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

We have many Millionaires among us, it feels good

if 161.5 gives way, next support I see is 1h 50ema

is he really a Millionnaire? wow

UY touched the UTL, and both EU and GY crossed the S/R areas, but to be more sure, the big drop is comming after UY cross FE216 = 97.050

http://www.doske.com/fx/uy4.gif

i took the short

GM mate

if i'm a millionair then karmo and lilmoe must be trillionaire. lol
i'm just a newb. trying to learn, everyday.

gm piters. how have you been?

closed short

Where do we see this going ? Maybe the 158 area around 1hr 50ema ? Seems reasonable to me. Cable diving and oil following suit - could be a nice drop on our hands. Short from 162.79.

hot and all in Shorts... 35 C is now..

Agreed with you...may be we might see new low.

ok, u're not the first one who asked that question. this HAS been a good question and still is.

80% of the time, a bearish/bullish (classic) divergence is always followed by a bullish (hidden) divergence. that's a fact.

i have came with a solution to where and when a divergence breaks. this might be a bit of a lot of read and maybe a bit hard to understand, but bear with me.

one of the main reasons i use CCI30 is just for that. on the same chart u have, u placed the CCI TL incorrectly, go back and place that TL on the peaks of CCI (highs). the bearish divergence was soon followed by a bullish hidden divergence:

bearish divergence playout IF:
1) m30's 50ema is taken out
2) we close at a lower price of that where the other lower bottom on MACD is taken out.
3) CCI30 (and most importantly) closes below the -100 line.

the third part (to me) is the most important. unlike most indicators, CCI resembles the typical price (u can find more info about CCI ont he net). close below/above resistance lines doesn't necessarily mean oversold/overbought levels, but rather it means BREAKOUT. as i'm typing this, CCI30 on the m30 chart has pierced throught the -100 line and is just above 50ema (i took some partial profit at the open of this new m30 candle). i always confirm with m30, but 1h is even better for confirmation. once 1h cci30 closes below the -100 line, this will tank really nice.

bearish divergence failure (on the same chart u have):
1) if cci30 breaks that descending TL to the upside
2) after breaking to he upside, CCI has to close above the 100 line.
3) we get a higher high on CCI or MACD, but here's the trick, that could also mean a classic bearish divergence backed by hidden bearish IFFF price fails to make a higher high.

confusing right? but trust me, the world of divergence is humungous, and mastering it is not a simple task, but once u do, it's VERY powerful. getting tops and bottoms would be a breeze

i found that CCI is the best confirmation for divergence, and MACD (the one i use) the best for spotting that divergence. it's all up to you to choose the indicator. but as long as u're getting on the right track, which indicator u use shouldn't be an issue.

you mean new low - low; or NEW LOW - LOW ???

For us to see a new low, we need somebody to take out 158 with a shotgun and a 4h candle close below that level, then hell yeah for a new low

we closed below 161.50 on the 1 hour yes?

now am thinking shorts

shorts should be good to 158-159 and then might bounce from there

ok, just as promised, took a long scalp (50% hedge) at 161.10 (close to m30's 50ema), 40 pip SL.

hmm, bull flag anyone?

Karmo - thats exactly how I see it, thats a key area with the Gann and the 50ema on 4hr coming into play.

Anyone else on here trade Oil ? I love Oil......