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

  • #116,261
  • Sep 21, 2008 6:39pm Sep 21, 2008 6:39pm
Quoting mktjong
No, I meant to get in short not long ..
It's possible to retrace down to 194.00 area first ..
  • #116,262
  • Sep 21, 2008 6:42pm Sep 21, 2008 6:42pm
Quoting mktjong
It's possible to retrace down to 194.00 area first ..
Retrace should be till 193.55.. then possibly a big bounce to 199.xx- 203.xx.. and who knows after that..
Markets are not Random, they are designed!
  • #116,263
  • Edited 7:09pm Sep 21, 2008 6:43pm | Edited 7:09pm
Quoting TraderStar
Now its beginning to sound like jealousy, malcomb .. I begin to wonder how many pips you are actually making. In my experience the really successful traders are way beyond bragging about it.

If you keep bashing the methods of others, I see it is not only me, but everyone who dares to trade differently than you, then I'll just put you on ignore, which will be a shame since you occasionally do have some good insight to offer.

But try to play nicely with those who choose not to behave as your clones.
guys plz, this was between me and malcomb. i didn't think what he said was as offensive as you seem to think. i'm not sure, but maybe it was i who sounded a bit offended, sorry it wasn't what i was trying to get thorugh.

malcomb is an excellent trader who actually SHARES his methods. he doesn't keep his methods secret and brags on how many pips he made, he trades live and mentions all his wins and LOSSES, that itself is what makes a good trader like malcomb.

thanks TraderStar for your concern, and thanks malcomb for all your input
  • #116,264
  • Sep 21, 2008 6:43pm Sep 21, 2008 6:43pm
Quoting mktjong
It's possible to retrace down to 194.00 area first ..
If it goes down below the pivot, it's possible to retrace to at least 194.1 which is the 23.6% Fib lvl.
  • #116,265
  • Sep 21, 2008 6:45pm Sep 21, 2008 6:45pm
Quoting GodfreyH
I haven't been trading gbp/yen for a while, and I still don't intend to, lol, but here's my take.

I don't see any bearish divergence on the hr time frame and higher, however in the 4hr TF price is at the 70 rsi level, which usually precedes a retracement. RSI is also following the trendline below, if it breaks through this, then that would indicate strong buying pressure.

Price went to the exact 161.8 fib expansion and a bearish gartley pattern is now visible. Price tends to retrace from this fibo expansion, however if it breaks upwards the next stop will be the 200.0 fib expansion at approx 200.10. , this price is also the 50 % of the weekly down.
may i plz get my hands on that Zup RSI indicator?
  • #116,266
  • Sep 21, 2008 6:46pm Sep 21, 2008 6:46pm
Trade what you see on the charts..

Attached Image (click to enlarge)
Click to Enlarge Name: 4hr chart.gif Size: 49 KB
[
  • #116,267
  • Sep 21, 2008 6:52pm Sep 21, 2008 6:52pm
Quoting Big Bruv
guyz some info if you trade intra day baby...
bull flag on 15 min...a break up cud send this baby to 201 easy...

oh baby
i shorted usd/jpy and profited and now in a second short. no price targets just going by the bid tone and feel. i might loose on this 2nd one and will jump out with short loss if so.. still waiting for uk/jp to rise to higher levels to possibly short and depending on what the us open looks like.
  • #116,268
  • Sep 21, 2008 6:54pm Sep 21, 2008 6:54pm
Quoting Monk
1 and 15 minute
That's what I thought .. I use the 15, 5 and 1 for quick scalps while waiting for the bigger moves to set up. I have found the guppy can actually be played pretty safely off the 1 minute with 15 and 5 and backup, maybe 10-30 pips at a time but they add up, some days I do it 10 times or more. Always a 20 pip SL. This was taught to me by a trader from Nigeria some time ago .. he talked about snatching the meat from the lion's mouth before he knows you are there ... I get the feeling lion's play a larger part of the landscape in Nigeria than they do elsewhere
Anyway .. he uses a 50 and 200 on the 5' chart, I have added a 13 and 34 as well. Then you just follow the short term trend and short or long the retracements. On the 5' I use bollinger bands + keltner bands and watch for overbought/oversold to confirm the 1 minute entry or exit.

So how is your setup? I'd be curious to know since you called that trade very well!

BTW I demo'd this method for weeks before taking it live. Takes some practice. And this is NOT my main trading method, just a time passer.
And some days it bites me .. but mostly it works out well
  • #116,269
  • Sep 21, 2008 6:57pm Sep 21, 2008 6:57pm
Quoting lilmoe
may i plz get my hands on that Zup RSI indicator?

Here ya go.... you can run it through the strategy tester to check for validity of patterns which may come up.
Attached File(s)
File Type: mq4 ZUP_RSI_v48.mq4   169 KB | 479 downloads
  • #116,270
  • Sep 21, 2008 6:59pm Sep 21, 2008 6:59pm
Quoting FXObserver
How come my pivot is at 195.06? Im kinda short there

mine at 195.15 ..close enough
Blogging daily now at www.volume.zone
  • #116,271
  • Sep 21, 2008 6:59pm Sep 21, 2008 6:59pm
Quoting TraderStar
That's what I thought .. I use the 15, 5 and 1 for quick scalps while waiting for the bigger moves to set up. I have found the guppy can actually be played pretty safely off the 1 minute with 15 and 5 and backup, maybe 10-30 pips at a time but they add up, some days I do it 10 times or more. Always a 20 pip SL. This was taught to me by a trader from Nigeria some time ago .. he talked about snatching the meat from the lion's mouth before he knows you are there ... I get the feeling lion's play a larger part of the landscape in Nigeria than they do elsewhere
Anyway .. he uses a 50 and 200 on the 5' chart, I have added a 13 and 34 as well. Then you just follow the short term trend and short or long the retracements. On the 5' I use bollinger bands + keltner bands and watch for overbought/oversold to confirm the 1 minute entry or exit.

So how is your setup? I'd be curious to know since you called that trade very well!

BTW I demo'd this method for weeks before taking it live. Takes some practice. And this is NOT my main trading method, just a time passer.
And some days it bites me .. but mostly it works out well
20 pip stop loss is a good level. i thought about limiting my losses at that amount as well one time. i might do that. after 20 if it's not going well alot of times it will get much worse.
  • #116,272
  • Sep 21, 2008 7:00pm Sep 21, 2008 7:00pm
Quoting lilmoe
guys plz, this was between me and malcomb. i think what he said was as offensive as you seem to think. i'm not sure, but maybe it was i who sounded a bit offended, sorry it wasn't what i was trying to get thorugh.

malcomb is an excellent trader who actually SHARES his methods. he doesn't keep his methods secret and brags on how many pips he made, he trades live and mentions all his wins and LOSSES, that itself is what makes a good trader like malcomb.

thanks TraderStar for your concern, and thanks malcomb for all your input

thanks lilimoe ...... put new post on your future page
Blogging daily now at www.volume.zone
  • #116,273
  • Sep 21, 2008 7:02pm Sep 21, 2008 7:02pm
US equity futures pointing lower helping to weigh on JPY crosses. The market maybe be discounting the uncertainty of the details of the bailout
[
  • #116,274
  • Sep 21, 2008 7:07pm Sep 21, 2008 7:07pm
Quoting GodfreyH
Here ya go.... you can run it through the strategy tester to check for validity of patterns which may come up.
  • #116,275
  • Sep 21, 2008 7:08pm Sep 21, 2008 7:08pm
The U.S. Treasury Department is working through the weekend with Congress to craft a plan to spend as much as $700 billion to absorb bad mortgages and other assets from bank or other institution balance sheets to keep the financial system from collapsing.

The Treasury plan, which follows a new federal guarantee for money market fund holdings, would push Washington's potential bailout tab to $1.8 trillion.

Following are details of actions, proposals and amounts:

—Up to $700 billion to buy assets from struggling institutions. The plan is aimed at sopping up residential and commercial mortgages from financial institutions but gives Treasury broad latitude.

—Up to $50 billion from the Great Depression-era Exchange Stabilization Fund to guarantee principal in money market mutual funds to provide the same confidence that consumers have in federally insured bank deposits.

—The Fed committed to make unspecified discount window loans to financial institutions to finance the purchase of assets from money market funds to aid redemptions.

—At least $10 billion in Treasury direct purchases of mortgage-backed securities in September. In doubling the program on Friday, the Treasury said it may purchase even more in the months ahead.

—Up to $144 billion in additional MBS purchases by Fannie Mae and Freddie Mac.The Treasury announced they would increase purchases up to the newly expanded investment portfolio limits of $850 billion each. On July 30, the Fannie portfolio stood at $758.1 billion with Freddie's at $798.2 billion.

—$85 billion loan for AIG, which would give the Federal government a 79.9 percent stake and avoid a bankruptcy filing for the embattled insurer. AIG management will be dismissed.
[
  • #116,276
  • Sep 21, 2008 7:08pm Sep 21, 2008 7:08pm
Quoting TraderStar
That's what I thought .. I use the 15, 5 and 1 for quick scalps while waiting for the bigger moves to set up. I have found the guppy can actually be played pretty safely off the 1 minute with 15 and 5 and backup, maybe 10-30 pips at a time but they add up, some days I do it 10 times or more. Always a 20 pip SL. This was taught to me by a trader from Nigeria some time ago .. he talked about snatching the meat from the lion's mouth before he knows you are there ... I get the feeling lion's play a larger part of the landscape in Nigeria than they do elsewhere
Anyway .. he uses a 50 and 200 on the 5' chart, I have added a 13 and 34 as well. Then you just follow the short term trend and short or long the retracements. On the 5' I use bollinger bands + keltner bands and watch for overbought/oversold to confirm the 1 minute entry or exit.

So how is your setup? I'd be curious to know since you called that trade very well!

BTW I demo'd this method for weeks before taking it live. Takes some practice. And this is NOT my main trading method, just a time passer.
And some days it bites me .. but mostly it works out well
I use Bollinger Bands with a Fib, RSI and MACD.

Again.....my entry and exits really suck alot of times.

Lets say over a 50 pip move i get in 10 pips to late and don't close soon enough before its given back 20 pips i could have also had.

The worst that i do though is this:

I will have a REAL nice trade......say.....100 pips.....then give back 70 of them on the next 3 trades.
--post hoc ergo propter hoc--
  • #116,277
  • Sep 21, 2008 7:11pm Sep 21, 2008 7:11pm
Quoting malcolmb14
thanks lilimoe ...... put new post on your future page
don't mention it... btw, there was a typo on my post you quoted, it's corrected now

i'm checking out your new post on the futures thread.
  • #116,278
  • Sep 21, 2008 7:15pm Sep 21, 2008 7:15pm
U.S. stock futures were falling Sunday night, a sign that investors are still nervous about the government's $700 billion rescue plan to resuscitate frozen credit markets. "The stock market going up and down is not what we should be looking at. We need to look at what's going on in the credit markets, and they are still very fragile right now and frozen," Paulson said on NBC's "Meet the Press."..
  • #116,279
  • Sep 21, 2008 7:16pm Sep 21, 2008 7:16pm
Quoting Monk
I use Bollinger Bands with a Fib, RSI and MACD.

Again.....my entry and exits really suck alot of times.

Lets say over a 50 pip move i get in 10 pips to late and don't close soon enough before its given back 20 pips i could have also had.

The worst that i do though is this:

I will have a REAL nice trade......say.....100 pips.....then give back 70 of them on the next 3 trades.
Sounds like you just need practice .. it takes a while to get the rythem of it on such a short timeframe. And some days it just won't work .. if I get 3 in a row wrong, I won't do it anymore that day.
  • #116,280
  • Sep 21, 2008 7:16pm Sep 21, 2008 7:16pm
Godfrey, u got a manual with that thing?
"Millionaires don't use astrology, billionaires do"
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