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

  • #184,901
  • Jul 17, 2009 2:28pm Jul 17, 2009 2:28pm
Quoting quecee5
How it closes is what really counts!
The spike to me was a last gasp and stop loss triggering. . . Nonetheless less than 2 hours before she closes. . .
I agree. Lovely Friday SL shopping trip as usual LOL.

Low volume and a last gasp trying to get the S&P above yearly resistance. Many investors lured into the recent buying...shame, Angry and Hungry Bear is about to come out of Hibernation....just in time to see to see a weak bull eating Bear's porridge right outside Bear's den.
  • #184,902
  • Jul 17, 2009 2:48pm Jul 17, 2009 2:48pm
im gonna trade what i see instead of what i THINK it should be doing. and what i see is things moving up. equities up 5 days in a row, bank earnings stronger than expected, gj up 700 pips on the week after double bottoming, and fears of a W shaped recession which helped fuel the big drop last week seem to have vanished. ive got a fractal pointing up from the bottom last week at 146.74 and ive got bullish macd divergence on the double bottom which has so far played out perfectly without the macd even close to crossing into positive yet.

there may be bearish divergence on weekly but macd only recently just crossed to positive and still has plenty of room upside, i dont think its going down unless another bank collapses or worse than expected earnings are reported next week. theres also not that much data out next week so further reduced risk which may also help push it up. im looking at 160 next week.
  • #184,903
  • Jul 17, 2009 3:02pm Jul 17, 2009 3:02pm
Possible trade for early next week: The price would shoot up to beyond 155.50 area, clear up all short stops. Possibly up to 157 resistance area before starting to trend down the rest of the week
(If after several hours Asian market opens next week, the price still below 155 area, then bear trend may be started earlier )
  • #184,904
  • Jul 17, 2009 3:10pm Jul 17, 2009 3:10pm
Quoting ewokuk
im gonna trade what i see instead of what i THINK it should be doing....

i have another scenario this might help......i posted 1 of this chart in the morning and still think we might see 157 before anything changes...
i wish u all a great weekend and c ya sunday , time for party now 5 trading days.
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MY OPINION NOT FINANCIAL ADVISE
  • #184,905
  • Jul 17, 2009 3:36pm Jul 17, 2009 3:36pm
Here's what my charts tell me.:nerd:

GBP/USD Entered into new downtrend. Targets 1.6, 1.55, 1.50 and below.

GBP/JPY Weekly: Broke Lower trend line on up trend, subsequent retest and failure to break above, and will now fall from this area. Targets 150, 142, 137 and below.
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  • #184,906
  • Jul 17, 2009 3:42pm Jul 17, 2009 3:42pm
like your charts directtrade. keep it up.

good weekend
  • #184,907
  • Jul 17, 2009 3:44pm Jul 17, 2009 3:44pm
Quoting direct-trade
Here's what my charts tell me.:nerd:

GBP/USD Entered into new downtrend. Targets 1.6, 1.55, 1.50 and below.

GBP/JPY Weekly: Broke Lower trend line on up trend, subsequent retest and failure to break above, and will now fall from this area. Targets 150, 142, 137 and below.

Yes - I agree - based on yesterday's candle, weekly and resistance I took a short.

But thinking about it now we need a few cry-wolf before this rally is going to end.

Was it a few Japs coming home from a Friday night party who pushed geppy up 100 pips?
  • #184,908
  • Jul 17, 2009 3:58pm Jul 17, 2009 3:58pm
can somebody look at his 4hrs chart and tell me if this is not what it look line..

if i am wrong i need to be corrected.
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MY OPINION NOT FINANCIAL ADVISE
  • #184,909
  • Jul 17, 2009 4:07pm Jul 17, 2009 4:07pm
Howzit Donfriday! haven't followed the thread for a few weeks... how are you?

Did you close your earlier short at 153,79 (i think)?
  • #184,910
  • Jul 17, 2009 4:16pm Jul 17, 2009 4:16pm
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  • #184,911
  • Jul 17, 2009 4:17pm Jul 17, 2009 4:17pm
Quoting I like steak
Howzit Donfriday! haven't followed the thread for a few weeks... how are you?

Did you close your earlier short at 153,79 (i think)?

yes it got closed with lock in pips while i was away no position now all my short is closed in profit.....i mention w center test so it just bounce from there when we got there.....now i am looking for more up side thie parttern should play out and wave 5 should be up there as i post before we confirmed wave 4 in my morning chart post..
well i am happy a little as i know what should happen from my inquires and chart reading...i am selling dip 157 is a good sell level...
c ya later
MY OPINION NOT FINANCIAL ADVISE
  • #184,912
  • Jul 17, 2009 6:07pm Jul 17, 2009 6:07pm
2 scenarios for early next week

have a great weekend all ... week did not end well for me. Reading to much news will always screw with your head,. Took 110 pip loss today on three trades (trying to short) ,, duh ...after reviewing charts the long was easy . Guess was tired at end of week......

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Blogging daily now at www.volume.zone
  • #184,913
  • Jul 17, 2009 6:42pm Jul 17, 2009 6:42pm
Quoting direct-trade
I disagree.

Perception of Price is determined individually. My perception is the Sheeple dribble the usual spurn and repeatable "quotes" whilst failing to see the real moves.

For instance, whilst I write, I see the Price is dropping on GBP/USD, triggering my Limit Sell. Bias and news is of no consequence, all that matters is profit, not quotes from the forex bible of uttered proverbs. BUT, bias and news provide the turning points and large moves due to PREVIOUS accumulation/distribution.

Charts are a line drawn in history,...
How wuz Paris?

your perception of Price or news did not work when you were away...

May be next week.. on Good news Market might Tank.? (Perception)

Charts with some lines drawn will make history in Future..it did for me last week...Hope you were not short at 151xx
Markets are not Random, they are designed!
  • #184,914
  • Jul 17, 2009 6:58pm Jul 17, 2009 6:58pm
Looks like to me like we may go up first before crashing down. Looking at 156 to 157 before we come down like many are calling for. Just my 2 cents.Have a good weekend all!
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Show me the PIPS!
  • #184,915
  • Edited 8:23pm Jul 17, 2009 8:10pm | Edited 8:23pm
Overall, I concluded a breakout is due next week or the end of the month.

After observing the PA on both the UJ and GU this past few weeks, I technically see a downward PA soon if the 156.00 zone is not taken out..

The 156.00 was held up last few weeks as a support and now it is holding up as a Resistance atm..

Fundamental is playing games with the market now because of the Low Volume Volatility. Poor correlation with forex and the DJ (lagging)

In other US news, Bank of America and Citigroup both reported better-than-expected Q2 earnings, but the big concern through the weekend and into next week is the status of CIT Group. The large and troubled commercial lender was denied additional government aid and unless the firm finds alternative financing, a bankruptcy filing could be on the way. The government has essentially suggested that CIT’s failure is not a systemic risk by denying them another bailout, but a bankruptcy would be a harsh reality check by serving as proof of how fragile the financial markets remain. As a result, there is potential for disappointing CIT-related new to trigger risk aversion in the near-term and spark flight-to-quality toward the US dollar and Japanese yen, while weighing on carry trades and stocks.


Goodbye longs


The overall TL for GJ on the daily,weekly, and monthly is still Bearish...

There maybe some more pullback to the 156.00 to 157.00 zone before another attempt run downward as the overall TL bias is Bearish..

Good Luck.

Trade your chart.

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  • #184,916
  • Edited 9:22pm Jul 17, 2009 9:10pm | Edited 9:22pm
Overall daily TL was broken and drop to the 147.00 zone before reversal. If the PB continues to 157.00 daily LTL and hold than another possible reversal PA attempt toward the 147.00 for the third time to test the 147.00 zone.

If this wedge holds throughout the week, than consolidation is what the market is setting for a major breakout the end of the month..

Good Luck

IMHO

Trade your charts..
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  • #184,917
  • Jul 17, 2009 9:24pm Jul 17, 2009 9:24pm
Quoting rgitt05
Overall daily TL was broken and drop to the 147.00 zone before reversal. If the PB continues to 157.00 daily LTL and hold than another possible reversal PA attempt toward the 147.00 for the third time to test the 147.00 zone.

If this wedge holds throughout the week, than consolidation is what the market is setting for a major breakout the end of the month..

Good Luck

IMHO

Trade your charts..
Thanks for your time and effort....
Markets are not Random, they are designed!
  • #184,918
  • Jul 17, 2009 9:34pm Jul 17, 2009 9:34pm
Appreciate your posts this past week...

Patience is the key for this sluggish PA..




Quoting Raza
Thanks for your time and effort....
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  • #184,919
  • Jul 17, 2009 9:52pm Jul 17, 2009 9:52pm
Quoting rgitt05
Appreciate your posts this past week...

Patience is the key for this sluggish PA..


Thanks..I have learned a lot of things from you Guys... Gotta return some back to all..

Lets see what kinda CIRCUS this coming week will bring.

By the way what platform you use for trading??
Markets are not Random, they are designed!
  • #184,920
  • Jul 17, 2009 10:03pm Jul 17, 2009 10:03pm
I used the ITFX MT4 for setting up charts, but I use an overseas forex account to avoid the BS rules in USA...







Quoting Raza
Thanks..I have learned a lot of things from you Guys... Gotta return some back to all..

Lets see what kinda CIRCUS this coming week will bring.

By the way what platform you use for trading??
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