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

It's a personal preference of course, but I use a 200ema, a 50ema and a 5sma on pretty much all timeframes.

Your Charts are TOO small with that new Software.:nerd:

MAKS.... same MAs as Auslanco. or in other words UKTRADERs.

I am trying 500 EMA..on 15M... its working Great...(why 500? for the Hell of it)...lol...

Its been good for PULL BACKS or BOUNCES. Also for Bear in control or Bull..

HOLY KABOOM....

shrinking dollar, yes, maybe for now... but i don't think it's going to work that well in the near future.
euro globex shows smaller candles and HUGE volumes. hm... buying strength?? nope.
and look at dollar index, it shows lower lows, BUT lower volumes. so, definitely not strength.

Yearly & quarterly candle and charts.

MIDDLE CHART IS THE OLD ONE I POSTED LAST TIME.(GARTLEY BUTTERFLY)

Support at 148.18

for weekly ..


sell area @

152.45

151.86

target area @

149.14

147.01

stop @

153.40

http://www.apfn.org/apfn/fed_reserve.htm

uk economy is lagging the global growth sigh

Thanks guys!

Area I'm watching closely is 150.

The false breakout line on bump and run chart is 150.2 area. same target if weekly bull channel LTL holds on chart 2.

If we break south from 150, and the minor trendline support near 149.5, then 146.7 area is in sight.
This will complete right side of the H&S formation, and a break lower should follow. At that point, 139, 135.6 are in the cards.

Looking at the daily PA for the pair, when we hit a ceiling with 5 days in a row banging against resistance forming a flat top the GY has a tendency to drop hard.

Oct / Nov 1998 and last year September, very similar flat top formation. But April 2004 we broke north on similar PA, so there are no absolutes. Gold, UJ are definitely wild cards.

I noticed Friday's move down was on relatively low volume, and typically in a breakout I would be looking for more commitment from the bigger players. It's September, so everyone's back from holiday... but the volume has been low since Sept. 4. so something is brewing. Since the percentage of traders holding short positions is high, it almost makes sense for the dealers to reverse at 150 to 149.5 and say, "thanks for the fish".

Hope everyone has a great week!

Raza, could you please post your EMA indicator? I tried to find one, but all of them have fancy arrows etc.

Sorry I didn't have a chance to reply to this until now. Enjoying the beautiful weather and end of summer fun!

The 2 comments you made (in bold) seem to contradict each other, but your second statement is what I was talking about in my original post. http://www.forexfactory.com/showpost...stcount=195975 I'm cautious to use the word "feeling" because that suggests emotion.

This is how I believe it works.

Intuition is deductive reasoning that cycles at a higher rate than "intellectual" deductive reasoning, but it's mis-labled as a feeling because we base our definition of thought as words and ideas. The human mind has possessed the power of deductive reasoning long before we invented words, yet most people rely on this lower level of logic to base their choices.

When intuition kicks in, all the collective knowledge you have in a given area by experience and learning goes into high gear faster than your mind can process as an "intellectual choice". But most people don't know how to tune into this because they don't understand how it works.

Researchers are just beginning to understand how intuition functions, but have clearly moved away from it being a an emotional bias. Because we rely so heavily on what we consider to be our intellectual process, we have essentially disabled a more powerful processing capability we possess, and end up ignoring the better choice in most situations.

The great Solomon traders I mentioned earlier all had very little higher education. Some only finished high school. The people they were replaced by all had Masters degrees in Economics and related fields. So the group that failed were the one's who relied more heavily on intellectual knowledge rather than tap into their higher deductive processes or "instinct" as a trader.

Even though this ability is an innate trait in some people, there are ways to cultivate it as well.

An Indian woodcarver was asked how he carved an elephant. He replied, "I remove everything that's not an elephant." In the same way, by removing everything that's not intuition (emotion, ego, intellectual clutter, expectation, greed) it's true form can be better understood and put to practical use. All of these reactions not only create bad decisions on their own, but they also interfere with the intuitive process.

This is the "zone" the best traders function in, which is similar to you were talking about earlier when you said, "being able to sense price action", but in full effect.

Of course, understanding the technicals is critical, but this is where many people go off track. We have this tendency to continually return to the shed for another tool when we hit a snag, even though we already have enough tools. Learning how to use new tools entails focusing in on a narrow area, and we neglect mastering more important things.

Another way of looking at it is "the mind that is no mind". This may sound esoteric, but it is a functional approach used in most martial arts. In samurai training it's called "the unfettered mind" or the absence of the interval that would stop the mind. If you place your mind in an MA, your mind will be taken by the MA, and so on. When the mind becomes biased in one place, it becomes lacking in another.

If you visualize your trading like a building. The basement is where the machinery that runs things is. That's where the Janitor hangs out. The board room is at that top. If you center your mind in the basement, you will think like the Janitor. The same is true in any hierarchy. The specialist will always hit the glass celing a lot faster than the generalist does. Getting above the weave rather than digging down in it, you can see the tapestry's pattern. By clearing your mind of all it's traps, you can act decisively. This is the "art" that Soros or any other successful trader has realized.

I hope this describes better what I was trying to say.

Great read.

.

CP thanks a bunch

Sending thru iPhone. Your platform should have moving average indicator. Enter values 50.exponential moving average/ then if you wanna add 5 sma/ enter 5. Simple moving average. Change colour to whatever you like/everyplatform should have moving average indicator. This iPhone is cool/ but I won't dare to trade from I phone.

try again

I think there will more drop in the coming weeks. Last retracement is just a major correction in the market. The least for the price to test is its last low (149) and it is also possible for the price to head lower than that (perhaps 118). Imagine a car that has a tendency to swerve to the right when the driver brakes, this tendency is not erased when the driver compensates for it by steering left while braking. Until we see significant move to the upside in the monthly and weekly, I still considers the movement to the downside has not finished yet. Hope my ideas will help the newbies to understand the market better. For bulls, "the last move will be the end of your existence". ahahhaha..

wishing u all lovely sunday my bros...

the comment on volume was slightly incorrect and likely due to the platform you use. I use esignal 300 source combined data that shows the volume Friday was the same as every other day and in fact the break of support was one of the 4 highest volume bars for the week ... and vsa is all about background so I have marked up a chart here

in the background we had that first down move on volume , that knocked the market sideways , then we had a low volume consolidation period that could not move price above 152 , so the high volume down candle did not contain hidden buyers.

then on Friday we had a rapid mark down of price thru 151.50 support on 3rd highest volume of week . Pros will only do this if they are bearish on the price to lock in traders.

after the high volume , wide spread down bar into 150.50 we saw some profit taking .I noted that I was long off this price level for retrace to 151.50. It did not quiet get there and I closed long 151.20.

the retrace has been on low vol , likely due to being end of day Friday and profit taking before weekend

now I am waiting for a sell entry some time in Asia around 151.50 to 152 on hopefully a low volume up move

The downside targets 150 .149 ad 147. Price action will have to be observed at each of these levels.