If am not mistaken, we would likely see Dow Jones short covering in the last two hours or so .. thus bringing GJ up as well .. 
Auslanco - GBP/JPY and GBP/USD (newstrade)
- #120,782
- Oct 9, 2008 10:03am Oct 9, 2008 10:03am
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
If am not mistaken, we would likely see Dow Jones short covering in the last two hours or so .. thus bringing GJ up as well ..
look like pennant to me 5 min and the price is still under the opne range low on YM ...I have a 1-2-3 sell formation ym that if plays out could get it under the lows of today and it has not tested 9000 yet ... bet they push it down there soon
Blogging daily now at www.volume.zone
- #120,783
- Oct 9, 2008 10:08am Oct 9, 2008 10:08am
- | Joined Nov 2006 | Status: Trader | 5,040 Posts
just like yesterday then .....lol....
look like pennant to me 5 min and the price is still under the opne range low on YM ...I have a 1-2-3 sell formation ym that if plays out could get it under the lows of today and it has not tested 9000 yet ... bet they push it down there soon
Now, we have bullish div on 5 & 15 min
- #120,785
- Oct 9, 2008 10:09am Oct 9, 2008 10:09am
- | Additional Username | Joined Sep 2009 | 8,623 Posts
With 4 hours MACD crossed above signal line, an intraday low is possibly in place. More consolidation could be seen in GBP/JPY above 170.88. However, recovery should be limited by 182.19 resistance and bring fall resumption to next short term target of 100% projection of 215.87 to 184.47 from 197.42 at 166.02 first. On the upside, above 182.19 will indicate that a short term bottom might be in place and bring lengthier consolidation before resuming the medium term down trend.
In the bigger picture, 180 psychological support is taken out decisively. GBP/JPY is now pressing long term rising trend line support (129.32, 148.19). Sustained trading below will encourage fall to next medium term target of 100% projection of 251.09 to 192.60 from 215.87 at 157.38 and probably further to 148.19 low. On the upside, above 197.42 is needed to confirm that a medium term bottom is formed. Otherwise, outlook remains bearish.
- #120,787
- Oct 9, 2008 10:09am Oct 9, 2008 10:09am
- Joined Aug 2007 | Status: The Weather Man | 8,859 Posts
just like yesterday then .....lol....
look like pennant to me 5 min and the price is still under the opne range low on YM ...I have a 1-2-3 sell formation ym that if plays out could get it under the lows of today and it has not tested 9000 yet ... bet they push it down there soon
- #120,789
- Oct 9, 2008 10:16am Oct 9, 2008 10:16am
- Joined Aug 2007 | Status: The Weather Man | 8,859 Posts
Lilmoe I hope you don't loose 100 pips because 1 hour qqe just crossed which should play out....normally does also as gj follows Dj we have new lows on daily candle for dj now pj will should follow suit anyway just sayin I hope you don't loose 100 of your 1000 pips for the day!!!
don't worry, malcomb said we should have a breakout on YM, we just did
i do take partial profit u know
- #120,790
- Oct 9, 2008 10:20am Oct 9, 2008 10:20am
- | Joined Jun 2008 | Status: Trader | 1,079 Posts
that would be enough for me to put my sl at a safe +10 profit..
while looking at the monthly chart, 169 or RSI around 20 seems to be a good area to pick a bottom for some wash up
.. so i wonder if you have other thoughts?
I recommend you read something else as this sentence is now concluded.
- #120,791
- Oct 9, 2008 10:21am Oct 9, 2008 10:21am
my entry should've been at .50, that was my only mistake... bad, itchy finger lool.
don't worry, malcomb said we should have a breakout on YM, we just did
i do take partial profit u know
Price does what price wants , I just need to be prepared.
- #120,792
- Oct 9, 2008 10:23am Oct 9, 2008 10:23am
- Joined Aug 2007 | Status: The Weather Man | 8,859 Posts
- #120,793
- Oct 9, 2008 10:24am Oct 9, 2008 10:24am
- Joined Jul 2006 | Status: Trader | 4,090 Posts
have you determined the end of this downside movement from 214?
while looking at the monthly chart, 169 or RSI around 20 seems to be a good area to pick a bottom for some wash up
I dream, therefore I become.
- #120,795
- Oct 9, 2008 10:27am Oct 9, 2008 10:27am
- Joined Aug 2007 | Status: The Weather Man | 8,859 Posts
Yes as I was typing you made 55 pips so rock on big boy... Are still thinking way up like last night?
make a wave count from today's high up to now. we are currently at wave 4 of 5. SAME exact pattern yesterday at the very same time.
the only difference is that yesterday wave 4 was 38.2 of wave 2 to 3, and right now, this wave 4 just finished 50%.
if, and i say IF, we get a close above 15m gann, then i think the pattern will break, otherwise, i have taken partial profit and my SL is at b/e +10 now
nothing to lose
- #120,796
- Oct 9, 2008 10:28am Oct 9, 2008 10:28am
- | Joined Nov 2006 | Status: Trader | 5,040 Posts
this rally is taking place at the very exact time from yesterday.
- #120,797
- Oct 9, 2008 10:29am Oct 9, 2008 10:29am
to be honest, there's another mistake i made.
make a wave count from today's high up to now. we are currently at wave 4 of 5. SAME exact pattern yesterday at the very same time.
the only difference is that yesterday wave 4 was 38.2 of wave 2 to 3, and right now, this wave 4 just finished 50%.
if, and i say IF, we get a close above 15m gann, then i think the pattern will break, otherwise, i have taken partial profit and my SL is at b/e +10 now
nothing to lose
Do not follow my trades. Trade what you see on your own charts.
- #120,799
- Oct 9, 2008 10:33am Oct 9, 2008 10:33am
- Joined Aug 2007 | Status: The Weather Man | 8,859 Posts
have you determined the end of this downside movement from 214?
while looking at the monthly chart, 169 or RSI around 20 seems to be a good area to pick a bottom for some wash up
picking bottoms is a dangerous thing brother, so be VERY careful. i am risking 30 % of what i made today for this trade
as i speak, i'm at 100 pip gain, i should've waited before taking partial profit. i should sue malcomb for that
- #120,800
- Oct 9, 2008 10:33am Oct 9, 2008 10:33am
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
Blogging daily now at www.volume.zone