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

this tell me alot that it might go to 153..a contiunuation pennant ? i think if you are not long yet,you might get a another chance at 147.30 ,at the bottom of the pennant or wedge..

What is yr take of the daily chart and the fact that's it diverging lower as price goes higher?

Q..can you pls post me the chart of your3e divergance.

See the chart is my post up above. . .

yip,ive seen it , srry

I'm a swing trader, not a scalper. 600 pips isn't a huge range for this pair and I think 152 is definitely in reach this or next week.

Agreed but the daily swing for 2day is set at 146.26/05 (low) to 148.2 (DPP) and 150.75 high. A daily close above the DPP and if resistance is taken out at 149.50 definitely. . .

That's what I'm waiting for and think it's in the cards. Also would like to see your chart with the daily divergence as I'm missing it too.

see chart below. . .

Also what do u think of this UJ chart?

Look at the the macd histogram at 150.70 (spike) then look at the macd histogram when price is at 149.50 area. . . Then we just had a spike up to 148.70 area and look at the histogram of price at that area. . .

Price is diverging lower on each spike. . . which tells me that the upside momentum in waning or they are selling on each spike up. . .

Not saying that price is not going to go up but all I'm saying once we cross the macd below zero with a daily close below we may see price falter lower on each spike up. . .

O boy, in that case I'm definitly a scalper

a div, may be.

yip,ive seen what Q,mean and also other jpy crosses busy forming bearish engulfing on weekly,weekly far from over ,but we will see end of week. ill exit my long at 148.93,and immediately reverse it,, and see what we can get from this.

Personally, I wouldn't classify that as divergence on the G/Y. Price really hasn't moved up overall in the last few days... more like sideways action. I see where you're pointing at the spike up, but I really don't think that's enough to get true divergence. Again, just my opinion. To me, it looks like it's taking a breather and getting ready for another punch higher (this one successful).

U/J chart is a bit more interesting. At first glance it looks to be retreating from resistance (I'm assuming that's a 200ema?). However, plot a 50ema on the daily. Yesterday's bounce of this level is incredible (to the pip) and if we hold nicely above it today, I expect some ranging/basing until the next move higher and a punch right through the 200ema which would open a lot of doors north. The fact is, U/J broke the daily 50ema awhile ago and now we're seeing a retest. If U/J bases over the next few days like I expect, I see G/U moving higher (I'm scaling into shorts on fib retracement levels on a daily basis) which in turn would move G/J higher.

Of course, these are all simply my opinions and don't expect anyone to agree with me. But this is probably how I'll be trading the next week or two unless I see something significant change my train of thought (i.e. strong break of U/J daily 50ema or close below 146 in G/J)

Cheers!

Here is a better picture for u. . . I'm not disputing yr analysis just making an observation based price and it's movement. . .

Comments welcomed. . .

Will be very important to see where the Daily candle closes. As Ewokuk pointed out, we're currently looking at a bullish engulfing candle, but the move up was so rapid, some retracement back down is inevitable IMO.

But, such a move up was not based on nothing and a push back to previous resistance, (or very close to it), is what i'm thinking.

A few charts...
4hr Chart showing support from Gann + QQE, 200ema, 50ema, 14WMA and 5SMA.


1hr chart showing slight bearish divergence. Something to watch out for if CCI rises further into 'overbought' territory.

oi i love it when you are in a trade with max lots and it go youre way.. the eur/usd.. took a jap with 80 lots ,right at the bottom of the hammer..

{its not a bragging post,,its just the feeling }

Wow! 80Lots...

ok i had a long at 148.55 just closed it for 2 pips. im gonna wait for some sort of retrace before it attempts 149.50 as i dont think its going straight there now. i think itll retrace some and come back up to maybe close near to the level its at right now.

im seeing good divergence on 5min macd at this DT so i expect it to retrace from here before any more higher.

infact i may look for a short here down towards the pivot

the cad/jpy,is the easiest to read of all the jpy crosses, i will wait till the cad hit the res at 88.99,then ill short the rest,EJ, and GJ

lol.but mini,,could not help to add more,,of the low risk reward..