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

Indeed its hard to catch a Falling knife..

If it gets to 1.38xx level.. I will BUY and if below ..I wont be looking to buy this till 1.32xx..

When it was at 1.52 area I have mentioned to PK that it can go another 1200 pips before any retrace..it HAS @ 1.40xx

For EUR/USD its tricky...gotta wait few trading sessions to se what develops..

I will post Updates later this week..

Look out for GBP/JPY long after some Consolidation...!!! ALL jpy PAIRS... I am anticipating YENS WEAKNESS

Yeah, I looked at it on Friday and said no thanks. . . and I'm glad I did, it's falling like a brick since the run up on Friday. . .

Okay - see ya at 135.60/136 area. . .

According to Channels .. Trends and EW ...things are getting very very interesting from here ON for many PAIRS...

Patience will be rewarded Handsomely!!!

i think it will looking for 136 or 135 area before it bounce back up

1st wave level &
2nd wave level

Just wondering, so much happening, and everyone is asleep?

I am watching it. I still don't know what to make of it. It seems to me like anything could happen still.

I was looking at the weekly zoomed out and every single wick week like last week I saw during the 08 crash had a big big upsurge before its next big wave down.

130 is next,then 128.60..then 123.80

That seems like it has too be to me too. I think I just stared at the charts too long and started chasing my tail.

Lets see what London has cooking here in a bit!

There's really not that much happening at all.

The drop from 140ish this morning was extremely predictable, but now things are starting to look a little more murky.

The 1H looks like it could still drop further, but 4H is looking oversold and in need of a correction. If I were in shorts right now I'd be thinking about covering or at least tightening my stop to well in profit.

My view would be to see some ping-pong style action between 135-140/141 with maybe dips into the 134s. The range needs to define itself and tighten up a bit more before we can see the rest of the daily bearish bias played out. But overall moves will be pretty smooth and predictable this week. People are pretty calm right now with the new bailout crap coming from the EU just like they were when TARP was announced.

However, this won't be the end of it, but it won't be the "end of the EU" (yet) either. I'd expect some more precarious news in the next week or two so that we test down into the low 130s (maybe 130/131). However, I don't see us going lower than that for at least a few months.

Most likely, we'll bottom out there once this daily bias plays out. From there on we'll probably head back up to 141/143 and test those resistances. Next? Well that's anyone's guess and I'd rather not speculate that far in advance but it's obviously one of two scenarios (the same thing we just experienced or a push through).

I wouldn't be surprised to see a push higher and break toward 150, 155, etc. Why? Well, the EU is in trouble, sure. But they just massively bailed themselves out and will be working themselves out of the limelight like the US did with TARP. My guess is once we go back up and test the mid 140s we'll start hearing about trouble in the US... the need to raise rates when we're not ready, the concern about potential inflation and hyperinflation, the still lagging economy and poor employment numbers. Our money printing press obsession will begin to voice its lack of approval and the EU will be an after thought (until they follow in the same footsteps as they are).

On a monthly basis GBP/JPY looks (to me at least) as though it's getting ready for a long bullish cycle as does USD/JPY. If the above fundamentals play out and the USD weakens we could see a major push north for GBP/JPY in the longer term.

As for me, I'm not trading this week... just monitor things. I'm giving myself a psychological break after leaving 1,000 pips on the table last Thursday and taking some time to reflect on why I did that. Hopefully I'll be feeling better about myself to get back on the wagon next week.

Happy trading to all you that are.

Geppy

we have hidden bearish divergence at 4h gj.so we will going down.first tp last week low.

where are others? I think they are busying counting their profit. Hahaha... For me i've got assg to do.. Going to play long term till end of june....

common GJ ... where are the others

to confirm that the bears are still in charge we need to break the weekly pivot, price is sitting on it right now at 136.75 lets see what happens from here.

from 15 minutes to the monthly time frame the 50 EMA is above price
I pray that the GU will break its support of 1.4801 which is the last week close
if it breaks then we are headed south. However be on the look out for the news that is coming out in 20 minutes time (Manufacturing Production) from UK zone.

For now EU and EJ are looking nicely. EU has broken its 1.2750 (last week close) it has broken and retested it and EJ is on the way down with it too. EU must kiss 1.2600 today. And EJ must see 116.78 (last week close).If GJ is proving funny look for another thing thing to do. on my currency meter Pound is 5.0 and yen is 5.3 they are still fighting let us see who wins the fight.

No idea where price is going. It's too volatile due to the uncertainty from the UK election and now analysts are saying the EU bailout might still not be enough in the long run. Price is still well within the weekly channel. I think in the short term price may test the high at 140 and then down again to 133 area. I'm flat right now with price being where it is. I will short in the 140 area and buy in the 133's.

i agree with that on ej, it will end up somewhere near 116.8 and from there it will bounce up hard, you may ask why. it is possible to see a perfect falling wedge forming on all 5m 15m and 30m charts and it seems like it will hit the bottom at around 116.8 and bounce from that point and finally break the wedge to the north, possibly head up to 121 i think.

This is My preferred View...and only one which makes sense to me.
It should not go below 126xx...IMO...

it may get Bullish Right from Here..and not see 129 again

Dont Follow me Trade you Charts...

Dude I love your quote. A lot of times it's so hard to clear your mind and let your mind know what your eyes see and that is where most trading mistakes are made. For that reason alone, I do not listen to news.