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

  • #220,621
  • Apr 12, 2010 8:29am Apr 12, 2010 8:29am
Now, if we do decide to head lower to play out some other divergences, this chart represents next target for me.

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  • #220,622
  • Edited 8:49am Apr 12, 2010 8:30am | Edited 8:49am
But ultimately, I'm looking for PA to revisit <141...

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EDIT: Weekend gap now closed to the pip. AND GCh has also tested the week's low.
  • #220,623
  • Apr 12, 2010 8:58am Apr 12, 2010 8:58am
should get interesting if we can get an hourly close below 143.00
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  • #220,624
  • Apr 12, 2010 9:03am Apr 12, 2010 9:03am
Quoting Geppy
should get interesting if we can get an hourly close below 143.00
london packed up. would most likely drift upward or consolidate.
  • #220,625
  • Edited 10:02am Apr 12, 2010 9:04am | Edited 10:02am
Quoting Kofmaster
Raza

Can you show your daily RSI chart? thanks
This to me is Bearish.. Unless it turns into Hidden Bullish...

Two circle points on RSI are ..

1. high at 163..

2. RSi higher than the Highest high as compared to the last high at 163...

Lots of Room below..

Watching RSI on Daily and 4 Hr... Lets see what 142.30 brings when There..?

Price may make a new High before this divergence plays out Properly...

Think this Gap over the Weekend...screwed Up indicators like RSI..( if there was a Gap)
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Markets are not Random, they are designed!
  • #220,626
  • Apr 12, 2010 9:31am Apr 12, 2010 9:31am
Quoting Scrat
wait... now is not the best time for decisions.
Hi Scrat... Yes I am waiting since I don't have a clear direction. Just being patient waiting for that move
Traderdesk -
  • #220,627
  • Apr 12, 2010 11:14am Apr 12, 2010 11:14am
waiting...
Quoting Geppy
should get interesting if we can get an hourly close below 143.00
Nihil Sine Deo.
  • #220,628
  • Apr 12, 2010 11:22am Apr 12, 2010 11:22am
While we're waiting, while we're here, quick question for those with constructive insight:

What is your typical risk : reward with this pair, has it changed, does it change, do you maintain it for various timeframes?
Time flies like an arrow; fruit flies like a banana.
  • #220,629
  • Apr 12, 2010 11:28am Apr 12, 2010 11:28am
Trading is a life style

And I love my life style.
  • #220,630
  • Apr 12, 2010 11:44am Apr 12, 2010 11:44am
do you all agree we will see 141.70 by tues/wed and then 147/148 coming days/weeks ?

we might be in a possible wedge formation ..

ill post later charts .
  • #220,631
  • Apr 12, 2010 11:57am Apr 12, 2010 11:57am
Hi everyone, to me it's looking like we're finally ready for a real correction in terms of our most recent up move from 134ish up to 145ish. The daily looks to be putting in something I'd call close to a double top or tweezer top and I think shorts are going to be in play most of this week. I'd be looking for that 138.50 level a few of us were talking about last week and then potentially buying that dip for a run much higher.

Thoughts appreciated.
check out my blog: forexmademillionaire dot com
  • #220,632
  • Apr 12, 2010 12:11pm Apr 12, 2010 12:11pm
Quoting Geppy
Hi everyone, to me it's looking like we're finally ready for a real correction in terms of our most recent up move from 134ish up to 145ish. The daily looks to be putting in something I'd call close to a double top or tweezer top and I think shorts are going to be in play most of this week. I'd be looking for that 138.50 level a few of us were talking about last week and then potentially buying that dip for a run much higher.

Thoughts appreciated.
Imanuel Parsifal
  • #220,633
  • Apr 12, 2010 1:05pm Apr 12, 2010 1:05pm
May wait until UK elections to fall. First of next month, is it?
  • #220,634
  • Apr 12, 2010 1:07pm Apr 12, 2010 1:07pm
Quoting Geppy
Hi everyone, to me it's looking like we're finally ready for a real correction in terms of our most recent up move from 134ish up to 145ish. The daily looks to be putting in something I'd call close to a double top or tweezer top and I think shorts are going to be in play most of this week. I'd be looking for that 138.50 level a few of us were talking about last week and then potentially buying that dip for a run much higher.

Thoughts appreciated.
I would say that is the conventual wisdom. Would be nice to see if follow the rules for a little bit. I am not quite sure that is a double top just yet, needs to nudge down a little further to make that out imo.
  • #220,635
  • Apr 12, 2010 1:10pm Apr 12, 2010 1:10pm
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  • #220,636
  • Apr 12, 2010 1:24pm Apr 12, 2010 1:24pm
Hmmm.... Alcoa missed on revenue... first in 8 quarters.

NM
  • #220,637
  • Apr 12, 2010 1:25pm Apr 12, 2010 1:25pm
i agree, this is what current configurations is suggesting. no confirmation yet, though.

ny close is coming soon and i don't think we will see a new low for the day. so i would be happy to see a lower low on daily tomorrow, and then i will pay attention to 142.25 area.

funny thing is, there are more supports (143.15, 142.25, 141.90) than resistances... would be easier to keep rallying towards 148/150 than dipping again...

Quoting Geppy
Hi everyone, to me it's looking like we're finally ready for a real correction in terms of our most recent up move from 134ish up to 145ish. The daily looks to be putting in something I'd call close to a double top or tweezer top and I think shorts are going to be in play most of this week. I'd be looking for that 138.50 level a few of us were talking about last week and then potentially buying that dip for a run much higher.

Thoughts appreciated.
Nihil Sine Deo.
  • #220,638
  • Apr 12, 2010 1:28pm Apr 12, 2010 1:28pm
Quoting Scrat
funny thing is, there are more supports (143.15, 142.25, 141.90) than resistances... would be easier to keep rallying towards 148/150 than dipping again...
Maybe I'm missing why the latter two are much support. I see a real break below 143 and a quick trip to 141 area myself. A break of 140.80 and not much until 138.50 zone.
check out my blog: forexmademillionaire dot com
  • #220,639
  • Apr 12, 2010 1:57pm Apr 12, 2010 1:57pm
Quoting Geppy
Maybe I'm missing why the latter two are much support. I see a real break below 143 and a quick trip to 141 area myself. A break of 140.80 and not much until 138.50 zone.
I agree.
We bounced pretty hard and quickly off 141 last week and a quick trip back there is what i'm seeing. I have a feeling Asia could see a pretty sharp sell-off tonight. (just a feeling, not a trade).

Let's see.
  • #220,640
  • Apr 12, 2010 2:02pm Apr 12, 2010 2:02pm
Again, the 100 Daily moving average is at 142.34. Hard to argue against that as resistance. If it is cleared, then the lower trendline (around 141) is certainly next.

The Daily RSI is quite high....


NM
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