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

I closed my shorts and waiting what happend on 184.60 there is very strong support

hi guys,
went through Auslanco 15m strategy and could hardly understand wat he was talking about. I guess the indicators sound so unfamiliar. is there anyone who cld break it down in sinple terms for me or better stil give some advice.

NOw we have a perfect double bottom... what's it gonna be with GJ ??

just open short one.. lets test again 184.6

Here's my take.

If she passes, we will see a rebound to last a few days to a couple of weeks. After which they see it is not working, she will continue her fall.

However.... Have you guys seen the pork in the bill that the Senate passed? OK..Obama and McCain both promised they would never support a bill filled with earmarks again, but look what happened . Here are some examples of what was included in the bill passed last night:

New Tax earmarks in Bailout bill

- Film and TV Productions (Section 502)
- Wooden Arrows designed for use by children (Section 503)
- 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Section 504)

Tax earmark “extenders” in the bailout bill

- Virgin Island and Puerto Rican Rum (Section 308)
- American Samoa (Section 309)
- Mine Rescue Teams (Section 310)
- Mine Safety Equipment (Section 311)
- Domestic Production Activities in Puerto Rico (Section 312)
- Indian Tribes (Section 314, 315)
- Railroads (Section 316)
- Auto Racing Tracks (Section 317)
- District of Columbia (Section 322)
- Wool Research (Section 325)
(the above quoted from Hotair.com)

From other news sources (3 hours after our news story)

"Senators attached a provision repealing a 39-cent excise tax on wooden and fiberglass arrows designed for children to an historic $700 billion bank rescue that is likely to pass tonight. The provision, originally proposed by Oregon senators Ron Wyden and Gordon Smith, will save manufacturers such as Rose City Archery in Myrtle Point, Oregon, about $200,000 a year.

It's one of dozens of tax breaks benefiting Hollywood producers, stock-car racetrack owners and Virgin Islands rum- makers included in the broader legislation in an effort to win support from House Republicans, whose defection contributed to a rejection of an earlier version of the legislation two days ago on a 228-205 vote. " Bloomberg

---

"The Senate has sweetened its $700 billion rescue package for tottering financial companies with tax breaks broad enough to save 20 million people an average $2,000 a year in higher taxes and narrow enough to help a makers of wooden toy bow-and-arrow sets.

The tax relief package has a little something for a lot of people: In addition to adjusting the alternative minimum tax, saving more than 20 million from seeing a big jump in their tax bill next April, it has tax relief for disaster victims and measures to promote renewable energy resources such as wind and solar power. It renews an expired R&D credit, essential to many businesses, and extends individual tax breaks for college tuition and teachers' out-of-pocket expenses.

The tax package has some measures to bring in more tax revenues from oil and gas companies, but still would cost about $100 billion over 10 years." - Associated Press

source:http://www.statesboro.biz/News/202/I...racks-Rum.aspx

Having that said....I dont think that it's a slam dunk that the House will approve it.

*sigh*. This went from 3 pages to 451 pages.

IMHO (Here I go making predictions), I bet the house will approve a bill that removes allot of this pork. In which case, it will have to go back to the Senate to be voted on, and eventually the President. This adds another 5 days to the process. How many more banks will fail in that time? Either way, a pass at the House will give us a short term rebound.

Just my 2 pips,

B

Also open a short at 185.77, with a target around 184.55

Closed @185.94 ..
(Also added some at the low)

Good time to short now @ 185.90?

May not be a good idea. 5 min macd is very strong pointing upward. Hourly bullish div on 1H macd.

but overall it's still downtrend, should wait for more conformation signal if some1 wanna BUY

What will be a good point of entry to short?

if you get 100 pips place stop break even .. .today may have been the bottom .... there is bullish div double bottom on daily ....

gu better ... spreads tighter ... it went into some crazy 30 pip range for 8 trades

of course you will care ..... dj going to the moon if it gets approved UJ will move up fast as it has been range bound ... 180 ... forget it .... the bullish divergence on daily RSI will play out

Thanks M .. it's a good idea
I re-entered long @185.69 and just closed @186.35 .. lol..

I wouldn't be thinking short atm .. just my opinion. As Malcolmb also mentioned bullish div on daily chart.

I opened charts .. was looking at R2 at 185.70 ..... stopped to think about it and then wham off she went .. missed trade

you were fortunate to get it ....

lots of talk of 177 and lower .... not till this is broken on the 4 hour... bullish div on 4 hour , 8 hour and daily now

I won't, I'll just trade my chart and what 'I' see on it

4 hour bullish engulfing AND bullish divergence on rsi , ....

.

So you will have open shorts during the US House of Reps vote?