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

  • #137,621
  • Nov 17, 2008 5:13pm Nov 17, 2008 5:13pm
I'm short @ 144.96 and Stop @ +10.


Market is lethargic!
  • #137,622
  • Nov 17, 2008 5:15pm Nov 17, 2008 5:15pm
Quoting gillybabe
My 5M QQE has just gone up

Yup, saw that now as well, 5M TF is a bit whacked most of the time!
  • #137,623
  • Nov 17, 2008 5:15pm Nov 17, 2008 5:15pm
Quoting USTrader
Ok, 1H QQE crossed down, below, gann and 5MA.

Also, 5M QQE Crossed down as well.

Is is possible for the price come down and see DP of 143.50?


maybe however we will have to see how this plays out

right now the 15 min is an engulfing candle right off 38 % fib = bullish

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  • #137,624
  • Nov 17, 2008 5:16pm Nov 17, 2008 5:16pm
Quoting USTrader
I'm short @ 144.96 and Stop @ +10.


Market is lethargic!
you have 1/5 of the regular euro/us liquidity currently. vol very tiny. the majors sleep, a few kiwis push minilots around and sushiland will soon join the party
  • #137,625
  • Nov 17, 2008 5:18pm Nov 17, 2008 5:18pm
Hi Malcolm. What makes you decide tht it is finally bullish after seeing this candle. What signal do you wait for to confirm it? Thanks
  • #137,626
  • Nov 17, 2008 5:21pm Nov 17, 2008 5:21pm
Quoting gillybabe
Hi Malcolm. What makes you decide tht it is finally bullish after seeing this candle. What signal do you wait for to confirm it? Thanks
the green candle rallied upwards to close higher as soon as the red closed. this is a bottom reversal = bullish

there is no confirmation needed, this pattern alone is bullish, but we have to watch for the reaction to that.

a close above 144.80 would make me expect to see a retest of 145.50-> 146 -> 146.50.
  • #137,627
  • Nov 17, 2008 5:24pm Nov 17, 2008 5:24pm
so what are we looking for as a reaction - through the 50ema on 5m or do we wait for it on 15m?
  • #137,628
  • Nov 17, 2008 5:27pm Nov 17, 2008 5:27pm
More BS for the PA....

[
  • #137,629
  • Nov 17, 2008 5:28pm Nov 17, 2008 5:28pm
Quoting gillybabe
Hi Malcolm. What makes you decide tht it is finally bullish after seeing this candle. What signal do you wait for to confirm it? Thanks
1) 5 min chart
2) hit 143.88 ( fib level) ... stopped dead
3) reversed back above blue line (30 pip interval form Dp..i call them T30)
4) rsi crossed up thru 30
5) really gbpusd down 50 pips this time of day = BS trap move on low volume
6) gbpusd stopped dead on 1.4950
70 go long above 144 . 30 pip stop .. what I got to lose ?
8) take 30 pips profit on half and move stop be after the price hits the next T30 line above support one.

there is thought process for last long

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  • #137,630
  • Nov 17, 2008 5:29pm Nov 17, 2008 5:29pm
price bounce right from DP, i should've went long on that. oh well...

leaving longs from lower levels open, going to sleep now

take care everyone, and trade safely!!
  • #137,631
  • Nov 17, 2008 5:30pm Nov 17, 2008 5:30pm
Quoting malcolmb14
maybe however we will have to see how this plays out

right now the 15 min is an engulfing candle right off 38 % fib = bullish

Attachment
Got it...

I've close my short and looking to wait for a close above 38%.


Posted by gillybabe http://www.forexfactory.com/images/buttons/viewpost.gif Hi Malcolm. What makes you decide tht it is finally bullish after seeing this candle. What signal do you wait for to confirm it? Thanks


No confirmation, just look for the candle formation, check out how the last candle in Malcolm's screenshot, it's body is bigger than the previous candle. Usually means sellers tiring out and buyers are stepping in and moving the pair upwards.
  • #137,632
  • Nov 17, 2008 5:32pm Nov 17, 2008 5:32pm
Today's DP is 143.82, prices dropped down but didn't reach it, and then it bounced and went up almost 90 pips, if prices reached 145.18 again, so we might see 149.64, I had a long trade at 143.98 with SL 141.76 which is the turning point for this week for the prices to go down, so one of the keys is 145.18 which I'm waiting for it right now to confirm the upward move to reach my target
  • #137,633
  • Nov 17, 2008 5:37pm Nov 17, 2008 5:37pm
Thanks to all for their explanations. I understand about the bullish cnadle for a quick long, but my question was more how do I know it is long now so I can set up a trade, and go to bed (nearly midnight here in the UK) with full stops and tp levels.
  • #137,634
  • Nov 17, 2008 5:41pm Nov 17, 2008 5:41pm
Quoting gillybabe
Thanks to all for their explanations. I understand about the bullish cnadle for a quick long, but my question was more how do I know it is long now so I can set up a trade, and go to bed (nearly midnight here in the UK) with full stops and tp levels.
this, my fellow trader, will be a task for your system. if you don't have one, adopt auslanco's

we are not a "call" service
  • #137,635
  • Nov 17, 2008 5:41pm Nov 17, 2008 5:41pm
short thought process for gilly


1) price stopped bang on T3 indicator and close to 33 sma.
2) doji formed
3) long wick on 5 min candle gu .... mmm sellers on that one
4) lets CAR ( close and reverse ) longs and see what happens .. 40 pips stop

take 30 pip profit and move stop BE when that happens

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  • #137,636
  • Nov 17, 2008 5:42pm Nov 17, 2008 5:42pm
Quoting gillybabe
Thanks to all for their explanations. I understand about the bullish cnadle for a quick long, but my question was more how do I know it is long now so I can set up a trade, and go to bed (nearly midnight here in the UK) with full stops and tp levels.
Great! As to 'set and forget', well, market is pretty laid back now. No real confirmation (short term, next few hours) at this time.
Possibly, best to setup up your charts and plan where to place your trade in the early morning.

Yup, I've been doing the same thing (about 11:40pm your time right?) setting up for the London opening/US overlap and can get frustrating when you can't get some trade in and forget about it till the next day.

Great pippin' to you!
  • #137,637
  • Nov 17, 2008 5:45pm Nov 17, 2008 5:45pm
just wanted to say that this thread has really evolved and has been a great education for me. i'm taking it all in and incorporating bits and pieces into my own style of trading.

thanks to all the excellent contibutors of this thread. let the pips flow.
"Don't trade to trade . . . trade to win." - James16
  • #137,638
  • Nov 17, 2008 5:47pm Nov 17, 2008 5:47pm
Thanks US Trader. Dr. Geppy I was not looking for a call service. More an understanding of how to approach trading the Asia session and still be able to sleep!
  • #137,639
  • Nov 17, 2008 5:50pm Nov 17, 2008 5:50pm
Quoting gillybabe
Thanks US Trader. Dr. Geppy I was not looking for a call service. More an understanding of how to approach trading the Asia session and still be able to sleep!

here is one idea

if you are confident in longs ... place buy limits at the fib retracements.

go 1 lot at each.

better idea if you cannot get into a winning trade before bed , where you take some profit and place stops at say +100 then wait till tomorrow to trade

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  • #137,640
  • Nov 17, 2008 6:02pm Nov 17, 2008 6:02pm
can somebody check this for me? I'm getting a US Fed Funds rate at 0.2813% and 2yr Treasury bonds at 1.1869%
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