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

  • #182,961
  • Jun 23, 2009 2:57pm Jun 23, 2009 2:57pm
Quoting Raza
If We have a close above 157.50.. then we can see 159.50 again!!

I am thinking why not??

Divergence is good to know the price movement..Lemme put it this Way.. Without divergence.. price cannot go anywhere.

It is good if you learn how to use it.. Again I use RSI.( my money maker)
sorry .

I have to pick this up. Divergence is good yes but without divergence price will not go anywhere.

I have never heard such nonsense !!!

buyers and sellers make price go places ....

I agree with you thopugh diveregences on higher time frames (15 and up) are awesome for spotting potential trade set ups
Blogging daily now at www.volume.zone
  • #182,962
  • Jun 23, 2009 3:17pm Jun 23, 2009 3:17pm
this daily looks interesting.

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  • #182,963
  • Jun 23, 2009 3:57pm Jun 23, 2009 3:57pm
Quoting malcolmb14
this daily looks interesting.

Attachment
it looks very strange after 5MA (yellow) crossed down 10MA
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  • #182,964
  • Jun 23, 2009 4:01pm Jun 23, 2009 4:01pm
here we go 1 hours channel ... or is it flag , we have to see what the test of 158 does, This has to hold for this to be a channel and not flag. If 158 breaks we wee 159/160 zone.

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  • #182,965
  • Jun 23, 2009 4:29pm Jun 23, 2009 4:29pm
Quoting malcolmb14
here we go 1 hours channel ... or is it flag , we have to see what the test of 158 does, This has to hold for this to be a channel and not flag. If 158 breaks we wee 159/160 zone.

Attachment
my chart marked 157.9 as top of 4h channel and critical zone
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  • #182,966
  • Jun 23, 2009 5:28pm Jun 23, 2009 5:28pm
Quoting malcolmb14
sorry .

I have to pick this up. Divergence is good yes but without divergence price will not go anywhere.

I have never heard such nonsense !!!

buyers and sellers make price go places ....

I agree with you thopugh diveregences on higher time frames (15 and up) are awesome for spotting potential trade set ups
RSI is simply a calculation on historical prices. It is after the fact. The trigger for price action is buyers and sellers as Mal correctly states. For your info:

Calculation:
RSI(on n period)=100-100/(1+p) with p=(average of n days up/average of n days down).

Interpretation :
RSI is an overbought / oversold indicator. Buy signals occur generally when crossing the 30 level and sell signals when crossing the 70 level.
RSI is always scaled between 0 and 100.

It also gives good divergence signals.
A bullish divergence occurs when the stock price makes new lows while the RSI fails to make new lows.
A bearish divergence occurs when the stock price makes new highs while the RSI fails to make new highs.
  • #182,967
  • Jun 23, 2009 6:22pm Jun 23, 2009 6:22pm
this is a very bad interpretation.

you must be aware that during a trend, rsi stays overbought/oversold for as long as the trend is in place. the normal overbought/oversold channels are shifted... for instance, for typical values of 14(close) or 21(close): in an uptrend - rsi is OS around 40; in a downtrend - rsi is OB around 60.

you can't just buy when rsi crosses 30, or sell when it crosses 70... it's all about interpretation and you MUST keep your eyes on higher timeframes and be aware of the dominant trend.

if you keep an indicator on chart, you must know what it shows and how to interpret it. and for this, you need to watch it for a long time.

Quoting janela
RSI is simply a calculation on historical prices. It is after the fact. The trigger for price action is buyers and sellers as Mal correctly states. For your info:

Calculation:
RSI(on n period)=100-100/(1+p) with p=(average of n days up/average of n days down).

Interpretation :
RSI is an overbought / oversold indicator. Buy signals occur generally when crossing the 30 level and sell signals when crossing the 70 level.
RSI is always scaled between...
Nihil Sine Deo.
  • #182,968
  • Jun 23, 2009 6:33pm Jun 23, 2009 6:33pm
Quoting Scrat
this is a very bad interpretation.

you must be aware that during a trend, rsi stays overbought/oversold for as long as the trend is in place. the normal overbought/oversold channels are shifted... for instance, for typical values of 14(close) or 21(close): in an uptrend - rsi is OS around 40; in a downtrend - rsi is OB around 60.

you can't just buy when rsi crosses 30, or sell when it crosses 70... it's all about interpretation and you MUST keep your eyes on higher timeframes and be aware of the dominant trend.

if you keep an indicator on chart,...
I dont disagree with you scrat. RSI is relational just as much as VSA is. You need to interpret it in the context of the environment. My point however is that divergence is not the driver but the result of RSI varying all of which arises from PA.

The 30 or 70 are quantititative markers only.
  • #182,969
  • Jun 23, 2009 6:47pm Jun 23, 2009 6:47pm
Quoting Scrat
this is a very bad interpretation.

you must be aware that during a trend, rsi stays overbought/oversold for as long as the trend is in place. the normal overbought/oversold channels are shifted... for instance, for typical values of 14(close) or 21(close): in an uptrend - rsi is OS around 40; in a downtrend - rsi is OB around 60.

you can't just buy when rsi crosses 30, or sell when it crosses 70... it's all about interpretation and you MUST keep your eyes on higher timeframes and be aware of the dominant trend.

if you keep an indicator on...


reality is indicators are all rubbish lol .. who needs them ...

I prefer my crystal ball.
Blogging daily now at www.volume.zone
  • #182,970
  • Jun 23, 2009 6:59pm Jun 23, 2009 6:59pm
Quoting malcolmb14
reality is indicators are all rubbish lol .. who needs them ...

I prefer my crystal ball.
I don't have a crystal ball, could you let me know where to get one?

In the meantime I'm still learning how to read those $?%=$?%· indicators...
  • #182,971
  • Jun 23, 2009 7:06pm Jun 23, 2009 7:06pm
[quote=pachecus;2824415]I don't have a crystal ball, could you let me know where to get one?

A good plastic surgeon might help. Right M ?
  • #182,972
  • Jun 23, 2009 7:11pm Jun 23, 2009 7:11pm
Quoting pachecus
I don't have a crystal ball, could you let me know where to get one?

In the meantime I'm still learning how to read those $?%=$?%· indicators...

rsi .. macd all that jazz .. waste of time .. used to use them all . i had macd rsi , rapid rsi , rsx and now back to basics

simple trade using vsa and a simple double bottom.. 10 pip draw down ...80 in bank . posted this in vsa forum as i took it. Target 158

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  • #182,973
  • Jun 23, 2009 7:24pm Jun 23, 2009 7:24pm
I am no expert by any means but, look at how long the wick is on yesterdays Daily Candle. I don't see how anybody would be short today. JMHO.



Bartstop
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  • #182,974
  • Jun 23, 2009 7:31pm Jun 23, 2009 7:31pm
Quoting malcolmb14
rsi .. macd all that jazz .. waste of time .. used to use them all . i had macd rsi , rapid rsi , rsx and now back to basics

simple trade using vsa and a simple double bottom.. 10 pip draw down ...80 in bank . posted this in vsa forum as i took it. Target 158

Attachment
damn...
I saw the setup after the double bottom based on PA but I chickened out because it was close to the DP; entered in after the DP.
You were pretty confident it was going to blow through the resistance huh
  • #182,975
  • Jun 23, 2009 8:14pm Jun 23, 2009 8:14pm
a little fairy told me to be very skeptical of that quick 50 pip spike north, especially when i saw the initial 30 pip 1 tick spike at the same time the equity indicies started to fall.
  • #182,976
  • Jun 23, 2009 8:21pm Jun 23, 2009 8:21pm
All indicators are lagging. What I mean is that they react to price action. They do not dictate to price as to what should happen. Also, I never won or lost on a trade because of what an indicator did. I only make or lose based on price.

That is why one should look at what price is doing. The easiest way is to put some type of channel or bands (I prefer bb) and trade from the center of the channel or bands out. That way, if you were going in the wrong direction, you can reverse and go in the right direction without much loss.

Check arrows on the attached chart. It works on all time frames.
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  • #182,977
  • Jun 23, 2009 9:10pm Jun 23, 2009 9:10pm
If price on 4 hr. chart closes above 157.30 I will take a buy trade on GBP/JPY.
Stop Loss at 156.30.

two targets for profits 158.30 for half and 159.30 for the second half.

When first target is achieved, then I will move stop loss into profit.
  • #182,978
  • Jun 23, 2009 11:02pm Jun 23, 2009 11:02pm
it is a pity my broker spread on gbp/jpy is too high... 9 pips
  • #182,979
  • Jun 23, 2009 11:05pm Jun 23, 2009 11:05pm
Quoting nonchalant
damn...
I saw the setup after the double bottom based on PA but I chickened out because it was close to the DP; entered in after the DP.
You were pretty confident it was going to blow through the resistance huh
yes volume told me so..... daily pivot ? lol i do not have those
on my charts for the very reason they have put me off before
Blogging daily now at www.volume.zone
  • #182,980
  • Jun 23, 2009 11:54pm Jun 23, 2009 11:54pm
i said yestersay that i'm going to pay attention to candlestick formation. price made a nice hammer so if today candle confirms median line will be touched in 161 area.

trade safe
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