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

  • #203,961
  • Oct 16, 2009 5:13am Oct 16, 2009 5:13am
Quoting OrionsWay
another thing about your trading style development

it takes risk to make money, moving a sl to BE is all fine and good but will keep you out of LOTS of winning trades, WHY because you are in range, Keep stops out of range and leave them alone until you get a good lead on market
yeah missed quite a few. but then does it keep me out of more winnign trades or more losing trades, im not sure.

hmmm might be a long here, its just got back above wekly R3. ok maybe not
  • #203,962
  • Edited 5:33am Oct 16, 2009 5:20am | Edited 5:33am
Quoting ewokuk
yeah missed quite a few. but then does it keep me out of more winnign trades or more losing trades, im not sure.

hmmm might be a long here, its just got back above wekly R3. ok maybe not


its just like working out bro, you cant expect to get a ripped tricep/bicep
using .5lb weights no risk no reward, but u can certainly design a method for limiting that risk, still you must risk

the idea behind a stop is to get you out of the market if you had it called wrong, if there is no more offer/bid above below your level you really dont even need one for the market wont be going there anyways, but bringing in close to market ranges is like waving a flag to the makers taunting them catch me if you can LOL


Its OK to be wrong, most professional traders are 50 60% right, they make money because they spot being wrong, awesome MM and keep losses small in relation to gains
"Millionaires don't use astrology, billionaires do"
  • #203,963
  • Oct 16, 2009 5:37am Oct 16, 2009 5:37am
Quoting OrionsWay
Its OK to be wrong, most professional traders are 50 60% right, they make money because they spot being wrong, awesome MM and keep losses small in relation to gains
but malc is right 95% of the time (or hides all his losses ), he cant be that much better than them surely
  • #203,964
  • Oct 16, 2009 5:40am Oct 16, 2009 5:40am
Quoting ewokuk
but malc is right 95% of the time (or hides all his losses ), he cant be that much better than them surely


hahaa we'll he is the exception God's are few and far between
"Millionaires don't use astrology, billionaires do"
  • #203,965
  • Oct 16, 2009 6:02am Oct 16, 2009 6:02am
Hoping for reversal now
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  • #203,966
  • Oct 16, 2009 6:18am Oct 16, 2009 6:18am
IMO i don't think we'll see a reversal...( i might be wrong though)... if M30 candle closes above 148.70....we might go up some more....and to confirm that we won't get any reversal....wait until H4 candle closes..if it above 148.90.....definitely we won't get any retracement...so far...147.70 support is a hard nut to crack since this morning...just my 2 cent opinion...
  • #203,967
  • Oct 16, 2009 6:33am Oct 16, 2009 6:33am
seems to be struggling to go up here. think it needs to break 148.80 then i might grab a long. but NY in 25 mins so probably wait for that

loks to me like it keeps getting sold at 148.70 area. last 4 5min bars all with long upper wick. seems to be the weekly R3 holding it. and its sitting right on the 38.2 retrace of the down move from 163. 50% retrace doesnt come in until 151.40
  • #203,968
  • Oct 16, 2009 6:37am Oct 16, 2009 6:37am
Quoting ewokuk
but malc is right 95% of the time (or hides all his losses ), he cant be that much better than them surely
That kind of thing doesn't happen on Forex Factory.
  • #203,969
  • Edited 7:24am Oct 16, 2009 7:04am | Edited 7:24am
here's a quick chart. 148.8 proving tough. if we break above that and 149.2, 150 obvious first target.
I'm watching this 1H channel setting up. if we break below ltl I'm going short.
also a potential bounce scenario if we break below the channel ltl and some downside targets if we keep dropping.

good luck with your trades everyone!

edit: GU correlating at the moment so similar scenario if it breaks ltl or moves up above resistance area.
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  • #203,970
  • Oct 16, 2009 7:14am Oct 16, 2009 7:14am
Quoting Fudomyo
here's a quick chart. 148.8 proving tough. if we break above that and 149.2, 150 obvious first target.
I'm watching this 1H channel setting up. if we break below ltl I'm going short.
also a potential bounce scenario if we break below the channel ltl and some downside targets if we keep dropping.

good luck with your trades everyone!
yeh mi watching for break above 148.80 to go long. set order at 148.85
  • #203,971
  • Oct 16, 2009 7:23am Oct 16, 2009 7:23am
seem there are no movement ATM and very low volume.......i'm not good at fundamentals but i guess they are waiting for TIC purchases...let see what happens...
  • #203,972
  • Oct 16, 2009 7:30am Oct 16, 2009 7:30am
Quoting gillybabe
HI Ewokuk - I am only a newbie who does not post a lot, but reads this thread avidly. I have tried this move SL to BE quickly but find it does not work like Malc can make it work. I have found that I need at least 20 pips SL on this pr as I have a spread of 8. Only a suggestion.
sl to break even to soon and you get stopped out

If you enter trade late then 90% chance you will get stopped out
Blogging daily now at www.volume.zone
  • #203,973
  • Oct 16, 2009 7:30am Oct 16, 2009 7:30am
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  • #203,974
  • Oct 16, 2009 7:32am Oct 16, 2009 7:32am
Quoting ewokuk
but malc is right 95% of the time (or hides all his losses ), he cant be that much better than them surely

err .. most of my trades I call before they happen ..... not after ...lol
Blogging daily now at www.volume.zone
  • #203,975
  • Edited 7:50am Oct 16, 2009 7:33am | Edited 7:50am
Quoting ewokuk
yeh mi watching for break above 148.80 to go long. set order at 148.85
imho that's kind of close for an entry, we may touch 148.85 and still drop. personally, I want to see it break out of this 15M wedge first...or at least bounce off the 34ema at 148.50


it hasn't made a new low yet on the 15M at 148.58 so may still go up. good luck
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  • #203,976
  • Oct 16, 2009 7:40am Oct 16, 2009 7:40am
we have another 30min to go before the news and the H4 candle closes from the looks of it the are no sellers coming in for the moment....but you never know with this volatile market....

http://i683.photobucket.com/albums/v...t/ChartXYZ.jpg
  • #203,977
  • Oct 16, 2009 7:45am Oct 16, 2009 7:45am
gu wedge

signs of strength BUT price does not seem to want to go up

futures are getting the snot beat out of them BUT this does not mean they will not get bought up when market opens


1.6300 is the upper value area of yesterday ... key level for gu

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Blogging daily now at www.volume.zone
  • #203,978
  • Oct 16, 2009 7:53am Oct 16, 2009 7:53am
Quoting Mr.Elliott
we have another 30min to go before the news and the H4 candle closes from the looks of it the are no sellers coming in for the moment....but you never know with this volatile market....
8 minutes to go.
  • #203,979
  • Oct 16, 2009 7:55am Oct 16, 2009 7:55am
i think it's time for gold, eu & au to retrace..
  • #203,980
  • Oct 16, 2009 7:55am Oct 16, 2009 7:55am
  •  blocp
  • | Joined Aug 2009 | Status: Patience, Patience,Patience | 22 Posts
Malcolmb-would you say there are still alot of sellers on gu. It looks to me that it is getting brought up. Ready for an up move. Would the up move be to off load yesterdays gains at a better price.

Thanks
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