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

I hardly believe that we'll see 136 very soon...If it holds, then i'd seek for long spots.

Two things to note guys. . .

After looking at the chart again. . .

1) the "belt hold" on the daily chart which represent a pattern break down. If smart money tries to run it up we could see price go to the top of the red daily candle before heading down. Supply should be heavy there as indicated by no wick tail up there. . . 1hr/4hr bullish divergence support this idea of a run up to the upside. . . So be prepared for price to re-vist this area 141.60/80 area up to 142.90. . . Good shorting area. . .Stay flexible. . .

2) Also, looking at the weekly chart if we get a close below 138.40 (below weekly 5sma) area price could re-vist weekly gann at 129 area. Yes 129/128 area. . .
This would be to challenge or eliminate weak longs in the 131 area. . .
Keep in mind as long as we don't get a weekly close below 138.40 area the uptrend is still in tact for 155-165 area. . .

I say this because weekly has HD (BEARISH) on the chart and daily definitely looks bearish. . . Therefore if we see a break down of this pattern after a pull back up top to check resistance 1hr/4hr/daily and weekly will all be aligned heading south. . .

Just a note. . .but overall it looks like we have a valid short play this week for 500 pips minimal. . .

Good luck this week - will post a chart of the aforementioned when I return from the gym. . .

yes, there is a hidden bearish divergence, so i assume everyone is preparing to short this thing and ride it all the way down. this is the reason why i think that IF g-j goes below 131.40, then chances are it'll keep going down for quite a while.
but this would be too easy, wouldn't it? so i suspect they'll play our nerves around this area, then shoot up, then down for good.
unless global melting strikes, in which case we go straight down and i don't think we should worry about g-j anymore.

Well said, Scrat!

It looks your guys's prediction next week is getting real. I have ibfx broker will start 1 hour after fxdd.

Can someone explain what is the gap mean when weekly start? may be babypips.com explain about this? I never read babypips.com:-)
Thanks in advance.

wow....45+ pips spread on my broker right now

This gap down is a little surprise to me. Thought it wouldn't happen until Tokyo, but overall is good .. stay bearish unless Nikkei is having big gain .. :-)

first of all, lets close the gap...

lol come on guys. 50 pip gap down. That's hardly a drop

ok, done... and then?

Well looking to get a few scraps whilst I am watching a movie and before I head to bed... long on G/J since 140.12.

There could be a bear flag...or it could test DPP at 140.69.

I had one too, from 138.6, but closed at 140.12

good man...

I am holding till around 141.00.

If anyone interested, E/U 5 min chart, long for a quick scalp off 30 pips or so... (actually not yet )

Ok the buy is now on

Price - 1.3272
SL - 1.3257
TP - 1.3300

GJ is dropping...failed to break the the small trend line above it.

My Scribbles for today:

restest the 140.90/141.20 [the breakout of that descending - red wedge] is the most.. [if we get there]
otherwise, if the up move is the all we are seeing [just covering the gap??], then forming the new Wedge is only a Continuation Pattern, with pointing us only one way.. to retest the lower levels.

I'd say S1 at 138.48.

..

http://www.ft.com/cms/s/0/6c7e52b8-1...0779fd2ac.html

I think this is just a precursor to enable Citi to take advantage of the government PPPIP cash bonanza.