be a double bottom on the 60 min for now and is the level to be broken before we see any more movement to the downside
Interesting how the market moved down so much on rumours of a bad NFP and today they are up.
Now i am NOT saying this is a reversal ... how remember a thing called elliot wave theory ...EVERYTHING moves in waves and as I kept on saying yesterday the RIGHT way to short the GBPJPY was to WAIT for a bear flag to form and trade the breakdown of this bear flag. This is currently starting to form .
Enough said ....
Dislikedseems like we are going to fill the gap @ 197.5 area. what do you think it's going to do after it fills the gap? we have another gap to fill down to 189 area, don't you think so?Ignored
Dislikedprice right now is at 192.97 huge gap.Ignored
Dislikedtoo early to speculate any upper line from the chart could be a level, but in order for the move to be perfect from last year high (251) it should have gone a little down further to 184 area, that's the whole 6765 fib number sequence, that would have been perfection in motion;
but, last Friday it just hit two important levels, the first retracement of the big swing move from 251 down, and, most important the last expansion from the current (last) down move;
161.8 expansion is the last resort - you cannot stretch it more than that, period. And it takes another bounce for another swing down - which will be for sure in the coming weeks or months.
DislikedIf 193 holds I hate to tell you this bear BUT we are going back to 197
193 is a very strong moving average resistance on 240 min (33sma ) upside from here could be 197.30. maybe even 50% at 201 zone .
Lilmoe went long 187 I think .I was there right with him
also those who say this is all Paulsons fault got to married to their short trade. Look at this 4 hour chart from Friday and this does not include the gap.....look at the double bottom , the dojis coming in the 2nd bottom etc etc .... loads of signs of a bear trap ... looks like it worked
Dislikedwe will have to see about that. if any of those levels, mentioned in earlier post, do not hold and breaks the weekly tl then i'll switch my mind about short. until then, shorts are still in the play. IMHO.Ignored
DislikedOh I don't know .... I just cashed out 550 pips and am considering short already ... :> But ranging market is more likely now.
P.S. But if I short it will be aud/jpy instead of gbp/jpyIgnored
Dislikedwell some people are happy like me! wining 550 pips, i think it can go a little bit more to the north so i will keep itIgnored
Dislikedseriously pk .... are you not watching what is going on here ....
this is not a shorts in play scenario.
maybe now it is time to think go long on the pull backs
I am not an elliot wave guy but I think that last run down may have been a truncated wave 3 ... those elliot wave guys amongst us may be able to help me on this one
put it this way I am moving stops up on swing trade long and day trading the snot out of this both sides of the market loving this crazy volatility along the wayIgnored