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

  • #139,101
  • Nov 19, 2008 6:51pm Nov 19, 2008 6:51pm
Quoting jon clogger
I was going to mention that in my previous entry, but didn't. Very cool indeed.
I usually never exit unless RSI goes below 35 for a long(above 55 for short) an understanding of candle formations is useful as well and will get you better exits and sometimes a chance for reentry. I also look at larger TF for exits as well such 50ema etc
  • #139,102
  • Nov 19, 2008 6:54pm Nov 19, 2008 6:54pm
Quoting susufx
I usually never exit unless RSI goes below 35 for a long(above 55 for short) an understanding of candle formations is useful as well and will get you better exits and sometimes a chance for reentry. I also look at larger TF for exits as well such 50ema etc
Another great tool for the Clogger, I shall give it a run with small lots tonight. Thanks again.
What's that smell?
  • #139,103
  • Nov 19, 2008 6:57pm Nov 19, 2008 6:57pm
Quoting kujo17
hey Q,
How's things ?
Well, the Beast has sucked me back in.....
So, what's the reasoning for run down in asian session ?
They have seemed to retrace alot of moves in the US session lately.

I know the 4H qqe is down and below the Gann, so that's usually reason enough I guess.....

kj
Price consolidated between 143.90 and 144.25/50 area for over 36 hrs. . . Then it completed it's upside wave to 147.80 area which it was rejected with a 400 pip sell-off. Price has broken below the consolidation area and we have seen it trade under it since NY session close. . . I expect to see it challenge it and the daily pivot where it should get rejected. Intraday pivot is located ar'd 144 area and intraday R1 is at 144.90 area. . . Lots of wood to chop to regain upside momentum but not out the question.

I think what we are seeing is the start of a break out of that consolidation. If price get's rejected by the DP - 144.60 (if it makes it up there) 142 intraday is in the cards. . . If price doesn't make a 4hr close above 142.50 after the break 140 area is a given then we go lower. . .

I see this starting within the next 4-5 hrs, looking for the Asian fix to confirm selling in the next 1hr or so. . .
  • #139,104
  • Nov 19, 2008 6:57pm Nov 19, 2008 6:57pm
a move i entirely missed... but mostly cuz i wasn't on the screen

4h closed below gann, and m15 50ema in confluence with 4h 5sma, i have a sell limit there waiting. i would go short if we close below m15 gann

going for a nap now, take care everyone
  • #139,105
  • Nov 19, 2008 7:00pm Nov 19, 2008 7:00pm
Quoting susufx
lol ive never used stochs in terms of technical analysis i've only used them in school in optimization algorithm analysis and have hated them since then... plus i find 1minute charts to be too choppy for me
i agree. never thought i would use a 1M chart for anything. but by playing with different settings on different timeframes i found that sto 8,3,5 is an excellent filter for entries and exists.
  • #139,106
  • Nov 19, 2008 7:11pm Nov 19, 2008 7:11pm
Quoting ikke
i agree. never thought i would use a 1M chart for anything. but by playing with different settings on different timeframes i found that sto 8,3,5 is an excellent filter for entries and exists.
i'll check it out
  • #139,107
  • Nov 19, 2008 7:13pm Nov 19, 2008 7:13pm
Spread is too high for me to scalp g/j. I've been scalping e/u and averaging 10 pips here and there
  • #139,108
  • Nov 19, 2008 7:15pm Nov 19, 2008 7:15pm
Quoting lilmoe
a move i entirely missed... but mostly cuz i wasn't on the screen

4h closed below gann, and m15 50ema in confluence with 4h 5sma, i have a sell limit there waiting. i would go short if we close below m15 gann

going for a nap now, take care everyone
well i missed that move too, was sleeping
  • #139,109
  • Nov 19, 2008 7:18pm Nov 19, 2008 7:18pm
Quoting dialpips
HI YAAD, DON'T UNDERSTAND FLAG. MORE INFO PLS.
have a read here

http://chart-patterns.netfirms.com/bearflag.htm
  • #139,110
  • Nov 19, 2008 7:20pm Nov 19, 2008 7:20pm
Quoting susufx
i'll check it out
Small long 143.68

Probably should have looked at that last candle and taken that into consideration. Oh well, micro lot anyways, we'll see what happens.
What's that smell?
  • #139,111
  • Nov 19, 2008 7:26pm Nov 19, 2008 7:26pm
No 4H close bellow LTL, we are still in range
lool what a story

http://www.doske.com/fx/snapshot-216.png
  • #139,112
  • Nov 19, 2008 7:29pm Nov 19, 2008 7:29pm
Quoting jon clogger
Small long 143.68

Probably should have looked at that last candle and taken that into consideration. Oh well, micro lot anyways, we'll see what happens.
You shouldn't have taken that because 1) 50ema line always better for it to break above first 2) resistance line 3)5minute trendline wasnt broken yet

please test on demo first like you should with any system, the only way to understand any system and know how to filter trades is by experiencing it i.e demo...I'll make a note of a few things to keep in mind to help you filter bad trades and post that in a bit...but those 3 reasons above you should always keep in mind when trading to begin with

btw im not saying that its a bad trade. But i always like to wait for confirmation and get in late rather then trying to get an early entry and end up with negative pips
  • #139,113
  • Nov 19, 2008 7:29pm Nov 19, 2008 7:29pm
I didn't post this myself, I found it on another site and felt I would contribute with this here tonight.

"Think about it. GM, Ford, Citi, Yahoo and other big names have the smell of bankruptcy to them. The Govt. cannot possibly bail everyone out. Even if they could where is the revenue going to come from? Who is buying cars? Who is buying houses? Job losses are mounting, not going down. Anyone who is expecting some capitulation event and then a massive rally that covers all the losses is dreaming.

As bad as it is, this is going to get worse. To the folks who have posted here angry and upset that they have "lost" their life savings, I can certainly sympathize. But the elevator started on the 14th floor before it started to crash. We were there at every floor down urging you to get off. You ignored us. Oh no, you're going to ride it back up and leave the Bears behind. You were going to show us how you can't time the market. Well, we've been lingering here around the 8th floor for a month. We've been posting our links that indicate we're experiencing a singularity. Throw the charts out. The real economy is tanking and the market is falling behind the curve. Jump to the 8th floor with the cash you have left! Let the others ride it down, because it may go to 7 next week and then 5 and finally 4 (sub basement below that level). At that point the elevator may not move significantly for YEARS. However, if we start to see the real economy turn around -- not smoke and mirrors interventions -- and consumer confidence return, etc. we'll join you and hop back on.

Please don't take this post as gloating. I don't think anyone on this board wants to see the market where it is today. We may feel some satisfaction that we got out before the crash, but we realize the money that's been destroyed and the implications of what are going on in the real economy will have a such a severe impact that we are all going to suffer.

It's time for everyone to start thinking about new ways of living, not just investing."
  • #139,114
  • Nov 19, 2008 7:35pm Nov 19, 2008 7:35pm
Quoting susufx
You shouldn't have taken that because 1) 50ema line always better for it to break above first 2) resistance line 3)5minute trendline wasnt broken yet

please test on demo first like you should with any system, the only way to understand any system and know how to filter trades is by experiencing it i.e demo...I'll make a note of a few things to keep in mind to help you filter bad trades and post that in a bit...but those 3 reasons above you should always keep in mind when trading to begin with

btw im not saying that its a bad trade. But i always...
I saw those things too, but not to worry, I throw pennies at experimental stuff, because I know it takes me awhile to get the hang of it. I did it because there was minor TL support directly below, and fib at 143.34
What's that smell?
  • #139,115
  • Nov 19, 2008 7:40pm Nov 19, 2008 7:40pm
Quoting dialpips
HI YAAD, DON'T UNDERSTAND FLAG. MORE INFO PLS.
flag is a retracement of a move ...... here is the bear flag on the 5min

the way to trade these is wait for the price to break thru the bottom trend line.

I have put 1-2-3 sell formation with fib expansions on for downside targets

the rule of flags is that if broken the down move is often equal to the flag pole length ( in this case 500 pips). This is called symmetry of moves.

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Blogging daily now at www.volume.zone
  • #139,116
  • Nov 19, 2008 7:41pm Nov 19, 2008 7:41pm
Quoting jon clogger
Small long 143.68

Probably should have looked at that last candle and taken that into consideration. Oh well, micro lot anyways, we'll see what happens.

I entered a short at 143.69.
  • #139,117
  • Nov 19, 2008 7:42pm Nov 19, 2008 7:42pm
Quoting jon clogger
I saw those things too, but not to worry, I throw pennies at experimental stuff, because I know it takes me awhile to get the hang of it. I did it because there was minor TL support directly below, and fib at 143.34

Well im not sure how you drew your fibs but here's a chart suggesting another reason why you should've have taken that trade

You should've entered on that third bar after a full bar had closed but knowing that the previous bar hit the 100 fib wud've suggested clearly not to take it especially after it closed lower and all the other things I mentioned earlier.
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  • #139,118
  • Nov 19, 2008 7:43pm Nov 19, 2008 7:43pm
We will retest 139 today, there is no reason for an upswing anymore.
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  • #139,119
  • Nov 19, 2008 7:43pm Nov 19, 2008 7:43pm
Food for thought ...
Please check out this post :
http://www.forexfactory.com/showpost...&postcount=896
and his site http://vault.bz/

Who said GBPJPY 150 and beyond?
  • #139,120
  • Nov 19, 2008 7:49pm Nov 19, 2008 7:49pm
Quoting forexlion
We will retest 139 today, there is no reason for an upswing anymore.
= perhaps even lower once the momentum starts. . .
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