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

  • #159,301
  • Feb 10, 2009 3:32pm Feb 10, 2009 3:32pm
Quoting forextine
I drew support at 130.50area so I figured I'd throw a buy in considering we're done a ton today. I'm hoping for a bounce up, I do have my SL in just incase it wants to fall even lower.
38% retrace of the upmove from the bottom was completed at 130.32 which had a broken 1hr TL sitting at same price. This was the perfect place to enter long position with a tight stop. She moved 600 pips today thats 200 pips more then 60 day avarage. Should trade inside the formed range untill Tokyo. But hey were are talking about the beast here hehe. Looking at cable as it has hit support and so looks usd/yen.
  • #159,302
  • Feb 10, 2009 3:33pm Feb 10, 2009 3:33pm
guys. this is a crazy beatifull pair. but i have to make a decision right now. since i at the beginning of my trading adventure.

Is it ok to focus on this volatile crazy pair even if i am really dumb in forex. or should i start with a pair slower and less volatile.

this pair rocks but can kill you overnight.

thanks
  • #159,303
  • Feb 10, 2009 3:35pm Feb 10, 2009 3:35pm
Quoting mike w
How about that, she dropped like a rock right off of the strong weekly resistance. That's a really huge surprise.

Are there any other long term traders left in here other than me? lol
Does having a trade still open from July 2008 count as long term?
{Some Profound Statement goes here}
  • #159,304
  • Feb 10, 2009 3:39pm Feb 10, 2009 3:39pm
Quoting shelby
guys. this is a crazy beatifull pair. but i have to make a decision right now. since i at the beginning of my trading adventure.

Is it ok to focus on this volatile crazy pair even if i am really dumb in forex. or should i start with a pair slower and less volatile.

this pair rocks but can kill you overnight.

thanks
i originally started out in eur/usd and ended up here.
i can best describe it this way
trading e/u is like having a sunday beer....and g/y trading your children for more crack
--post hoc ergo propter hoc--
  • #159,305
  • Feb 10, 2009 3:43pm Feb 10, 2009 3:43pm
hi all
hope you all had a nice trade
i missed the nice short move

any thoughts about asia today i am confused the price dropped a lot not sure what asia holds for us today.

Thanks all for your feedbacks
  • #159,306
  • Feb 10, 2009 3:52pm Feb 10, 2009 3:52pm
Quoting bpatto
Does having a trade still open from July 2008 count as long term?
And we have a winner. lol I'll be in touch man. I like talking to others about weekly setups and such. I like the "drama" that comes with shorter timeframes, but I only watch them. I hate trading shorter timeframes, as it feels like I'm going to have a heart attack when I do whereas compared to dailies and weeklies.
I dream, therefore I become.
  • #159,307
  • Feb 10, 2009 3:53pm Feb 10, 2009 3:53pm
Volumes at Price for the past 12 hours, key levels for Asian session will be 132.30 and 130.70.
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{Some Profound Statement goes here}
  • #159,308
  • Feb 10, 2009 3:54pm Feb 10, 2009 3:54pm
Quoting shelby
guys. this is a crazy beatifull pair. but i have to make a decision right now. since i at the beginning of my trading adventure.

Is it ok to focus on this volatile crazy pair even if i am really dumb in forex. or should i start with a pair slower and less volatile.

this pair rocks but can kill you overnight.

thanks
Honestly Shelby, if ANY pair can kill you overnight then you are doing something wrong in terms of your money management and/or emotions while in the trade.

If you are honestly "dumb" in forex, then why throw your money away instead of taking the time to learn more and come through with a clean mind. That's just something to think about my man, I'm not trying to be smart in saying that.
I dream, therefore I become.
  • #159,309
  • Feb 10, 2009 3:54pm Feb 10, 2009 3:54pm
Quoting mike w
And we have a winner. lol I'll be in touch man. I like talking to others about weekly setups and such. I like the "drama" that comes with shorter timeframes, but I only watch them. I hate trading shorter timeframes, as it feels like I'm going to have a heart attack when I do whereas compared to dailies and weeklies.
Whats happening mike? Long time no talk =)
  • #159,310
  • Feb 10, 2009 3:59pm Feb 10, 2009 3:59pm
Quoting mike w
Honestly Shelby, if ANY pair can kill you overnight then you are doing something wrong in terms of your money management and/or emotions while in the trade.

If you are honestly "dumb" in forex, then why throw your money away instead of taking the time to learn more and come through with a clean mind. That's just something to think about my man, I'm not trying to be smart in saying that.
oh, no, i just maybe overstated. well not risk-ing to much. no more than 2% in any trade. and i am getting the basics like babypips.
but everyone tells me that I should focus on 1 or 2 pairs. And I would like to focus on G/U and G/J. but G/J is very volatile. you just cannot set a stop loss at 20-30 pips.
  • #159,311
  • Feb 10, 2009 4:00pm Feb 10, 2009 4:00pm
Quoting mike w
How about that, she dropped like a rock right off of the strong weekly resistance. That's a really huge surprise.

Are there any other long term traders left in here other than me? lol
How did you know that it was strong weekly resistance, what am I missing here?
Dr. C
  • #159,312
  • Feb 10, 2009 4:02pm Feb 10, 2009 4:02pm
Quoting cvcamper
How did you know that it was strong weekly resistance, what am I missing here?

I think it weekly Gann .. saw it mentioned a few times
Blogging daily now at www.volume.zone
  • #159,313
  • Feb 10, 2009 4:05pm Feb 10, 2009 4:05pm
I'm OUT of both EJ and GJ.

Weeee what a day! Class time later ya'll
  • #159,314
  • Feb 10, 2009 4:06pm Feb 10, 2009 4:06pm
Quoting malcolmb14
I think it weekly Gann .. saw it mentioned a few times
Yes, hit the weekly Gann. Still brave to go short there as Gann does not reject price as confidently as a 50 or 200 ema.
  • #159,315
  • Feb 10, 2009 4:22pm Feb 10, 2009 4:22pm
Quoting ukdaytrader
Yes, hit the weekly Gann. Still brave to go short there as Gann does not reject price as confidently as a 50 or 200 ema.

no but that volume on that doji was a better confirmation than any indie.

One of trading buddies was telling me 140 / 145 yesterday. He does not like ti when I tell him opposite. He was loaidng longs. I told him about that and if i were swing trader I would eaither be flat or short

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Blogging daily now at www.volume.zone
  • #159,316
  • Feb 10, 2009 4:32pm Feb 10, 2009 4:32pm
Simple chart with broken TL tested. i would like to see a bigger retrace to 5(sma) h4 but this is so far.
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Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #159,317
  • Feb 10, 2009 4:37pm Feb 10, 2009 4:37pm
Quoting bpatto
Yesterday was the first day since 30 Jan that the US Session was not a buying session.

Read into it what you want, but I won't be buying or selling anything substantial till I see how price reacts to either 137.00 or 129.00 regions.
Make that the second session.

I probably should have elaborated why I thought 137.00 was a key level. I was half asleep typing on my laptop in bed.

Reasons:

1. Trendline from 1st Dec drop.
2. Double top on H4, with one being a Sunday gap up on very low volume, followed by selling.
3. Using price only charts set at 40pips shows 136.99 as strong resistance, with 3 separate attempts.
4. Weekly Gann.

If you look at the US sessions only, the direction becomes obvious, the rest of the sessions are just noise. You can see that between 21 Jan and 6th Feb all the US sessions are buying sessions, then it tops out on 9th Feb, and 10-11 Feb are selling sessions.

Are we starting to see the distrubution phase? 129.00 will answer that question.
{Some Profound Statement goes here}
  • #159,318
  • Feb 10, 2009 4:41pm Feb 10, 2009 4:41pm
Quoting malcolmb14
I think it weekly Gann .. saw it mentioned a few times
Yep, you hit the nail on the head Malcolm. The Gann and the PPZ area that lined up with it perfectly to creat solid confluence.
I dream, therefore I become.
  • #159,319
  • Feb 10, 2009 4:43pm Feb 10, 2009 4:43pm
Quoting mike w
How about that, she dropped like a rock right off of the strong weekly resistance. That's a really huge surprise.

Are there any other long term traders left in here other than me? lol
I know someone, his analysis are always long term but he trade short term..
  • #159,320
  • Feb 10, 2009 4:50pm Feb 10, 2009 4:50pm
Quoting bpatto
Make that the second session....
In my view on SPX we are near big support. if we break 820. and then 800, we may see a big sell off.
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
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