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

Let's see, hate to change a plan and its kreeping in the right direction some 50 pips to go

Its still early to go short. The upward strenght is still very strong and may break the pivot level.

I found this level a good opportunity to go short.

Let's see how it goes.

What is the pivot level???

targets 147.85

pivot = 146.02

R1 = 146.77

I will let u know the best time to go short. Meanwhile its save to close long trades and wait for short opportunity

I am looking for 148-149 to add short positions or will wait for NFP to get the short option. also holding short position from 146.10 targeting 144.00

I think its better to wait for NFP before taking any other trade.

Entered short entries @ 147.45 147.70 and 147.95
Trailing SL @ 150.05

please stop go up I'm waiting for you down here. 144.20

How did you manage to do that as the PA only got as high as 147.34 ?

Orders

I believe it's SELL LIMIT/STOP

Fasten ur seat belt...we ready to take off in 10,9,8,7,6,5,4,3,2,1...kaboooommmmm

Commentary:

US employment report due up in less than 15 minutes and... we look for a weaker than consensus report, with NFP falling by -135K vs. the market view of -125K (prior -190K) and a higher unemployment rate of 10.3% vs. the street's forecast of a steady 10.2%. In terms of market reaction, we think a further decline in the number of job losses is likely to be a risk positive, even if the unemployment rate ticks higher as we expect. We would expect an NFP change worse than consensus to trigger an initial risk negative reaction (USD/JPY down/USD up against others), but that it would prove short-lived. It would likely take a NFP change of worse than -180K, and a negative revision to October's data, to lead to a more sustained 'risk off' reaction. Of course, a better than expected NFP change is likely to lead to a further risk rally (stocks up/commodities up/USD down against all but JPY), with recent market highs likely to be seriously tested. Our thinking is that risk sentiment is currently quite buoyant and as long as the trend of fewer job cuts continues, the risk rally has more room to run. However, we are mindful that we are nearer to highs in most markets and that year-end/weekend profit taking is a serious threat.

Lol, they are entry orders, still waiting to be executed......

closed part of my position 147.3. Hoping to hit my TP 148.2 before NFP.

I would be very surprised if we drop hard. More likely sideways after a move up like this with a test of 146.4 as support and the top of the move as resistance. I still believe 150 area neckline test is possible.

I'm not a carry trader so am not married to a bias, just trading the trend.

As far as indicators go, we can be very overbought and continue to rise. Many times a consolidation corrects an over bought situation, and then the move continues. Personally, I wouldn't be shorting anything yet.

For new traders, one thing about this thread is there are carry traders building long term positions who are adding shorts. Day traders waiting to short while the Bulls are in control are trying to catch a falling knife. Besides missing out on the 800 pip move up, the risk reward doesn't make sense.

Depending how we move after NFP, that will define the trend for the rest of the year.

If we drop, bear hat goes back on.

http://www.forexfactory.com/showpost...stcount=209464
http://www.forexfactory.com/showpost...stcount=208080

All 3 in the pocket, am I glad ?.....