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

  • #116,821
  • Sep 23, 2008 3:19pm Sep 23, 2008 3:19pm
Quoting mike w
Am I correct in thinking this is a shorter term position? Thanks in advance Malcolm.

yes i am thinking 30 -60 min lol
Blogging daily now at www.volume.zone
  • #116,822
  • Sep 23, 2008 3:20pm Sep 23, 2008 3:20pm
Quoting malcolmb14
not to put you off as i to think this is consolidation before next leg up .. but this bearish divergence on the 4 hour has yet to be broken

you may get another chance to add more short lower again

I would not bank on that breakout unless this bearish divergence is broken . Sometime these can break before price does , but when the rsi breaks that down trend line .. oh baby watch out bears

Attachment
I would agree with that as well. Thanks for the analysis on the pair as it is appreciated. In either case, we could use a simple breakout strategy from this range now as it's been stuck for a while in it. Here's a simple chart showing that as a possibility.

Today's inside bar made that range even smaller if you would only want to look at the very most recent highs and lows that were established.
Attached Image (click to enlarge)
Click to Enlarge Name: breakout.gif Size: 13 KB
I dream, therefore I become.
  • #116,823
  • Sep 23, 2008 3:23pm Sep 23, 2008 3:23pm
Quoting mike w
I would agree with that as well. Thanks for the analysis on the pair as it is appreciated. In either case, we could use a simple breakout strategy from this range now as it's been stuck for a while in it. Here's a simple chart showing that as a possibility.

if that bearish div 4 hour breaks before price breaks 197 .... we could get a heads up / early entry
Blogging daily now at www.volume.zone
  • #116,824
  • Sep 23, 2008 3:23pm Sep 23, 2008 3:23pm
For some reason, i've still have fibs i put on a 3 min chart of the geppy from last friday, and i've just scalped 30 pips, shorting 196.15 to the 5sma on the 1 hour chart. I'm amazed that these fibs on a tiny time scale chart are still useful, i only thought fibs were better for longer time frames.
  • #116,825
  • Sep 23, 2008 3:24pm Sep 23, 2008 3:24pm
Quoting mike w
Am I correct in thinking this is a shorter term position? Thanks in advance Malcolm.
Don't be sweating Mike ..
I also think this spike is temporal and would resume down. But good thing is UJ is bullish .. supporting it so far ..
  • #116,826
  • Sep 23, 2008 3:28pm Sep 23, 2008 3:28pm
Quoting pippenmagic
For some reason, i've still have fibs i put on a 3 min chart of the geppy from last friday, and i've just scalped 30 pips, shorting 196.15 to the 5sma on the 1 hour chart. I'm amazed that these fibs on a tiny time scale chart are still useful, i only thought fibs were better for longer time frames.

fibs work for all time frames
Blogging daily now at www.volume.zone
  • #116,827
  • Sep 23, 2008 3:32pm Sep 23, 2008 3:32pm
shorts are in play, and the daily correction is over as long as this fibo level/TL are holding.

Attached Image (click to enlarge)
Click to Enlarge Name: gj_4h.gif Size: 27 KB
  • #116,828
  • Sep 23, 2008 3:32pm Sep 23, 2008 3:32pm
Hi Mike,

I posted that idea for newbies 11 hrs ago..It great to see your post..

http://www.forexfactory.com/showpost...stcount=116682



Quoting mike w
I would agree with that as well. Thanks for the analysis on the pair as it is appreciated. In either case, we could use a simple breakout strategy from this range now as it's been stuck for a while in it. Here's a simple chart showing that as a possibility.

Today's inside bar made that range even smaller if you would only want to look at the very most recent highs and lows that were established.
[
  • #116,829
  • Sep 23, 2008 3:35pm Sep 23, 2008 3:35pm
Quoting mike w
203 is the resistance area I've been keeping my eye on as price has stalled and reversed there quite a few times.
yeah baby dat sounds about right...mine is actually 203.80
  • #116,830
  • Sep 23, 2008 3:37pm Sep 23, 2008 3:37pm
Waiting to break lower TL or upper? Got one short from 196.20
Attached Image (click to enlarge)
Click to Enlarge Name: GJ-092308-1830-1hr.jpg Size: 431 KB
Do not follow my trades. Trade what you see on your own charts.
  • #116,831
  • Sep 23, 2008 3:38pm Sep 23, 2008 3:38pm
reshort 196.15 , stop 20 pips
Blogging daily now at www.volume.zone
  • #116,832
  • Sep 23, 2008 3:38pm Sep 23, 2008 3:38pm
I'm actually short now on G/J and U/J based on 1h h/s formations on both, plus U/J appears to have returned to previous TL and is bouncing off of 1h 200MA. Is it unusual to take both pairs in the same direction?
Attached Image (click to enlarge)
Click to Enlarge Name: uj.gif Size: 16 KB





Quoting mktjong
Don't be sweating Mike ..
I also think this spike is temporal and would resume down. But good thing is UJ is bullish .. supporting it so far ..
" If I can't be my own, I'd feel better dead" - Alice In Chains
  • #116,833
  • Sep 23, 2008 3:39pm Sep 23, 2008 3:39pm
im i wrong me old mucker

Quoting malcolmb14
nice ....

but the bearish divergence 4 hour is still not broken .. so not 100% sure

and the futres did not move 1 point on that news....

I think we may just drift around this 196.5 to 194.5 area till they annouce bail out
  • #116,834
  • Sep 23, 2008 3:40pm Sep 23, 2008 3:40pm
It's very tempting to pull the short trigger now .. but .. but .. many but's still exist ..
  • #116,835
  • Sep 23, 2008 3:41pm Sep 23, 2008 3:41pm
Quoting jeeper
I'm actually short now on G/J and U/J based on 1h h/s formations on both, plus U/J appears to have returned to previous TL and is bouncing off of 1h 200MA. Is it unusual to take both pairs in the same direction?
Attachment
Not always .. but mostly both go in tandem..
  • #116,836
  • Sep 23, 2008 3:43pm Sep 23, 2008 3:43pm
i just closed my long position since Sep,19 and booked profits.

this range-bound Market bothered me and made me change my mind of targeting 200.60 level .

i'm on sideline till this freak Market breaks.

I always knew that someday I would make it big
  • #116,837
  • Sep 23, 2008 3:44pm Sep 23, 2008 3:44pm
Quoting cohiba pips
im i wrong me old mucker

my ym must be broken
Blogging daily now at www.volume.zone
  • #116,838
  • Sep 23, 2008 3:52pm Sep 23, 2008 3:52pm
Quoting rgitt05
Hi Mike,

I posted that idea for newbies 11 hrs ago..It great to see your post..

http://www.forexfactory.com/showpost...stcount=116682


Hey Rgitt, I must have skipped right past it and not seen it. It's nice to be in good company, that's for sure! Have a good night trading my friend. I'm off for the night with a few friends and will be back around london.
I dream, therefore I become.
  • #116,839
  • Sep 23, 2008 3:53pm Sep 23, 2008 3:53pm
Quoting malcolmb14
my ym must be broken
  • #116,840
  • Sep 23, 2008 3:55pm Sep 23, 2008 3:55pm
Quoting mktjong
Don't be sweating Mike ..
I also think this spike is temporal and would resume down. But good thing is UJ is bullish .. supporting it so far ..
Hey Mktjong, I don't sweat in the markets anymore, I'd weigh 90 pounds if I still did! lol Right now, I'm actually waiting for a retracement back down before adding onto my withstanding long positions. Hope everything's going good for you man!
I dream, therefore I become.
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