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

  • #114,181
  • Sep 16, 2008 10:55am Sep 16, 2008 10:55am
Quoting TraderStar
Short into the rallies .. I just did it for the 5th or 7th time today, always good for 50 pips or so .. but you have to wait until it rallies strong, really surges upwards. I get 2-3 positions and phase out as it comes back down.

Your shorts should be fine now, it just retraced to 186 ish .. hope you bailed as this is rollar coaster time...
i'm trying.....but it seems to only come back to just above b/e of my "last" short....then rallies again.....i short again....and so on and so on.

Last week i got killed doing this....was upside down over 300 pips....fighting an obvious trend.....now it looks like the same is happening once again
--post hoc ergo propter hoc--
  • #114,182
  • Sep 16, 2008 10:57am Sep 16, 2008 10:57am
Just Imagine the government lets AIG go bankrupt and the Fed doesn't cut rates

That will make Wall Street just die.
Trade what you see, not what you think.
  • #114,183
  • Sep 16, 2008 10:59am Sep 16, 2008 10:59am
Quoting bigcoupe
I went long 30 min ago.

I made the conclusion that the feds will never let AIG fail. It could be the beginning of the end if they do.

Modest lot and yes, it's a gamble. well thought out but still a gamble.

B
Same thinking here. I'm hoping for a AIG bail out + Rate cut
  • #114,184
  • Sep 16, 2008 10:59am Sep 16, 2008 10:59am
Quoting karmostaji
Just Imagine the government lets AIG go bankrupt and the Fed doesn't cut rates

That will make Wall Street just die.
why wall street will die if AIG bankrupt?
I recommend you read something else as this sentence is now concluded.
  • #114,185
  • Sep 16, 2008 11:00am Sep 16, 2008 11:00am
Quoting karmostaji
Just Imagine the government lets AIG go bankrupt and the Fed doesn't cut rates

That will make Wall Street just die.
LOL , would be fun to watch in theory.. but not in practice!
  • #114,186
  • Sep 16, 2008 11:00am Sep 16, 2008 11:00am
Quoting karmostaji
Just Imagine the government lets AIG go bankrupt and the Fed doesn't cut rates

That will make Wall Street just die.
i think were gonna get the exact opposite ... fed cut and AIG bailout ...
  • #114,187
  • Sep 16, 2008 11:00am Sep 16, 2008 11:00am
Hourly closed above gann. 187.50 might be a strong resistance. If it's taken out, then the top of the channel is a very realistic target, which is still 500 pips away.
  • #114,188
  • Sep 16, 2008 11:01am Sep 16, 2008 11:01am
why you kill WallStreet?

Pace and love my friend
''Art is making something out of nothing and selling it'' Frank Zappa
  • #114,189
  • Sep 16, 2008 11:01am Sep 16, 2008 11:01am
1H QQE and Gann long
  • #114,190
  • Sep 16, 2008 11:04am Sep 16, 2008 11:04am
Quoting mktjong
We may really see a reversal if it stays above 185.50 in the next hour ..
I meant 186.50 .. looks like we are there
  • #114,191
  • Sep 16, 2008 11:04am Sep 16, 2008 11:04am
Quoting vifer
why you kill WallStreet?

Pace and love my friend
Exactly, no Wall Street no Forex .. lol
  • #114,192
  • Sep 16, 2008 11:05am Sep 16, 2008 11:05am
Now that could be it, frekkin hope so
Money & Pain Respect the market, protect your capital, be patient
  • #114,193
  • Sep 16, 2008 11:05am Sep 16, 2008 11:05am
Quoting karmostaji
Just Imagine the government lets AIG go bankrupt and the Fed doesn't cut rates

That will make Wall Street just die.
Exactly.

I have some faith in my govt <insert smirk> to the point that they just will not let them go bankrupt. The consequences are to dire. We would be making a run on the supermarkets, pulling our money, buying guns, etc.

B

PS. Karmo, I want to thank you for your posts. I have learned allot from you.
  • #114,194
  • Sep 16, 2008 11:06am Sep 16, 2008 11:06am
out of all my shorts at 8750
all of which were started around 8500 just over an hour ago......that was an ugly 60 minute "lesson"
--post hoc ergo propter hoc--
  • #114,195
  • Sep 16, 2008 11:08am Sep 16, 2008 11:08am
Quoting Monk
i'm trying.....but it seems to only come back to just above b/e of my "last" short....then rallies again.....i short again....and so on and so on.

Last week i got killed doing this....was upside down over 300 pips....fighting an obvious trend.....now it looks like the same is happening once again
You havn't learned how to do it yet .. that sounds like me a couple of months ago, I lost a chunk of change before finally getting it right .. just takes time & patience. The trick is entering right in the first place and that means watching a lot of setups move off without you because they may have 'just missed' your best entry. When you start chasing, that's when you lose.

What timeframe are you trading on?
  • #114,196
  • Sep 16, 2008 11:11am Sep 16, 2008 11:11am
It's coming down again, this may be your last chance to bail with minimal loss before the 2pm news ... I would not be short into that news, and would only be long if I had profits to spare

One thing I learned, if I get in a trade that goes against me .. I try to look at all charts as objectively as possible, as if I was not already in the trade, and ask myself "do I feel confident about what she will do next?" If the answer is no ... it is time to bail with as little loss as possible. And wait for the next, better setup.
  • #114,197
  • Sep 16, 2008 11:14am Sep 16, 2008 11:14am
Quoting ephisi
3 major conditons if met id go swing long.
New 4hr MOM confidently bullish
1hr candle close above ganna dn confirmed.4hr candle close above or very close to 4hr 5sma

As for shorts. im done until we get a very comfortable break of 185.88. allow it to settle wait for pullback then short.
Conditions are about to be met for long trades. If met on d new 4h candle. would wait for pullback depending on MOM.

risk 2% possible profit 10- 18% on a 900pip rally
  • #114,198
  • Sep 16, 2008 11:14am Sep 16, 2008 11:14am
Quoting TraderStar
You havn't learned how to do it yet .. that sounds like me a couple of months ago, I lost a chunk of change before finally getting it right .. just takes time & patience. The trick is entering right in the first place and that means watching a lot of setups move off without you because they may have 'just missed' your best entry. When you start chasing, that's when you lose.

What timeframe are you trading on?
sometimes i get em right.....most times not.

my best trading happens when i make a trade with a wide stop and a good limit....close the software and come back 4 days later!!!!

I'm out of all my shorts now....with about 100 pip loss to start the day.

and NOW....is when the price plummets 300 pips.
--post hoc ergo propter hoc--
  • #114,199
  • Sep 16, 2008 11:19am Sep 16, 2008 11:19am
Under my name, the 'Pakute" Trader comes from Naijfx on another thread:

"I know alot of people will be wondering wot's the meaning of the word 'Pakute', well, pakute is the ancient African trap set in the forest for bush meat(squirrel, antelope, etc)

U wait patiently for bush meat to come near it and be trapped, u don't run after them in the thick (forex) forest so that you don't fall prey to bigger wild animal's trap(Institutional investors) or fall into your traps.

Pakute that is well set will catch bush meat, only if we can have patience, for the thick forest(forex) is full of bush meat, u can see them every where running so fast and good HUNTERS will catch as many as possible with their pakute."

Another trader on another forum talked about the troll on the bridge. You set up your trolls & then just wait for price to cross. When it does you collect your toll (pips).

Whatever analogy works for you & helps keep you waiting for the setup to come to you, instead of going after it.

Or you could just take 2 of karmo's patience pills
  • #114,200
  • Sep 16, 2008 11:22am Sep 16, 2008 11:22am
Quoting Monk
I'm out of all my shorts now....with about 100 pip loss to start the day.

and NOW....is when the price plummets 300 pips.
yeah well that's just because the forex gods are out to get you
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