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

  • #140,561
  • Nov 21, 2008 7:27am Nov 21, 2008 7:27am
Quoting dialpips
thanks, but with great guys like karmo, lilmoe, etc, i tninks i should do well.

moreover, i'm not afraid of any beast.
have to agree with islander-

the beast seriously can cause psychological damage to you, if you trade it as beginner. regularly, before anything could go in your favor, you are already down 9 pips, which is the default spread

then you need big stops most onf the time...combine that with the affinity to use too big position sizes...and the party begins.

generally speaking, the GBPJPY is a proxy for risk, it totally depends on other currency pairs and reflects the volatility in the markets.
  • #140,562
  • Nov 21, 2008 7:27am Nov 21, 2008 7:27am
Quoting forter
Haha...long again?
yeah, from 141.80
  • #140,563
  • Nov 21, 2008 7:27am Nov 21, 2008 7:27am
Quoting xoiper
i m still with bear with shorts on
baba oni short. aw r dey doing? STONED jk
  • #140,564
  • Nov 21, 2008 7:30am Nov 21, 2008 7:30am
The last long was exited as it stalled at the 143 level and I suggested that another buy could be made IF price pulled back to the Aqua MA, which it failed to do.

At # 1 it made it back up to the high and FAILED to break up and continue the rally - the first bearish signal.

At #2 it broke the rolling over faster Gold MA - so Sell. The break of the Aqua MA confirmed the Sell.

At # 3 price stalled at yet another level - Sweet Spot - LOL just check out how many times this happens - book some profits unless a higher TF is confirming a Sell.

At #4 price got held under today's R1 and a 50 SS - AND the down sloping Aqua MA - Sell again.......

Learn about Money Management, Trade with Discipline and take a Karmo Patience Pill and you should be able to Bank some pips!

Just some ideas for short term trading......

PS The last entry didnt follow through - watching the chart should have alerted you to the higher low - or your stop closed you out.....best now to wait for the NY traders....
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Trading Levels with WRBs
  • #140,565
  • Nov 21, 2008 7:32am Nov 21, 2008 7:32am
Quoting lilmoe



over a year ago, i heard lots of theories about this shift (i personally believe it might or should happen at some point, it would or might have a better rational explanation of other theories such as the ice age).



lots of stuff, one can google them and find lots of discussions about those phenomenon.
You can watch the costalations, and planet alligment from here:

http://earth.google.com/sky/skyedu.html
  • #140,566
  • Nov 21, 2008 7:33am Nov 21, 2008 7:33am
Quoting Piters
YEAH, can you imagine a FX or TRADE FLOOR ROOM, with all your platforms, and FF, and quotes.. ?? and virtual desks ???

WOW,, (yes, like world of Warcraft)

Imagine this forum in 3D!
Just when you think you've figured it all out, the picture changes....
  • #140,567
  • Nov 21, 2008 7:34am Nov 21, 2008 7:34am
Quoting kinzu
baba oni short. aw r dey doing? STONED jk
yes
  • #140,568
  • Nov 21, 2008 7:35am Nov 21, 2008 7:35am
Quoting Bdisciplined
hi arezab,

does the 34 sma get set on the open or the close.
close.
Discipline + Patience - Fear - Greed = Success
  • #140,569
  • Nov 21, 2008 7:36am Nov 21, 2008 7:36am
Quoting lilmoe
ok i'll try to be nice, i might be a bit moody today. sorry.

when i close half of my position it doesn't mean i closed all of it.

let's say for example i have 2 lots open at 141, when we reached 142, i closed 1 of those lots for 100 pips (partial profit = 1/2 or 1/3 or 1/4 of a position closed).

rest at b/e means that set my stop loss to break even (so i won't lose any money if a trade goes against me)...

if price decides to continue in the same direction after stopping me out, i'll wait for another opportunity to go long.

hope this makes...

To most of us it makes perfect sense.
Just when you think you've figured it all out, the picture changes....
  • #140,570
  • Nov 21, 2008 7:36am Nov 21, 2008 7:36am
i hope this help...
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  • #140,571
  • Nov 21, 2008 7:37am Nov 21, 2008 7:37am
Quoting Islander
The last long was exited as it stalled at the 143 level and I suggested that another buy could be made IF price pulled back to the Aqua MA, which it failed to do.

At # 1 it made it back up to the high and FAILED to break up and continue the rally - the first bearish signal.

At #2 it broke the rolling over faster Gold MA - so Sell. The break of the Aqua MA confirmed the Sell.

At # 3 price stalled at yet another level - Sweet Spot - LOL just check out how many times this happens - book some profits unless a higher TF is confirming a Sell....
Nice analysis islander

I've been shorting the rallies as long as 4h remains bearish. Looks like another one may be coming .. let's see if any strength in this one...
  • #140,572
  • Nov 21, 2008 7:37am Nov 21, 2008 7:37am
Quoting dialpips
is it just crossing above or the candle closing above the 34 ema for the long to be valid.
A candle close will do. Though it is essential to be familiar with candlestick patterns which is known as Price Action (PA).
Discipline + Patience - Fear - Greed = Success
  • #140,573
  • Nov 21, 2008 7:37am Nov 21, 2008 7:37am
USDJPY – Currency traders have recently bought into US Dollar/Japanese Yen declines, and the ratio of long to short positions in the USD/JPY currently stands at 1.30 as nearly 56 percent of traders are long. In fact, US dollar/Japanese Yen long positions have surged by 30.9 percent overnight—clear sign that the forex trading crowd is becoming increasingly bullish the fast-falling pair. Whenever we see crowds buying into sharp USD/JPY declines, we often see the currency pair continue lower through subsequent trading. Indeed, the SSI is a contrarian indicator and signals more USDJPY losses.

Bull trap for the UJ and GJ... Monday is a holiday for the JPY..

Expect a big drop this weekend if the dow close negative.
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  • #140,574
  • Nov 21, 2008 7:38am Nov 21, 2008 7:38am
Quoting Abu Dhabii
i hope this help...
you're trying to dictate market what to do with those predictions instead of reading what it is doing
  • #140,575
  • Nov 21, 2008 7:39am Nov 21, 2008 7:39am
Quoting Dr.Geppynius
yes

Ref. our posts earlier - the saying about "leading a horse to water" comes to mind......ah well, that's sufficent from the "Issy School for Pip Pirates" for this week.....http://www.forexfactory.com/images/icons/icon6.gif
Trading Levels with WRBs
  • #140,576
  • Nov 21, 2008 7:39am Nov 21, 2008 7:39am
Booked another 100 pips on my long from from 141.80. I am off now to teach a workshop.
  • #140,577
  • Nov 21, 2008 7:40am Nov 21, 2008 7:40am
Quoting malcolmb14
the bullish div on 4 hour is getting stronger. This could possibly go and test 146 / 148 in the next few days

The determining factor of that will be London tonight and the US tomorrow
I think 146 is a very likely target today. Aligned with Malcolmb said last night ..let's see.
  • #140,578
  • Nov 21, 2008 7:42am Nov 21, 2008 7:42am
Gold is taking off to the upside.
  • #140,579
  • Nov 21, 2008 7:43am Nov 21, 2008 7:43am
Quoting mktjong
I think 146 is a very likely target today. Aligned with Malcolmb said last night ..let's see.
agreed. i'm thinking of 143.25 takeout soon also- there will be a dip down, question is before or thereafter. nevertheless, i am expecting it to rally into the weekend. possible gap down on sunday for some more accumulation in the current area.
  • #140,580
  • Nov 21, 2008 7:43am Nov 21, 2008 7:43am
Nice, as usual rgitt.

re the discussion about GY correlation to DOW .. Peaches has pointed out an even closer correlation with the TNX and after following it for a couple of weeks, I agree.
TNX is showing positive atm.

http://stockcharts.com/charts/gallery.html?$TNX
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