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

  • #168,961
  • Apr 2, 2009 3:05pm Apr 2, 2009 3:05pm
I hope everyone has been on the right side of order flow
"Millionaires don't use astrology, billionaires do"
  • #168,962
  • Apr 2, 2009 3:24pm Apr 2, 2009 3:24pm
I feel that more people are thinking carry trade, and swap runup may break 147
  • #168,963
  • Apr 2, 2009 3:36pm Apr 2, 2009 3:36pm
Something I've noticed for the past few months, is that the QQE5 on the 4H chart does a good job of identifying overbought conditions. Price seems to keep rising until the RSI on the QQE reaches about 75, then it does a serious retreat back down. My 4H chart only has room for the last 3 examples, but there's a 4th from January.

Right now it's at 69. In the previous upmoves price tended to consolidate for awhile when it was just under 70 (which is technically overbought). Then price would shoot back up, reach it's new top, and start it's journey back down with the QQE's RSI (solid line) in the 75 neighborhood.

To me this suggests that we'll do a little consolidating next, then make a new high or two, and then have a serious retrace to the lower trend line. I probably won't make any trades based solely on this, but it's a pattern that I'm keeping an eye on as part of the "bigger picture".
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  • #168,964
  • Apr 2, 2009 3:43pm Apr 2, 2009 3:43pm
Quoting Pips_Cruiser
Something I've noticed for the past few months, is that the QQE5 on the 4H chart does a good job of identifying overbought conditions. Price seems to keep rising until the RSI on the QQE reaches about 75, then it does a serious retreat back down. My 4H chart only has room for the last 3 examples, but there's a 4th from January.

Right now it's at 69. In the previous upmoves price tended to consolidate for awhile when it was just under 70 (which is technically overbought). Then price would shoot back up, reach it's new top, and start it's journey...
Interesting, also, there appears to be a bearish divergence
  • #168,965
  • Apr 2, 2009 3:51pm Apr 2, 2009 3:51pm
Took a lil profit on geppy and cable trades, will leave the geppy layered with highest entries now @ 140. 67 and 1.4275
"Millionaires don't use astrology, billionaires do"
  • #168,966
  • Apr 2, 2009 3:56pm Apr 2, 2009 3:56pm
Quoting cullian
Interesting, also, there appears to be a bearish divergence
It does look like the price tops are at a much steeper angle than the QQE tops. Is that what you're looking at? Or was it the bottoms?
  • #168,967
  • Apr 2, 2009 3:56pm Apr 2, 2009 3:56pm
Quoting cullian
Interesting, also, there appears to be a bearish divergence
Only if it tops out below 70 on the indicator, could possibly follow previous trends to 75 as suggested. Then would be even happier with my short as may suggest lower consolidation.

Gonna also suggest that break of the 23.8% fibo on daily chart from last summer high to recent lows means we should continue heading north to 155.00 level after consolidation?

Open of Tokyo would probably be the breaking point in either direction at a suggestion?
  • #168,968
  • Apr 2, 2009 4:20pm Apr 2, 2009 4:20pm
My trading week is over. Friday session is starting, and NFP in 15 hours. Have a great weekend everyone!

  • #168,969
  • Apr 2, 2009 4:27pm Apr 2, 2009 4:27pm
Quoting cullian
Interesting, also, there appears to be a bearish divergence
In which chart TF you see bearish div ??!!!
  • #168,970
  • Apr 2, 2009 4:28pm Apr 2, 2009 4:28pm
Quoting Pips_Cruiser
My trading week is over. Friday session is starting, and NFP in 15 hours. Have a great weekend everyone!

I see what you mean about that played out ascending triangle. Was observing dual diagonal diamond at that time that played out just as expected and hit the projected target around 145 without any delays. One way or another the pattern worked out nicely

Good trading Pips_Cruiser and many more great trades just around the corner for those who wait patiently. Enjoy your pips and have a great weekend
  • #168,971
  • Apr 2, 2009 5:43pm Apr 2, 2009 5:43pm
The calm before the storm
  • #168,972
  • Apr 2, 2009 6:10pm Apr 2, 2009 6:10pm
Same flag as yesterday on 15m
  • #168,973
  • Apr 2, 2009 6:36pm Apr 2, 2009 6:36pm
Hi. Could someone tell me if the candlestick pattern is significant on the 4h chart of GBP/JPY? It looks like 2 pin bars/hammers + what could be a doji forming. I suppose it could also be a flag when combined with the large bullish preceding candle.

Excuse my lack of prowess when it comes to candlestick pattern descriptions and for not putting up a chart!!
  • #168,974
  • Apr 2, 2009 6:44pm Apr 2, 2009 6:44pm
Ive been trying to figure the same shit out on the 4hr chart....but seems like in the last two days the candles dont mean a thing....
Going to make it big by age 21.
  • #168,975
  • Apr 2, 2009 6:46pm Apr 2, 2009 6:46pm
I think She start the engine
  • #168,976
  • Apr 2, 2009 6:48pm Apr 2, 2009 6:48pm
Quoting naor
I think She start the engine
Just watching
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Going to make it big by age 21.
  • #168,977
  • Apr 2, 2009 7:01pm Apr 2, 2009 7:01pm
Start watching for signs of weakness like we are currently experiencing 15m

supply 47.08 demand 46.68 and rising 4-5 pips per bar

a break of 47.86 brings a test of 46.32 if breaks maybe a cpl point in total declines before they step in again IMO
"Millionaires don't use astrology, billionaires do"
  • #168,978
  • Apr 2, 2009 7:03pm Apr 2, 2009 7:03pm
Quoting OrionsWay
Start watching for signs of weakness like we are currently experiencing 15m
What do you mean?
  • #168,979
  • Apr 2, 2009 7:04pm Apr 2, 2009 7:04pm
Quoting dstryr
Just watching
is over buy ?????
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  • #168,980
  • Apr 2, 2009 7:05pm Apr 2, 2009 7:05pm
apparently this market is still bullish, but for how long before it gives up and retraces??, however, we still need confimation, i suggest that we look for more low volume down bars to confirm the strength, and oh, if this happen, do not expect it to go far away
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I recommend you read something else as this sentence is now concluded.
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