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

143.78 is 38 % retarce of move 150.40 to 140

that might be short area

if this is a 5 wave movement , wave 1 = 500 pip

wave 3 = runaway wave
wave 5 could be 2.62 x wave 1 = 1300 pip = 130.....

I have final target for this thing 130 on wave 3 daily..then see if we get wave 4 into 139 , then wave 5 ..well lets just say 110

GJ should hit 135.00 before any major retracement this week or today..LOL

GJ is unpredictable

That would be quite a fall. Thanks for the input. I'm not in right now and feel like I missed the move at the open. I will look to reenter here soon once this sideways action decides to break.

thing about this is 140 is not a fibo level, it is only a psych level. (141 was the 50% fibo). Its unusual for PA to hang out there "like a sore thumb"

the no demand bar was followed by upthrust. I added to sell position as a rescue trade

closed both on support zone as gu hit 1.5800

Commentary:

Some dovish comments from Japanese Fin Min sends USD/JPY tumbling a quick 15 points..Expect alot of jawboning from both sides of the mouth the next few days with perhaps the only real threat of intervention coming in around 85.00

haha, nice save i ended up doing the same except i got out at break even instead of waiting for a test of support

GJ stock @ 140 and GU @ 1.58. IMO, trace will make me add more shorts.

swing trading versus day trading

sell gj 163.... 8 week later have 2300 pip

day trading sell gj 143 close 140 , go long 140 pip
go short 100 pip

540 pip one day and session only just started ...

My fingers are itchy to go long again and make the same mistake over again.

hahahaha..

I'm off to bed..

Thanks rg..

I do both swing trade w/ hedging and day trading..



I prefer to not say how many pips..

AUD: The Australian dollar traded lower on Friday but ended the session firmly supported on reports of comments out of the Group of 20 industrial nations meeting in Pittsburgh that there would be no premature removal of economic stimulus.

UK: Elsewhere, the U.K. pound continued its steep decline, remaining under pressure on comments by Bank of England Governor Mervyn King that the currency's weakness was "helpful" to the process of rebalancing the U.K. economy.

EUR: The euro weakened Friday morning against the dollar after worse-than-expected U.S. durable goods data threw cold water on a possible risk rally. We expect the euro will trend down toward $1.45 along with a general market correction.

YEN: The yen strengthened early Friday against major currencies in overnight trading as comments from the Japanese finance minister and sagging Asian equities combined to support the Japanese currency. The dollar fell overnight to Y89.96, below a key support level of Y90, but has since retraced some of those losses. Should the U.S. currency sink below Y80, then he would likely take that as something abnormal."

AUD-USD: The Australian dollar was quoted at 0.8684, down from 0.8727 late Friday. Against the Japanese yen, it was quoted at Y78.755, down from Y79.25. The Australian dollar hit a low of 0.8608 and a high of 0.8706 through the day. We expect a range today in the AUDUSD rate of 0.8600 to 0.8700 and AUDJPY at 77.00 to 78.00. SIDEWAY

GBP-USD: The pound fell as low as $1.5915 in Asian trading Friday, a level last seen in early June. After breaking below a key support level of $1.6160, the pound should possible slide toward $1.5850, and eventually sag to $1.5500 in the short term. (Insight: Institutional buy $50 million Oct 27 1.6061 GBP/USD straddle off 11.50% volume offer, 1.6063 spot for 2.72% USD. Pay net 0.43% USD, $215,000, 1.80 volume points to own GBP/USD gamma.) BEARISH

EUR-USD: We expect the euro will trend down toward 1.4500 along with a general market correction. (Insight: Sell $50 million Oct 27 ATMF (1.4686) EUR/USD straddle off 9.70% volume bid, 1.4686 spot to bring in 2.29% USD) BEARISH

USD-CHF: In short term, the pair possible pull back to 1.0200 levels, downside focus remains entrenched. Support stand at 1.0190 then key 1.0012 Level. Intraday resistance is located 1.0390 Slightly BEARISH

USD-JPY: We last heard the prime minister focus on appreciated the Yen, but now he has changed his tongue by saying if USDJPY currency sinks below Y80, then he would likely take that as something abnormal. We will entry if the pair fall below 89 level. Slightly BEARISH

Trend is your friend

noob trading versus pro trading

noob trading = -6000 pips/day + 6 blown accounts + maxed out credit cards + losing girlfriend

pro trading = 300 pips/day + peace of mind and arrogance

lol me neither it is embarrassing .....

As long as we are this FF making pips..

It all about making pips..

lol-ed

I am a much better day trader than swing trader

but using ew .. here is daily ...

we could end this down move in 1.5800 to 1.5600 zone .. then 300 reatrce then wave 5 of wave 3 on daily = 1/4700

interestingly enough I was in the book store this morning when I found two massive displays of books on last years crisis....everyone trying to make a buck describing how last year went down..... my contrarian radar started to go off which leads me to wonder if this may be an excellent buying opportunity with proper risk management....unless we see some other blow ups coming down the pipeline

then again the intraday moves have been fantastic so maybe this doesnt even matter really lol