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

  • #218,621
  • Mar 18, 2010 8:34am Mar 18, 2010 8:34am
Quoting Eulogy
how is that relevant to the topic at hand?
how is it not? public spending was less than expected, hence govt debt will be helped by that, hence the news is good, which is why the pound went up afterwards...
  • #218,622
  • Mar 18, 2010 8:39am Mar 18, 2010 8:39am
I still see a deeper correction in the cards. The 4H chart could still use some unwinding before what I believe will be another move up. In fact, I'm putting my money where my mouth is and just took shorts at 138.08 for a target of 136.50

Stochastics could also use a bit of unwinding on a daily basis and once done I think we could see an aggressive move up. I'll probably begin buying in the low 136 area assuming we get there and build a decent sized position.
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  • #218,623
  • Mar 18, 2010 8:53am Mar 18, 2010 8:53am
My view of Cable is that if we can pass 1.533x area where we saw selling preassure today then it will continue upward, this is with combination of possible breakout of recent trading range and retest of upper trendline.

On the bearish side (which i prefer) i think we will chop chop chop consolidate around 1.53 and then start sliding down with ultimate target of course beeing the bottom channel trendline (around 1.5 atm) Im short at 1.5295 with stop at 1.5333 lets see how it plays out.

EDIT: added another short at 1.5313 SL at 1.5333 for everything.
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  • #218,624
  • Mar 18, 2010 8:59am Mar 18, 2010 8:59am
Quoting Geppy
I still see a deeper correction in the cards. The 4H chart could still use some unwinding before what I believe will be another move up. In fact, I'm putting my money where my mouth is and just took shorts at 138.08 for a target of 136.50

Stochastics could also use a bit of unwinding on a daily basis and once done I think we could see an aggressive move up. I'll probably begin buying in the low 136 area assuming we get there and build a decent sized position.
What is Your SL Sir?
Trade What You See and Not What You Think
  • #218,625
  • Edited 9:25am Mar 18, 2010 9:06am | Edited 9:25am
i dumped shorts... this is not looking good, and don't want to get caught in the middle.

p.s. i need to see it back below 137.6 to believe again in a correction.

Quoting Geppy
I still see a deeper correction in the cards. The 4H chart could still use some unwinding before what I believe will be another move up. In fact, I'm putting my money where my mouth is and just took shorts at 138.08 for a target of 136.50

Stochastics could also use a bit of unwinding on a daily basis and once done I think we could see an aggressive move up. I'll probably begin buying in the low 136 area assuming we get there and build a decent sized position.
Nihil Sine Deo.
  • #218,626
  • Mar 18, 2010 9:20am Mar 18, 2010 9:20am
if below 139.5, I'll prefer shorts - all the way to 120.00
  • #218,627
  • Mar 18, 2010 9:37am Mar 18, 2010 9:37am
Just an Idea. it has broken one major UTL and retested it. It may go to 139.6 and may up to 140.5 before heading down. 1H MCAD has turned bullish. 4H rsi has just bounced up. lets see!
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  • #218,628
  • Mar 18, 2010 9:47am Mar 18, 2010 9:47am
Quoting Fx Newbie
What is Your SL Sir?
139.00
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  • #218,629
  • Mar 18, 2010 9:50am Mar 18, 2010 9:50am
Quoting Scrat
i dumped shorts... this is not looking good, and don't want to get caught in the middle.

p.s. i need to see it back below 137.6 to believe again in a correction.
Agreed it's acting a bit odd and that the 4H stochastics have some upward potential yet, but it still seems in corrective mode to me. I've got a 1:2 risk/reward on this one so I'm taking it. I'll gladly start buying in the low 136 zone.
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  • #218,630
  • Mar 18, 2010 9:55am Mar 18, 2010 9:55am
Cool. I hope I'm not too late to the party.
Quoting Geppy
I still see a deeper correction in the cards. The 4H chart could still use some unwinding before what I believe will be another move up. In fact, I'm putting my money where my mouth is and just took shorts at 138.08 for a target of 136.50

Stochastics could also use a bit of unwinding on a daily basis and once done I think we could see an aggressive move up. I'll probably begin buying in the low 136 area assuming we get there and build a decent sized position.
  • #218,631
  • Mar 18, 2010 10:01am Mar 18, 2010 10:01am
Quoting Geppy
Agreed it's acting a bit odd and that the 4H stochastics have some upward potential yet, but it still seems in corrective mode to me. I've got a 1:2 risk/reward on this one so I'm taking it. I'll gladly start buying in the low 136 zone.
Agreed, 4hr is now suggesting short and I see a potential 136/135.50 possibly before it all said and done. . . 139.30/40 is cluster resistance and won't be taken so easily however I do see an upside wave afetr the correction lower thru 139 and possibly 141.50 initially ATM!
  • #218,632
  • Mar 18, 2010 10:09am Mar 18, 2010 10:09am
Quoting quecee5
Agreed, 4hr is now suggesting short and I see a potential 136/135.50 possibly before it all said and done. . . 139.30/40 is cluster resistance and won't be taken so easily however I do see an upside wave afetr the correction lower thru 139 and possibly 141.50 initially ATM!
Glad we're on the same page.
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  • #218,633
  • Mar 18, 2010 10:12am Mar 18, 2010 10:12am
Just a thought.

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  • #218,634
  • Mar 18, 2010 10:26am Mar 18, 2010 10:26am
Quoting lexazver
My view of Cable is that if we can pass 1.533x area where we saw selling preassure today then it will continue upward, this is with combination of possible breakout of recent trading range and retest of upper trendline.

On the bearish side (which i prefer) i think we will chop chop chop consolidate around 1.53 and then start sliding down with ultimate target of course beeing the bottom channel trendline (around 1.5 atm) Im short at 1.5295 with stop at 1.5333 lets see how it plays out.

EDIT: added another short at 1.5313 SL at 1.5333 for everything....
Covered short from 1.5313 at 1.5250 rest is still runinng
  • #218,635
  • Mar 18, 2010 10:33am Mar 18, 2010 10:33am
UJ looks near resistance zone
  • #218,636
  • Mar 18, 2010 10:37am Mar 18, 2010 10:37am
Let's see how this 1h candle close. So far is bearish pattern right on s/r zone.

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"THE ALL is Mind; the Universe is Mental--held in the mind of THE ALL."
  • #218,637
  • Mar 18, 2010 10:38am Mar 18, 2010 10:38am
Quoting Clouds
UJ looks near resistance zone
why usd is moving high while other not?
  • #218,638
  • Mar 18, 2010 10:39am Mar 18, 2010 10:39am
Grabbed another short around the DPP @ 138.2. GU,EU is mildly tanking (should have shorted GU earlier) on what looks like USD strength. GY shouldn't be far behind to come down.
  • #218,639
  • Mar 18, 2010 10:50am Mar 18, 2010 10:50am
Quoting Beljevina
Grabbed another short around the DPP @ 138.2. GU,EU is mildly tanking (should have shorted GU earlier) on what looks like USD strength. GY shouldn't be far behind to come down.
this is setting up to be nice south movement for GU, ill sell any decent rallies.
  • #218,640
  • Mar 18, 2010 10:51am Mar 18, 2010 10:51am
Quoting Beljevina
Grabbed another short around the DPP @ 138.2. GU,EU is mildly tanking (should have shorted GU earlier) on what looks like USD strength. GY shouldn't be far behind to come down.
In order to see GJ lower (which I believe will happen) we either have to see yen buying or USD weakness correct? In addition to GBP weakness or else we are just in the middle of a power struggle. . .
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