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

  • #215,361
  • Feb 11, 2010 5:19pm Feb 11, 2010 5:19pm
Good Day guys,
Just want your views on this simple chart.
AM I the only person in the world who sees it this way ??
Please correct me if I'm wrong.

Thanks.
Attached Image (click to enlarge)
Click to Enlarge Name: eee3.gif Size: 20 KB
  • #215,362
  • Feb 11, 2010 5:31pm Feb 11, 2010 5:31pm
I do agree and feel many in this forum will agree with you. I can see it retracing to the 144 area for confirmation to then continue its downward trip. Hope to pick up some good shorts at that area.

Thanks,

Darrell

Quoting Baby-Trader
Good Day guys,
Just want your views on this simple chart.
AM I the only person in the world who sees it this way ??
Please correct me if I'm wrong.

Thanks.
  • #215,363
  • Feb 11, 2010 5:44pm Feb 11, 2010 5:44pm
Quoting Baby-Trader
Good Day guys,
Just want your views on this simple chart.
AM I the only person in the world who sees it this way ??
Please correct me if I'm wrong.

Thanks.
Are you pointing out that we broke major support or something else?

The broken TL is why many traders are anticipating a potential retest as resistance, 144-144.5 area before we drop.

  • #215,364
  • Feb 11, 2010 5:45pm Feb 11, 2010 5:45pm
what happen to Gucci
MY OPINION NOT FINANCIAL ADVISE
  • #215,365
  • Feb 11, 2010 5:46pm Feb 11, 2010 5:46pm
Yes, the overall weekly TL is broken.

However, my experience with breakouts is the PA usually pullback to the TL before continuation downward..On the lower TF's, I posted a retracement to the 144.00 area(76.8%) before the freefall.

Wait and see..

http://www.forexfactory.com/showpost...stcount=215202



Quoting Baby-Trader
Good Day guys,
Just want your views on this simple chart.
AM I the only person in the world who sees it this way ??
Please correct me if I'm wrong.

Thanks.
[
  • #215,366
  • Feb 11, 2010 6:03pm Feb 11, 2010 6:03pm
I am long GBP/JPY. Target open but will wind up before 142.7o is area.
Its all in the mind.
  • #215,367
  • Feb 11, 2010 6:23pm Feb 11, 2010 6:23pm
Thank you very much brothers for your fast replies.
but when looking @daily chart I see that we can start falling from here.

Just want to note I'm newbie with GJ and I'm looking forward to learn from your experience.
Attached Image (click to enlarge)
Click to Enlarge Name: eee3.gif Size: 23 KB
  • #215,368
  • Edited 6:51pm Feb 11, 2010 6:37pm | Edited 6:51pm
Quoting Baby-Trader
Thank you very much brothers for your fast replies.
but when looking @daily chart I see that we can start falling from here.

Just want to note I'm newbie with GJ and I'm looking forward to learn from your experience.
So far 139.4 is holding as major resistance. A close below that area would signify we have finished the correction and the move down will continue.

For the moment we're testing prior resistance as support in the 140.7 area.
If we bounce off of it we should see more upside Asia session, or we could drop back into the prior range.

Lots of nice trades in this area before we get the big move. (hopefully Europe/NY session today)

http://www.forexfactory.com/showpost...stcount=214468
  • #215,369
  • Feb 11, 2010 6:38pm Feb 11, 2010 6:38pm
Hope you guys do not mind me chiming in here and feel free to correct me if need be. I have just recently started back trading live after doing it all wrong the first time round. I have been lurking and hopefully learning from others around that are much wiser than I.

That being said, you are right, it might go down from here. But I have started putting much more weight into and on strong S/R areas than trend lines. They are helpful but not as useful or dependable as S/R zones.

Trade your plan and good luck


Quoting Baby-Trader
Thank you very much brothers for your fast replies.
but when looking @daily chart I see that we can start falling from here.

Just want to note I'm newbie with GJ and I'm looking forward to learn from your experience.
  • #215,370
  • Feb 11, 2010 6:44pm Feb 11, 2010 6:44pm
Quoting Baby-Trader
Thank you very much brothers for your fast replies.
but when looking @daily chart I see that we can start falling from here.

Just want to note I'm newbie with GJ and I'm looking forward to learn from your experience.
Well I personally don't think we are about to start falling just yet, i can see a retrace to 144, even to 147. Either UJ or GU has to crash for the freefall to begin. Now if they both did it at the same time.. sweet
  • #215,371
  • Feb 11, 2010 6:48pm Feb 11, 2010 6:48pm
Quoting Fudomyo
So far 139.4 is holding as major resistance. A close below that area would signify we have finished the correction and the move down will continue.

For the moment we're testing prior resistance as support in the 140.7 area.
If we bounce off of it we should see more upside Asia session, or we could drop back into the prior range.

Lots of nice trades in this area before we get the big move. (hopefully Europe/NY session today)
Fudomyo : Thank you
  • #215,372
  • Feb 11, 2010 6:53pm Feb 11, 2010 6:53pm
Quoting Cdawg
Well I personally don't think we are about to start falling just yet, i can see a retrace to 144, even to 147. Either UJ or GU has to crash for the freefall to begin. Now if they both did it at the same time.. sweet
Thanks Cdawg.

It seems that many Traders expecting 144 area first as a broken trend line retest.

Let's see the market decision
  • #215,373
  • Feb 11, 2010 6:54pm Feb 11, 2010 6:54pm
News Commentary:

Greece remained the topic du-jour in the NY session and Euro was once again punished. EUR/USD dropped from a session open near 1.3730 toward a low just through the 1.3600 area. News that a plan had been hatched to save the beleaguered Eurozone periphery did little to lift the common currency and it feels like the late session rally back to 1.3690 was due mostly in part to short-covering (profit taking on short positions). There is now an article on the UK's Guardian's website suggesting that Germany is opposed to lending funds to Greece. This would be quite a negative for the EUR after today's statement of support as nothing credible can be implemented without Germany's backing (and deep pockets). This may lead to some disappointment for the risk rebound overall and keep the EUR under pressure.

rumors again
[
  • #215,374
  • Feb 11, 2010 7:28pm Feb 11, 2010 7:28pm
any thoughts about that 50% fibo level and the PA around it.
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  • #215,375
  • Feb 11, 2010 7:33pm Feb 11, 2010 7:33pm
Quoting 5abi
I am long GBP/JPY. Target open but will wind up before 142.7o is area.
i would appreciate it very much if you can state the reason behind your trade.
thanks in advance.
  • #215,376
  • Feb 11, 2010 7:44pm Feb 11, 2010 7:44pm
Hi- there were 2 reasons. See the daily and 240 min attached. I bet on the bounce off the TL on the daily and then in the 4 hour chart I believed that those 2 bars with increased volume are buyers not sellers.

I hope it answers your question?

Quoting pkimnyc
i would appreciate it very much if you can state the reason behind your trade.
thanks in advance.
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Its all in the mind.
  • #215,377
  • Feb 11, 2010 7:46pm Feb 11, 2010 7:46pm
Quoting 5abi
Hi- there were 2 reasons. See the daily and 240 min attached. I bet on the bounce off the TL on the daily and then in the 4 hour chart I believed that those 2 bars with increased volume are buyers not sellers.

I hope it answers your question?
thanks
  • #215,378
  • Feb 11, 2010 7:48pm Feb 11, 2010 7:48pm
Well, ForexLive.com (seems to be quite reputable) are reporting that there is likely selling by Asia to stay away from the weekend and especially the 3-day holiday. Could be a prelude to a general thought surrounding the entire market over the weekend.

From a technical perspective, it is a tough call. I tend to think we are in a bear flag over the past 5 days or so. A bear flag that has failed to reach the upper trend line during the last push (not current). 140 is also a bit squishy.

Another intepretation is an ascending wedge that will pop over 141.40 or so and drive to 142-144.

One thing that is probably valid is that the S&P 500 will need to pop over 1080 to really push everything up. Geppy could go crazy over the next 16 hrs and do its own thing to 143.00, however.

NM
  • #215,379
  • Feb 11, 2010 8:26pm Feb 11, 2010 8:26pm
My only concern is that the hourly has a fair bit more room left to run if it chooses to do so. I placed my stop under the neutral bar @ 240.03.
Better not get there as I'm -92 on a live trade at the moment and I'm maxed out mm wise so can't buy another long - bummer!
  • #215,380
  • Feb 11, 2010 8:52pm Feb 11, 2010 8:52pm
Quoting superman2
My only concern is that the hourly has a fair bit more room left to run if it chooses to do so. I placed my stop under the neutral bar @ 240.03.
Better not get there as I'm -92 on a live trade at the moment and I'm maxed out mm wise so can't buy another long - bummer!
240.03.....

hope you are still short...
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