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

Hmmmmm

Closed GU short with 100 pips, keeping UJ short

IMO..Gu is good for another 70 pip down..still holding mine

Be very careful if you are thinking of going long GY.

I have a signal that is showing some downward momentum.

cheers,
vince

It will all depends on the PA..Gann H4 is in reversal mode..

Agreed, but was init target, I'm happy

i reckon around 135 mark is good for a few longs, bottom of the trend channel on the 4hr.

by the way, i can't seem to attach a screen shot?

cheers,
vince

.....says be careful shorting this expecting significant downside.

There is some bearish divergence currently playing out on the 1hr and 4hr TFs. Somewhere below 136.5 will signify that this divergence has 'officially' played out.

THEN, there is the small matter of the bullish divergences building on the 1hr and unfinished bullish divergenceon the Daily TF.

2 charts.....

out of all trade gj and gu...now what? long or short? both looks scary

Went short at 136.55 based on assumption that the US indices rally is over and we had just seen a double top on S&P with a quick spike up on last wednesday. The pound is extremely weak fundementally and the quite far from the histrocial and recent lows. The "dumb money" is also net long on the yen crosses. The double stopping volume on GU is worrying me a bit so that area will be watched closely.

think now we wait

looks scary everyday!

I see 2 potential points to sell based on fractal..136.82 and 137.35

Very good observation. . .

Based on the 1hr chart it suggest the potential to go back and check resistance at the DPP before a move lower to work off the downward pressure on the 4hr chart. . .

If the 4hr chart plays 1st I see a potential for price to go back to 135.50/135.30 area which would then give more momentum for price to achieve a target to finish out this correction at 139.25 area. . . as both the 1hr and 4hr chart would then be lined up for upward momentum.

The daily chart shows a potential for a greater up move that may exceed our target of 139.25 in fact I see apotential for price to reach 140.70/141.35 initial target. . . MACD is showing lots of room to move up on a daily basis. . . And lets not forget the weekly chart which is showing bullish potential on a weekly basis. . .

Nontheless - this will be a battle between the 1hr and 4hr chart for a move up 1st or a move dn 1st which overall means ranging IMO. . .

Therefore, would wait to see how it plays - support at 135.30/50 area or resistance at DPP. . . also lets not forget weekly support is at 136.53 which shuld pave the way for our weekly direction. . .

A close below it on a weekly basis would imply reversal but a close above it should reach 139.25 at the very minimum. . .

Good luck in trading this week. . .

gu seems to have hit resistance right here at S1 around 5065. might be worth a short here for test 5000

1 st short taken..I will trail this tightly..it could go higher

Ya also looking for test on 1.50 again

If this breaks....maybe we will see 134.9

looking like a bear trap..m30 div..That 's it for me today..happy trading all

i hope people are not trapped in longs. we stopped for now and i expect a test of daily pvp @ 136.50 area. IF we are to go up again, then 136.80 is key to upside.
on the downside, it should not go lower than 135.70. if this happens, then i will dump bullish bias for now.