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

  • #158,981
  • Feb 9, 2009 12:27pm Feb 9, 2009 12:27pm
Quoting marcb
Hi Malcomb,
Me and lots of people would be interested in learning ore about the "open range trading", just wondering if you can expand on this ...
From the little I now about the markets this must be based on the hypothesis tat during the 1st half hour there is a high probability that the price will reach its max/in for the the day
I am interested and I don't know what the heck it is...
  • #158,982
  • Feb 9, 2009 12:35pm Feb 9, 2009 12:35pm
Quoting malcolmb14
brown line is 50 sma on 15 min .... not taking any sells till that is broken . PA this morning showed me that although there was intent to sell .. the buyers swamped the sellers and pushed her back to 137 .
Thanks, Malcomb for the excellent analysis. Took a small short at 136.84, will see how this plays out.
  • #158,983
  • Feb 9, 2009 12:35pm Feb 9, 2009 12:35pm
I'm short at 137 thanks to the bearish div, and double top. This is the 1hr chart, and I don't know where my TP will be placed anyone want to throw out a guess? I'm thinking 135.50 if it wants to keep it's higher lows, but if it wants to test the trend, we may see 133. Tough call, I'll have to wait and watch.


http://www.jetScreenshot.com/demo/20...-77g-375kb.jpg
  • #158,984
  • Feb 9, 2009 12:38pm Feb 9, 2009 12:38pm
Malcolm14 ---wath Indicator Do You Iuse To Comfirm The 50 Ema Line Is Broken?
  • #158,985
  • Feb 9, 2009 12:55pm Feb 9, 2009 12:55pm

i have put posting on open range stuff here in my old thread

http://www.forexfactory.com/showthre...15#post2526415

Blogging daily now at www.volume.zone
  • #158,986
  • Feb 9, 2009 1:57pm Feb 9, 2009 1:57pm
Quoting forextine
I'm short at 137 thanks to the bearish div, and double top. This is the 1hr chart, and I don't know where my TP will be placed anyone want to throw out a guess? I'm thinking 135.50 if it wants to keep it's higher lows, but if it wants to test the trend, we may see 133. Tough call, I'll have to wait and watch.


http://www.jetScreenshot.com/demo/20...-77g-375kb.jpg

Just FYI, although you do have divergence, you did not draw it correctly on your chart. When drawing divergence, always draw both trendlines on the same side of the bars and oscillator signal. Your price trendline is beneath PA whereas your oscillator trendline is on the top... this is wrong.

It so happens that if you draw the price trendline on top where it should be, it is virtually parallel by coincidence (in this chart) and so, yes, you do still have divergence.

When looking for divergence:
1) Always draw both lines on the same side, either both on top, or both on bottom.
2) If they're on top, think of it as resistance. No matter what direction the lines are pointed, you're looking for a short.
3) If they're on bottom, think of it as support. No matter what direction the lines are pointed, you're looking for a long.
4) If the two trendlines have opposite slope, you have divergence. (If one of the trendlines is flat and the other sloped, you have minor divergence. Sometimes just ignore it).
5) Assuming you have divergence, then is the price trendline pointing in the same direction you expect PA to go, or the opposite? If the opposite direction, you have "regular divergence" and you are looking for the very peak/low of PA. If the same direction, you have "hidden divergence" (which I think of as "continuing the reversal that already happened").
6) By the way, typically you draw the price trendline from peak-to-peak or low-to-low, and then you go down to the oscillator and find the values at the SAME bars straight below the price trendline. You do not draw peak-to-peak or low-to-low on the oscillator chart, although it's always nice when the two occur at the same time as on the price chart. Since oscillators lag, you will often see the osc. peak just a bit later that price.

There are some great charts on babypips.com but my explanation above is how I keep it all straight in my mind.

Kent (Pips4life)
  • #158,987
  • Feb 9, 2009 2:21pm Feb 9, 2009 2:21pm
Small buy at 136.1 (5MA on 4H).

I will continue to buy dips.
  • #158,988
  • Feb 9, 2009 2:23pm Feb 9, 2009 2:23pm
Thanks for this.

Quoting pips4life

When looking for divergence: ................................
............................

There are some great charts on babypips.com but my explanation above is how I keep it all straight in my mind.

Kent (Pips4life)
  • #158,989
  • Feb 9, 2009 2:43pm Feb 9, 2009 2:43pm
Quoting malcolmb14

i have put posting on open range stuff here in my old thread

http://www.forexfactory.com/showthre...15#post2526415

Thanks malcolm .. nice and easy method at least to grab 50 pips daily. I'll give it a try for some days to see if this works for other session as well.
Discipline + Patience - Fear - Greed = Success
  • #158,990
  • Feb 9, 2009 2:48pm Feb 9, 2009 2:48pm
Quoting pips4life
Just FYI,

There are some great charts on babypips.com but my explanation above is how I keep it all straight in my mind.

Kent (Pips4life)
Great post!
Dr. C
  • #158,991
  • Feb 9, 2009 2:52pm Feb 9, 2009 2:52pm
All that really matters is, it worked and has worked for me.

I see where you're coming from, but we all have different views and opinions and strategies. I thank you for your input, and I did send you a PM for further discussion in order to not clutter this board.

Quoting pips4life
Just FYI, although you do have divergence, you did not draw it correctly on your chart....
  • #158,992
  • Feb 9, 2009 3:07pm Feb 9, 2009 3:07pm
Quoting bigcoupe
Small buy at 136.1 (5MA on 4H).

I will continue to buy dips.
:o
  • #158,993
  • Feb 9, 2009 3:17pm Feb 9, 2009 3:17pm
Quoting arezab
Thanks malcolm .. nice and easy method at least to grab 50 pips daily. I'll give it a try for some days to see if this works for other session as well.
liekly will not for frankfurt ... but will for London .

I have used it in US but not all the time .. on days like today when range was only 50 pips was a great technique to use
Blogging daily now at www.volume.zone
  • #158,994
  • Feb 9, 2009 3:21pm Feb 9, 2009 3:21pm
Well, my full trade finally closed out at 137 for another 200 pips on top of my partial profit earlier last week. Right now, we are at that solid weekly resistance of the Gann line and PPZ area from the last few weeks. I won't be basing any more trades on this pair until I see a solid point from price action to keep moving up or push us lower from here.

If we break this area, I would look to see 140. I wouldn't trade it, however, until a solid pa pattern on the 4 hour or daily showed up again from this point.

Good luck to everyone in your trades.
I dream, therefore I become.
  • #158,995
  • Feb 9, 2009 3:50pm Feb 9, 2009 3:50pm
it looks like the whole concept of "bad bank" is not apart of the plan tomorrow according to cnbs . . . should be interesting to see Asia's reaction
"Don't trade to trade . . . trade to win." - James16
  • #158,996
  • Feb 9, 2009 3:58pm Feb 9, 2009 3:58pm
Quoting Flem26
it looks like the whole concept of "bad bank" is not apart of the plan tomorrow according to cnbs . . . should be interesting to see Asia's reaction


15 min looking interesting .. testing 50 sma .. downside targets 135.44 / 134.50.

May get a slower drift down than the sharp drop we got yesterday.

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  • #158,997
  • Feb 9, 2009 5:23pm Feb 9, 2009 5:23pm
Hey everyone... new here, just wanted to say hello and see if anyone has thoughts for Asia on GBP/JPY. Looks like it could go either way right now.
  • #158,998
  • Feb 9, 2009 5:29pm Feb 9, 2009 5:29pm
H4 TF - Show want to go south
Weekly TF - Show want to go north.
  • #158,999
  • Feb 9, 2009 5:30pm Feb 9, 2009 5:30pm
Quoting PracticalPip
Hey everyone... new here, just wanted to say hello and see if anyone has thoughts for Asia on GBP/JPY. Looks like it could go either way right now.

Nikkei opens 30 minutes ...

been a very slow afternoon thru the US session , with support at 136 right now.

I will be following what the Nikkei is up to ....but with the dj range at only 188 ( very low considering recent weeks ) I would not expect much out of GJ ... but them again she may surprise us
Blogging daily now at www.volume.zone
  • #159,000
  • Feb 9, 2009 5:37pm Feb 9, 2009 5:37pm
short 136.22 Target DP, SL 137.22
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