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

  • #180,381
  • Jun 1, 2009 9:00am Jun 1, 2009 9:00am
Check out GJ 15 min and 30 min charts.

I have never seen that in my limited experience.
WANT WHAT THE MARKET WANTS...
  • #180,382
  • Jun 1, 2009 9:01am Jun 1, 2009 9:01am
Quoting Scrat
yes, it doesn't make any sense other than they just ran all the stops in the world, banked the profits and killed the hope for shorts...
and now let's just wait for every tom dick and harry to open longs from the top - the moment when the last sucker jumps on the long train, that's when it will drop like a knife.
Maybe that time is now...
******************* I'd rather make money than be right.
  • #180,383
  • Jun 1, 2009 9:05am Jun 1, 2009 9:05am
Quoting Scrat
yes, it doesn't make any sense other than they just ran all the stops in the world, banked the profits and killed the hope for shorts...
and now let's just wait for every tom dick and harry to open longs from the top - the moment when the last sucker jumps on the long train, that's when it will drop like a knife.
Good observation. Wiped out a lot of dumb money and stuck money.
It will probably whipsaw back shortly.
  • #180,384
  • Jun 1, 2009 9:07am Jun 1, 2009 9:07am
OK so I can learn and make some money back. Now it has started to come down, but since I've been burned so much shorting I don't want to ddo that again. Given the severe rise, where would one go long and then now I'm suspect that it doesn't now decide to have its major correction on the daily chart, which one would think is unlikely. Do we do fib numbers from todays high to todays low asnd work from the 38 and 50% numbers and go long. Thanks in advance
  • #180,385
  • Jun 1, 2009 9:07am Jun 1, 2009 9:07am
well i got balls went against trend
Attached Image (click to enlarge)
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  • #180,386
  • Jun 1, 2009 9:08am Jun 1, 2009 9:08am
Quoting currencyexch
The problem I've been having, as in this situation, as soon as I go long the trade goes in the other direction. Seems most of the time on the outside looking in and still paying the admission price and not seeing what the inside looks like, Frustrating and hangin on.
In my experience it is not wise to go either short or long at these levels unless a very convincing PA or Fib rejection could be spotted. Better to stay out and wait for short signal. Market can't go all the way up. This +1600 rally should stop somewhere and retrace. I've been trapped into such positions several times before.

As malcolm stated before market is rallying today without enough pressure behind it. These wide spread low vol candles are saying a nice 300 - 500 pips retrace is underway.
Discipline + Patience - Fear - Greed = Success
  • #180,387
  • Jun 1, 2009 9:09am Jun 1, 2009 9:09am
Quoting currencyexch
OK so I can learn and make some money back. Now it has started to come down, but since I've been burned so much shorting I don't want to ddo that again. Given the severe rise, where would one go long and then now I'm suspect that it doesn't now decide to have its major correction on the daily chart, which one would think is unlikely. Do we do fib numbers from todays high to todays low asnd work from the 38 and 50% numbers and go long. Thanks in advance
Man find a system, then you shouldnt even be asking these questions just follow your signals, trend support and resistance
Fear's for the other guy
  • #180,388
  • Jun 1, 2009 9:11am Jun 1, 2009 9:11am
Quoting Iphonetrader
well i got balls went against trend
Just protect them. Be careful
Discipline + Patience - Fear - Greed = Success
  • #180,389
  • Jun 1, 2009 9:12am Jun 1, 2009 9:12am
Quoting arezab
As long as price stays above %38.2 (156.00) we will see 167.35 (%50 fib retrace) and if broken then 178.80 (%61.8) ... very risky to go short. No sign of weakness from 15M chart up to weekly. All very very bullish.

So please be careful with shorts and if in any case you wanna try a short, first of all be prepared for a sl hit and second wait for a classic divergence at least on 15M or 30M chart.
that's what i am seeing. those are points to look for reversal signals.
"Don't trade to trade . . . trade to win." - James16
  • #180,390
  • Jun 1, 2009 9:21am Jun 1, 2009 9:21am
Quoting gillybabe
I have just been there and it is in Japanese???

well for the major trend since last week gj should rise this week but i was expecting sone drop to 153 before we buy from there ...so far volume was useless for this gj because it as been moving with low volume ..
i remember a break of 141 send gj to 151 and drop again so let see how it play on gj 160 level if we gonna sell again from there..
MY OPINION NOT FINANCIAL ADVISE
  • #180,391
  • Jun 1, 2009 9:22am Jun 1, 2009 9:22am
Quoting arezab
Just protect them. Be careful
already took profit
  • #180,392
  • Jun 1, 2009 9:23am Jun 1, 2009 9:23am
Quoting mrhurley1
Man find a system, then you shouldnt even be asking these questions just follow your signals, trend support and resistance
Thought I had one but since this rocketed with no RESISTANCE to reference I wasn't going to chase the thing and only shorted at the next dollar amount anticipating that might serve as some resistance. Can I ask what time frame you use to trade.
Thanks
  • #180,393
  • Jun 1, 2009 9:29am Jun 1, 2009 9:29am
i only trade the london open using a 15 minute chart(im ususally done for the day by 10-11 uk time), support and resistance, 50 sma and williams%r (although any ob/os indicator will do) and trade in direction of 50 sma. I maybe get 3-5 trades a week, which is plenty really, i got about a 60% hit rate which is more than enought o make money

http://www.tradingacademy.com/lessons.htm

check this

read everything by sam seiden, it will help your trading big time
Fear's for the other guy
  • #180,394
  • Jun 1, 2009 9:30am Jun 1, 2009 9:30am
you can actually use this system on any tf, and it is good for uk, us and asia open
Fear's for the other guy
  • #180,395
  • Jun 1, 2009 9:31am Jun 1, 2009 9:31am
Quote
GM goes down and market goes up fast as feds bailing them out ... go figure what total BS. If Feds were a company they would have bankrupt ages ago

Quote
the volumes on 4 hours are very low .... who is driving this.
........I hate to say this but I have been using price action today and indicators as volume makes NO sense. The GJ is being marked up again like crazy under low volume

malcolmb14,
it seems here (below) are the "explanations" for what's been happening.

GJ mark up with low volume = only triggered stops & no real buying??


----------------
12:48GMT EUR/GBP: 0.8654 Support Tested as GBP/JPY Leaps After US Data London, June 1. EUR/GBP revisited last Wednesday"s three-month low of 0.8654 on the back of GBP/JPY strength following the 12:30GMT disclosure of April"s unexpected 0.5% rise in US personal income. A 0.2% fall was forecast...
The pound is benefitting from increased risk appetite, with the Baltic Dry index having reportedly risen by over 5% today. This is the 21st consecutive trading day on which it has risen.

14:09GMT GBP/USD: Buoyed by Better-Than-Expected US ISM Numbers Cable revisited its European morning 7-month+ peak of 1.6432 on the back of May"s better-than-expected US manufacturing ISM index. This came in at 42.8, from 40.1 in April. A more modest increase to 42.0 was forecast. The new orders index rose to 51.1--its highest level since November 2007, from 47.2 in April. The Dow is currently up 175 points.

Robert.Howard, thomsonreuters
  • #180,396
  • Jun 1, 2009 9:32am Jun 1, 2009 9:32am
oh yea i moved to trading u/j instead of g/j, so much more predicatble, i just increase my position size as my stop is like a 3rd of the size
Fear's for the other guy
  • #180,397
  • Jun 1, 2009 10:17am Jun 1, 2009 10:17am
I agree I think Sam Seiden has good stuff althought I believe that VSA can be used with his supply/demand methodology.

Quoting mrhurley1
i only trade the london open using a 15 minute chart(im ususally done for the day by 10-11 uk time), support and resistance, 50 sma and williams%r (although any ob/os indicator will do) and trade in direction of 50 sma. I maybe get 3-5 trades a week, which is plenty really, i got about a 60% hit rate which is more than enought o make money

http://www.tradingacademy.com/lessons.htm

check this

read everything by sam seiden, it will help your trading big time
  • #180,398
  • Edited 10:31am Jun 1, 2009 10:21am | Edited 10:31am
Does anyone knows if there is MT4 platform broker that has dollar index besides DJI..SP500..?

Thank you
The Market pays you to be disciplined
  • #180,399
  • Jun 1, 2009 10:26am Jun 1, 2009 10:26am
Thanks for sharing what you do. I am beginning to think that it is not important which method is used to trade, as long as you follow your own rules strictly and use the right money management.
You could put a 50 sma .. or a 10 or 100 or 200 on any timeframe .. or draw a diagonal line across the chart and just take longs above the line and shorts below it .. if your money management is right for the timeframe and pair you are trading, you will make money...

Just an observation ... I have not tested this theory at all!


Quoting mrhurley1
i only trade the london open using a 15 minute chart(im ususally done for the day by 10-11 uk time), support and resistance, 50 sma and williams%r (although any ob/os indicator will do) and trade in direction of 50 sma. I maybe get 3-5 trades a week, which is plenty really, i got about a 60% hit rate which is more than enought o make money

http://www.tradingacademy.com/lessons.htm

check this

read everything by sam seiden, it will help your trading big time
******************* I'd rather make money than be right.
  • #180,400
  • Jun 1, 2009 10:28am Jun 1, 2009 10:28am
Quoting mrhurley1
oh yea i moved to trading u/j instead of g/j, so much more predicatble, i just increase my position size as my stop is like a 3rd of the size
I like this idea .. trade a less volatile, more predictable pair and use larger position size to mimic the gains that GY could give... I will give this a try this week.
******************* I'd rather make money than be right.
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