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

  • #223,741
  • May 6, 2010 9:14pm May 6, 2010 9:14pm
Quoting KeyframeHR
Patience pill!

It fell through tenkan line and stuck between it and senkou cloud line on 15min due to approaching 5min 200MVA

15min:

http://imgur.com/D0o6V.png

5min:

http://imgur.com/luLLr.png

unfortunately this is the area of resistance. It needs to clear out of the tenkan (or those green MVAs on 5min) before it continues. if it fails, it fails - take your stop and don't enter again, because it is a sign of weakness in the trend. This is a vulnerable area, that is all - expect more from that white line on...
I added some longs to my losing trade -- bad idea usually -- but it worked out this time...I made just enough on the last upswing to cover what I had lost from my previous long's drawdown. What made this a resistance area? How could you tell? simply the close of the long bar?
  • #223,742
  • May 6, 2010 9:19pm May 6, 2010 9:19pm
Quoting Tsudo
What made this a resistance area? How could you tell? simply the close of the long bar?
you can see on 15min ichimoku chart that it went through the cloud and immediately closed below tenkan line (light teal one), which meant it was sandwiched between top of the cloud and tenkan line so it was stuck. Since immediate trend was up, I looked on the 5min chart with an array of MVA's I use and knew when to wait for a close between dark green line to continue up. It works always, except when it doesn't
  • #223,743
  • May 6, 2010 9:19pm May 6, 2010 9:19pm
tat's true... if you are technical users (gambling), but if you are funda then i would not say that you are gambling coz the news shows that its gonna drop... anyway waiting for 130 again
after that i will stop for this week...
have a great day
row row row your boat
  • #223,744
  • May 6, 2010 9:20pm May 6, 2010 9:20pm
Quoting KeyframeHR
listen to karim, no need to trade for several working days at least.
as for now, MVA array on 5min I have changed slope of ascent to 1 o'clock, which means it will get stale soon, also 1hr 34 MVA's are fast approaching down, engulfing target already. If this was a live trade I'd bail out at BE because it gets volatile when those 34 MVA's approach and can go either way.

So, in other words, I don't consider this trade valid anymore (if you're a safe player).
i think i'll be in a new trade only next week.. i don't like friday trades .. also, today's nfp.. in an earlier post i said what i see to happen on gj at ny open... but not sure if it is a good idea to trade in the second day from uk elect - with nfp news in it might get some small & tight trade .. dont know yet.. maybe next week... i wait..
LOL
  • #223,745
  • May 6, 2010 9:23pm May 6, 2010 9:23pm
Looks like I'm spamming... anyways, though you might want to hear about this:


Quote
The Bank of Japan said it will pump 2 trillion yen ($21.8 billion) into the financial system after the Greek debt crisis caused instability in financial markets in the U.S. and Europe.

The emergency measure represents the bank’s first same-day repurchase operations since December. The balance of current- account deposits held by financial institutions at the central bank will likely increase to 16.9 trillion yen, up 800 billion yen from yesterday, the central bank said.

http://preview.bloomberg.com/news/20...this-year.html

I don't know if they already pumped it in... if not, shorts could easily be decapitated if run on a tight stop, just sayin'...
  • #223,746
  • May 6, 2010 9:26pm May 6, 2010 9:26pm
Quoting KeyframeHR
Looks like I'm spamming... anyways, though you might want to hear about this:




http://preview.bloomberg.com/news/20...this-year.html

I don't know if they already pumped it in... if not, shorts could easily be decapitated if run on a tight stop, just sayin'...
May 7 (Bloomberg) -- Japanese Finance Minister Naoto Kan
said Group of Seven nations will discuss Greece’s fiscal
situation in a conference call. Speaking to reporters in Tokyo
today, Kan said he didn’t think countries will call for joint
currency intervention.
  • #223,747
  • May 6, 2010 9:26pm May 6, 2010 9:26pm
Quoting karimfx
my friend, do you really need to trade in moments with big & very imporant news? in these moments trading is like toss a coin ( eg, price have a spike and takes your SL and after you get crazy cause is in your trend..but you'd be out from position... or any other situation..)
market is from sunday night to friday evening opened... always there.. try to control yourself like the japanese monks and to wait the correct level to enter.. it is not necessary to be in a trade all the time..
for example, from yesterday night i 've been sidelined......
Absolutely correct. That's the part I have a problem with. I don't know how to spot a good entry. I'll be watching the waves and reading the posts and I'll see, "long @ xxx.xx" and be like, , why enter there? But they were correct, price would push up and they'd make money.

Also, you're right about me feeling the need to be in a trade all the time because I see it as if I'm not in there, I'm not making money (granted, not losing any, either)...but I want to do this for a living because (for medical reasons) I can't really expect an employer to want to work with me when I graduate college and enter the real world and I figure this is one of the few things that's there when I want it to be, and can work with my hectic schedule...if that makes sense?
  • #223,748
  • May 6, 2010 9:27pm May 6, 2010 9:27pm
Quoting KeyframeHR
Patience pill!

It fell through tenkan line and stuck between it and senkou cloud line on 15min due to approaching 5min 200MVA

15min:

http://imgur.com/D0o6V.png

5min:

http://imgur.com/luLLr.png

unfortunately this is the area of resistance. It needs to clear out of the tenkan (or those green MVAs on 5min) before it continues. if it fails, it fails - take your stop and don't enter again, because it is a sign of weakness in the trend. This is a vulnerable area, that is all - expect more from that white line on...
from your chart, i see the purple line get into the cloud... theoretically this means range.. and it is seen in your chart that the range it will be between 133 - 137 for the next candles that it will be in that cloud .. ussually the range ends between 61.8-78.6 of the lenght of the cloud... expect there to not have a range anymore...
LOL
  • #223,749
  • May 6, 2010 9:28pm May 6, 2010 9:28pm
Quoting karimfx
i think i'll be in a new trade only next week.. i don't like friday trades .. also, today's nfp.. in an earlier post i said what i see to happen on gj at ny open... but not sure if it is a good idea to trade in the second day from uk elect - with nfp news in it might get some small & tight trade .. dont know yet.. maybe next week... i wait..
that's the right attitude, if you're not sure - don't trade, there will be more trades. I closed this trade at -28 because I don't see valid technicals that would allow for safe play anymore. Just wait until dust settles a bit, maybe next mid week, or demo trade in between to practice.
  • #223,750
  • May 6, 2010 9:31pm May 6, 2010 9:31pm
Quoting karimfx
from your chart, i see the purple line get into the cloud... theoretically this means range.. and it is seen in your chart that the range it will be between 133 - 137 for the next candles that it will be in that cloud .. ussually the range ends between 61.8-78.6 of the lenght of the cloud... expect there to not have a range anymore...
true, but only if PA entered the cloud. It never did and I didn't expect it to since it was riding an uptrend on MVAs on my 5min chart. It just accidentally got stuck in a small crevice
  • #223,751
  • May 6, 2010 9:36pm May 6, 2010 9:36pm
Quoting Tsudo
Absolutely correct. That's the part I have a problem with....
but you 're keeping them... and it make sense your wish to not work as an employee... nobody wants.. but for eg i 've been hired by france telecom at the college graduate.. i'm working as a mobile data executive and i have 4 years since i work for france telecom... in the same time trying to make a future with forex like you... but need patience.. 'cause i'm not buffet's son.. first i had an $2000 acc.. now $17000 and this means a 4 year work on forex.. that's is... have to be patience.. or i can throw my money to the window LOL
LOL
  • #223,752
  • May 6, 2010 9:38pm May 6, 2010 9:38pm
Quoting KeyframeHR
that's the right attitude, if you're not sure - don't trade, there will be more trades. I closed this trade at -28 because I don't see valid technicals that would allow for safe play anymore. Just wait until dust settles a bit, maybe next mid week, or demo trade in between to practice.
like i said in my last post, i am working too in the same time at france telecom... it is true also that the work schedule doesn't give so much time to trade.. that's why i use only H1 & H4 tf... but this is a good thing... it helps me..
LOL
  • #223,753
  • May 6, 2010 9:41pm May 6, 2010 9:41pm
Quoting karimfx
or i can throw my money to the window LOL
No, no. Don't be like me

I know it takes patience...it just kind of sucks because I may be on a truncated time table...

Anything other than just pure trading that I could do to learn better? Books, sites, etc.?
  • #223,754
  • May 6, 2010 9:41pm May 6, 2010 9:41pm
Biggest 1 day gain on the Dow, for tomorrow?
  • #223,755
  • May 6, 2010 9:45pm May 6, 2010 9:45pm
Quoting karimfx
like i said in my last post, i am working too in the same time at france telecom... it is true also that the work schedule doesn't give so much time to trade.. that's why i use only H1 & H4 tf... but this is a good thing... it helps me..
TBH I always tend to trade on 2hr and 4hr charts, I'm demo trading now so I'm experimenting. Judging on

4hr:

http://imgur.com/YmjqU.png

and 1hr:

http://imgur.com/WB4az.png

you could trade easily up to that red MVA on 1hr or yellow MVA on 4hr, easily.

I was in need of patience pills, obviously - 138.5. What spooked me though is session switch, since asia is near end and london can go all TA or shit bricks, and after today who knows if charts will work in the morning. Asia usually never panics and is calm and TA.
  • #223,756
  • May 6, 2010 9:49pm May 6, 2010 9:49pm
Quoting Tsudo
No, no. Don't be like me

I know it takes patience...it just kind of sucks because I may be on a truncated time table...

Anything other than just pure trading that I could do to learn better? Books, sites, etc.?
start with babypips.com.. there you have school section..
LOL
  • #223,757
  • Edited 10:10pm May 6, 2010 9:50pm | Edited 10:10pm
after ny closed, we went up. tokyo opened @ 136.10 and also pushed price up. next resistance level is 139.60 where london closed yesterday.

but, a break of 136.10 would bring focus on 134.40 again.
Nihil Sine Deo.
  • #223,758
  • May 6, 2010 9:54pm May 6, 2010 9:54pm
on a related note UJ is at 61,8% fibo retracement, which is usually clean TA for going right back down when it touches it OR if it fails then broken/uncertain downtrend - hence for another spook (I still have half open though).

http://imgur.com/RuMOA.png

if UJ makes a full recovery, you know what that means for GJ.
  • #223,759
  • May 6, 2010 9:54pm May 6, 2010 9:54pm
Quoting karimfx
start with babypips.com.. there you have school section..
and if you want a tested strategy for about many year decades on commodities and which works great on forex... try to understand my strategy explained there:
http://www.forexfactory.com/showpost...stcount=220586
LOL
  • #223,760
  • Edited 10:17pm May 6, 2010 10:02pm | Edited 10:17pm
if UJ goes up through fibo 61,8 (I think not):

93,25 - but I think it will dead stop here at 92,46

http://imgur.com/jg7yx.png


well I bailed out completely that GJ entry and entered UJ which is more clean TA setup which I won't regret if it goes wrong, since this falls into my strategy of playing:

http://imgur.com/Uv45w.png

that's it from me tonight.
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