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

  • #210,141
  • Dec 10, 2009 2:51pm Dec 10, 2009 2:51pm
Quoting quecee5
  • #210,142
  • Dec 10, 2009 2:54pm Dec 10, 2009 2:54pm
Gold trying to close above 1130 hmmm not good for dollar imo
  • #210,143
  • Dec 10, 2009 2:55pm Dec 10, 2009 2:55pm
Quoting vinesh2
Gold trying to close above 1130 hmmm not good for dollar imo
correction, me think.
  • #210,144
  • Dec 10, 2009 2:55pm Dec 10, 2009 2:55pm
Q, UJ struggling not sure if its going to make it to the 90 level
  • #210,145
  • Dec 10, 2009 3:06pm Dec 10, 2009 3:06pm
al the jpy crosses are in bear flags ,waitng for another move to the downside,but still in consilidation until eur/jpy break the 126.80 level,then a quick slide to the 118 level..eur/usd closed on daily as a daily inside bar. breakout to the south,target 1.4360 level. gbp/usd same view as eur/usd. if not tommorrow then early next week probably
  • #210,146
  • Dec 10, 2009 3:23pm Dec 10, 2009 3:23pm
Quoting Gucc
i cant post any charts,dont know why,, it says ive exceed the 1500kb limit ,

im 99% sure about my setup on eur/jpy .im sure it will past the 118 level,but my limit is on 118.
There's a limitation to the size of files/images as you upload them onto FF, and >1500kb is probably a 24bit bitmap. Not what program you're using, but if you can save it as a *.PNG file or *.jpg, it will upload. Or, use fscapture which can be downloaded here, and just detach it to your desktop, then 2x click if when you want to capture a window - from the little toolbar, the 2nd little icon will say "Capture Window". Would love to see your EURJPY prognosis.
  • #210,147
  • Dec 10, 2009 3:40pm Dec 10, 2009 3:40pm
So far any atempt for UJ to go up is rejected....
The Market pays you to be disciplined
  • #210,148
  • Dec 10, 2009 3:50pm Dec 10, 2009 3:50pm
Quoting mima
So far any atempt for UJ to go up is rejected....
It's not what's happening now which is important, it's what happened earlier in the day. Look at the following 30m chart. I have highlighted a marked increase in volume which coincided with a wide spread downbar. This downward pressure did not materialise, that means buying.

Looks like consolidation/accumulation before a move up IMO. Similar story for GY too.

Chart:
Attached Image (click to enlarge)
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  • #210,149
  • Dec 10, 2009 4:13pm Dec 10, 2009 4:13pm
Quoting ukdaytrader
It's not what's happening now which is important, it's what happened earlier in the day. Look at the following 30m chart. I have highlighted a marked increase in volume which coincided with a wide spread downbar. This downward pressure did not materialise, that means buying.

Looks like consolidation/accumulation before a move up IMO. Similar story for GY too.

Chart:
Attachment
Yes, thank you pointing it out ...all moves were within that bar...
The Market pays you to be disciplined
  • #210,150
  • Dec 10, 2009 4:52pm Dec 10, 2009 4:52pm
You can dl his book here.. Thomas N. Bulkowski Encyclopedia Of Chart Patterns, 2nd Edition

http://forexone.wordpress.com/download-area/

Quoting 4xStar
I like that site, just_ha .. lots of good info.
  • #210,151
  • Dec 10, 2009 4:57pm Dec 10, 2009 4:57pm
let's look at u-j situation, and here are 3 charts (daily, h4 and 30min - as usual).

daily shows that general direction - which is DOWN, by the way - is still in place. therefore, our concern should be to short all rallies... like the one from last week.
here you can see that price tested resistance area @ 90.50/91 area (two previous months' pvp) and bounced back down. now, at this moment, i see that support was built @ 87.36 area, so if this area holds then we are heading back up for another test of 90/91. but IF.
PA shows consolidation or distribution; we'll see where it goes from here - i think up, but let's not jump the gun yet.
so let's remember 2 important levels from daily: 87.36 and 90.50/91

h4 shows that another support is in place - it is weekly pvp @ 87.77; if this holds (and i think it will but don't mind me, plan your trade accordingly to your mm) then up we go to test 90 area again. no new levels from daily chart, however this one shows that PA is bullish - price is already ABOVE weekly pvp.

m30 looks like a drunk trader - buy, sell, sell, sell buy again, scalp buy sell etc.
this is clearly positioning for the next move. which can be down to 86.60, or up to 90/91.

what to do: watch for a test of 87.40, buy it and place your stops below this support; target 90.
if 87.40 is taken, then downtrend is likely to continue. expect a test of 86.60 first...
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: uj-h4.gif Size: 22 KB
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Nihil Sine Deo.
  • #210,152
  • Dec 10, 2009 5:09pm Dec 10, 2009 5:09pm
Quoting ukdaytrader
It's not what's happening now which is important, it's what happened earlier in the day. Look at the following 30m chart. I have highlighted a marked increase in volume which coincided with a wide spread downbar. This downward pressure did not materialise, that means buying.

Looks like consolidation/accumulation before a move up IMO. Similar story for GY too.

Chart:
Attachment
I saw that and have to agree. Quick down spikes on UJ are rare, and far more rare are long wicks like the one you pointed out. I'd like to think Asia will let this thing head up on autopilot; I have a GY buy from London's upward spasms @ 144.15 when I thought it would continue. Had picked up more 3hrs ago when I saw the weekly floor of 38.2% @ 143.15 was holding - it's been nicely upward since then. Not sure what impact GB news (PPI) could have. Hopefully NY's core sales news is good - haven't check expectations, am just hunching/wanting.

For comparison - and added emphasis, there's another red bar and then an earlier white on my chart with very high volume in the followon 30 min bars. I notice the volume on the most recent red bar is 2816 vs. 615 on your chart. Huge difference. Not sure who your broker is, but I know citigroup is my liquidity provider, so there should be healthy broker representation in my demo feed (via Collective FX). I think the benefit is more accurate volume bars, meaning the previous red one @ 23:30 rally sticks out on my indi, plus what looks like big buying/stopping volume @ 7:30. Citigroup is pretty much the biggest fx dealer in the world. In fact, given DB is huge in FX, I'm going to see/compare how their demo account FX volume fares, in comparison.

Attached Image (click to enlarge)
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  • #210,153
  • Dec 10, 2009 5:11pm Dec 10, 2009 5:11pm
My forecast for the 1hr u/j is mostly cloudy, temps expected to help burn the cloud cover off.....

I've marked kumo levels with the 1hr and also showing daily chart.

I'm watching this and the yen sisters for breaks.
Attached Image(s) (click to enlarge)
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  • #210,154
  • Dec 10, 2009 5:20pm Dec 10, 2009 5:20pm
Quoting calderone
My forecast for the 1hr u/j is mostly cloudy, temps expected to help burn the cloud cover off.....

I've marked kumo levels with the 1hr and also showing daily chart.

I'm watching this and the yen sisters for breaks.

I'd watch the UJ long. Its in consolidation and forming a nice flag form. My guess it is will break + but I will definitely be waiting on the break before I place any entrance orders
  • #210,155
  • Dec 10, 2009 5:25pm Dec 10, 2009 5:25pm
Quoting Scrmnegl
I'd watch the UJ long. Its in consolidation and forming a nice flag form. My guess it is will break + but I will definitely be waiting on the break before I place any entrance orders

Yes sir, I am unsure which way it will break. Future kumo points to a bullish momentum but daily is way bearish. The market conditions are ranging all over the place so caution and reduced lots is my order of the day.

  • #210,156
  • Dec 10, 2009 5:34pm Dec 10, 2009 5:34pm
Quoting calderone
Yes sir, I am unsure which way it will break. Future kumo points to a bullish momentum but daily is way bearish. The market conditions are ranging all over the place so caution and reduced lots is my order of the day.

Not a bad idea. I have made a killing on the gbp/jpy this week. About 325 pips in 3 days times my normal lottage. Time to play it cautious unless there is some good indicators. It may be a night for some of the other pairs, haha.
  • #210,157
  • Dec 10, 2009 5:37pm Dec 10, 2009 5:37pm
This my view on GU.It is complicated. Predict that it is more likely to go down to around 1.6250 or 1.62, and after that, it might have potentially to go up to around 1.63.


  • #210,158
  • Dec 10, 2009 5:42pm Dec 10, 2009 5:42pm
Quoting Scrmnegl
Not a bad idea. I have made a killing on the gbp/jpy this week. About 325 pips in 3 days times my normal lottage. Time to play it cautious unless there is some good indicators. It may be a night for some of the other pairs, haha.
Yes, I'm not going to force a trade and I'm watching a lot of pairs. Timing is everything as forex moves with other markets etc. Not to mention the holidays and volume etc. Be safe!
  • #210,159
  • Dec 10, 2009 6:51pm Dec 10, 2009 6:51pm
Quoting Silent Pro
This my view on GU.It is complicated. Predict that it is more likely to go down to around 1.6250 or 1.62, and after that, it might have potentially to go up to around 1.63.



spot on.. i have a couple on orders in,and im almost sure it will work out.

gbp/usd sell @1.6319(entry based on wedge formation on 1hour at78.6) limit @1.6140 ,then imeddiately reverse order to buy @1.6130 ,limit then open...stop @1.5900 ish...

eur/usd sell @1.4743 also based on wedge formation on 1hour limit @1.4640 ,then again immediately reverse entry to buy @1.4626 ,and let it run until 1.49 ish... then ill probably go short long term at 1.4970 till when ever .limit open..


i just went short on aud/usd till 0.9060 ,then reverse entry to buy (based on H&S pattern) until 0.9212 ,then also short long term ..

im feel very postive about this entries

good luck all and enjoy the holiday !
  • #210,160
  • Dec 10, 2009 7:08pm Dec 10, 2009 7:08pm
i hope i got only 1 trader here with the same view
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