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

  • #224,161
  • May 12, 2010 8:39am May 12, 2010 8:39am
Point of no return. Either it will bounce up from this trendline here and go back into consolidation (139 area) or break this level and drop like mad.
  • #224,162
  • May 12, 2010 8:44am May 12, 2010 8:44am
4 Now Bearish !



Then Bullish !




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  • #224,163
  • May 12, 2010 8:49am May 12, 2010 8:49am
Quoting Pipsqueak
Point of no return. Either it will bounce up from this trendline here and go back into consolidation (139 area) or break this level and drop like mad.
I like option # 2. Shorts are always nore satisfying and when this b___h drops... she drops!
Every time you use 'hopium' in a post, God kills a kitten.
  • #224,164
  • May 12, 2010 9:04am May 12, 2010 9:04am
Quoting profxtrader
I like option # 2. Shorts are always nore satisfying and when this b___h drops... she drops!
Well price is resting right on the LTL right now so if I have to take a trade, it has to be long simply based on the previous 3 times it hit this trendline and bounced. I will wait until after this hourly candle closes, then will take a trade. If there's serious selling, we should see it in this hour. Strong selling under 138 is what I'm looking for if I were to short. Otherwise I will take a long back to 140.
  • #224,165
  • May 12, 2010 9:09am May 12, 2010 9:09am
still bullish unless 137 taken

however gbp been bearish today...
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  • #224,166
  • May 12, 2010 9:16am May 12, 2010 9:16am
Quoting Pipsqueak
Well price is resting right on the LTL right now so if I have to take a trade, it has to be long simply based on the previous 3 times it hit this trendline and bounced. I will wait until after this hourly candle closes, then will take a trade. If there's serious selling, we should see it in this hour. Strong selling under 138 is what I'm looking for if I were to short. Otherwise I will take a long back to 140.
This is what I'm looking at. Narrow range bars with high volume and high volume on bars where price has been pushed way back down means to me that smart money is loading up shorts at that level. Once demand has been removed.... adios Geppy.
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Every time you use 'hopium' in a post, God kills a kitten.
  • #224,167
  • May 12, 2010 9:29am May 12, 2010 9:29am
Quoting profxtrader
This is what I'm looking at. Narrow range bars with high volume and high volume on bars where price has been pushed way back down means to me that smart money is loading up shorts at that level. Once demand has been removed.... adios Geppy.
Only problem is GJ could go up again to make another high at probably 139.90 or 140 before heading back down again. I don't look at volume but I notice that usually before any major sell off, there's a piece of surprised news that spooks the market. If there isn't any "catalyst", GJ won't drop. It will simply go up back into consolidation again. Until a piece of good news send it flying or a piece of bad news send it tumbling down.
  • #224,168
  • May 12, 2010 9:31am May 12, 2010 9:31am
Quoting profxtrader
This is what I'm looking at. Narrow range bars with high volume and high volume on bars where price has been pushed way back down means to me that smart money is loading up shorts at that level. Once demand has been removed.... adios Geppy.
Cable shows a similar picture.
Every time you use 'hopium' in a post, God kills a kitten.
  • #224,169
  • May 12, 2010 9:32am May 12, 2010 9:32am
Quoting Pipsqueak
Only problem is GJ could go up again to make another high at probably 139.90 or 140 before heading back down again. I don't look at volume but I notice that usually before any major sell off, there's a piece of surprised news that spooks the market. If there isn't any "catalyst", GJ won't drop. It will simply go up back into consolidation again. Until a piece of good news send it flying or a piece of bad news send it tumbling down.
For me, volume is the catalyst. The big players don't need news. They've already got whatever move they're going to make planned out.
Every time you use 'hopium' in a post, God kills a kitten.
  • #224,170
  • May 12, 2010 9:34am May 12, 2010 9:34am
Quoting Pipsqueak
Only problem is GJ could go up again to make another high at probably 139.90 or 140 before heading back down again. I don't look at volume but I notice that usually before any major sell off, there's a piece of surprised news that spooks the market. If there isn't any "catalyst", GJ won't drop. It will simply go up back into consolidation again. Until a piece of good news send it flying or a piece of bad news send it tumbling down.
Is been consolidation near 139, still a possible to 140 because 137 haven't visit today. Still got around 7hours, let see how it close.

Edit: Btw H1 Gann looks holding we moving down. No wonder H4 Gann haven't flip LoL
  • #224,171
  • May 12, 2010 9:39am May 12, 2010 9:39am
Quoting special0nefx
Is been consolidation near 139, still a possible to 140 because 137 haven't visit today. Still got around 7hours, let see how it close.
Cable is making another run at it's LTL Geppy should follow.
Every time you use 'hopium' in a post, God kills a kitten.
  • #224,172
  • Edited 9:53am May 12, 2010 9:43am | Edited 9:53am
Quoting profxtrader
Cable is making another run at it's LTL Geppy should follow.
NO wonder. , Today seen got higher high and higher low.
  • #224,173
  • May 12, 2010 10:25am May 12, 2010 10:25am
The volume I'm seeing is fairly medium, in fact lower then expected for late London session.....Mmmmm. It's possibly 15% lower then yesterday, but I've just got in and haven't had time to fully check.
  • #224,174
  • May 12, 2010 10:37am May 12, 2010 10:37am
Just a quick one on Volumes got GBPJPY

Today:
15:00 =7184
16:00 = 7207

Yesterday:
15:00 = 7383
16:00 = 7907

This is possibly indicative of the PA not knowing where it's going. Less volume as traders don't know either and are trading less.
  • #224,175
  • May 12, 2010 10:58am May 12, 2010 10:58am
Quoting Jake Snake
Just a quick one on Volumes got GBPJPY
You'd be hard-pressed to make any conclusion based based on that, because it depends on what type of PA is underway during the same hourly period, and what's being defended and by whom. The key is relative volume comparisons; from that we can see that the lows are being bought (white bars), and there's a battle underway within sterling, but also with UJ and GU, thus sterling caught in the middle. Distribution & definite downward pressure is being exerted on GU, and, with the London close just occurred, we might have seen the day's low, GY may correlate more closely with the US equity markets for the NY afternoon.

A pertinent point is where the close will be, and even with a drift up, we should close at less than yest's 138.5, after 3 days of higher closes, signaling further test of lows down at 135.7 and eventually 133.x; not sure that we'll get to the latter this week. I am still riding my shorts I managed to pick up at London's post open 139.6 - I see the rejection from there as a good sign for further lows; might take some lots off the table if we dip lower today.
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  • #224,176
  • May 12, 2010 11:31am May 12, 2010 11:31am
Well last week I decided to test my wings and jump out of the nest of Demo trading.

For the first few nights, I had insomniac galor~!
I was excited, scared, greedy, nervous, hopeful... etc. The emotions were not the same as demo trading. I have trade to learn as much as I can from reading the posts of more experienced trader. Well It hasn't even been a full week since I started trading.. (in my time zone that is.) Last Friday I wasn't doing to bad. I had to step away from my computer to go to work for a couple of hours. I didn't set my stop loss. Or Trailing stop. Then when I got home I saw how it had dropped like crazy because of someone's fat finger pushing the wrong button somewhere. Then over in the EU someone called wolf again for the 3rd time. As the villagers left me to go protect the sheep again. I hadn't placed my stop loss correctly on some of my positions and some of my positions didn't have a stop lose so I got wiped out. That was late Friday night my time. Not even a day and a half and I lost $600 USD. <--actually I started trading with $570 USD because I was charged a $30 banking fee when I wired the funds to my account. People say learn from your mistakes. Well, I realized that I wasn't using good Money Management. I still kind of have the habit of trading with the big fake account. Nevertheless, I could see that if I wasn't in the game, I would miss out on some huge opportunity when the villagers found out that the wolf never really came. So before the metaphorical village people came back. I went to the bank after I got out of school. I wired $700 USD.. after banking fee it was $670 USD. However the funds weren't available until later that night. So when it was late at night my time, it was about 11:30 am New York time. This time I started placing more stops right away. After was positive +5 pips I moved my stop loss to break even. Then if it moved more, then I set my stop loss to +5 pips about break even. Well, I have been really surprized how the pips add up. It gives more clarity to the phrase being nickled and dimed to death. ha ha ha So anyways, trading is my dream. I want to be my own boss. Anyways, I wanted to share with my fellow newbies my actual balance sheet from when my account opened last week. You will see that I have more winners when I set my stop loss. Before I wasn't big on the stop loss thing. But I have been converted more strongly to the S/L.. One more thing. I have had to constantly tell myself not to be greedy, and that I don't need to try and make 1 million dollars in a day. I am still learning, so I am open to whatever the more experienced traders would like to share with me. And I am greatful for what has be shared with me by many kind people as well.

Alright... blah blah blah... ha ha ha
Happy trading
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Luck has no place in trading. Leave that for the poker table.
  • #224,177
  • May 12, 2010 11:46am May 12, 2010 11:46am
Quoting Pair-me-up
Well last week I decided to test my wings and jump out of the nest of Demo trading....

I am still learning, so I am open to whatever the more experienced traders would like to share with me. And I am greatful for what has be shared with me by many kind people as well.

Alright... blah blah blah... ha ha ha
Happy trading
Ok, just my opinion here so take it for what it's worth.

You're trading a ton and your style seems to be that of a "scalper". This is fine and all, if that's what you want but considering you want to be your own boss as a trader I would argue it isn't.

There are plenty of successful scalpers. They jump in and out of the market constantly and grab a few pips here and there. They think 100pip winners are huge. You can usually find them in front of their monitors during the best trading hours... they rarely leave because when they do, they can't be jumping in and out (making money). They aren't their own boss... the market is their boss.

My advice is to learn to swing trade. I don't enter a trade unless I plan to get at a minimum of 100pips out of it. I find my setups, profit targets and stop losses... set them and walk away. Then I can come and go as I please or simply check on things remotely from my phone. There's a lot less stress, anxiety, anticipation and loss of sleep if you ask me. You become your own boss and you can be free to do what you want with your time. Also, in the end I feel it's more profitable on a monetary basis as well as quality of life.

It's easy to change your mindset now while you're still learning. Once you get set in the ways of scalping it's very difficult to change your style. Most of the "seniors" here are swing traders and I don't think that's coincidential.

Geppy.
check out my blog: forexmademillionaire dot com
  • #224,178
  • May 12, 2010 11:48am May 12, 2010 11:48am
Quoting Beljevina
You'd be hard-pressed to make any conclusion based based on that, because it depends on what type of PA is underway during the same hourly period, and what's being defended and by whom. The key is relative volume comparisons; from that we can see that the lows are being bought (white bars), and there's a battle underway within sterling, but also with UJ and GU, thus sterling caught in the middle. Distribution & definite downward pressure is being exerted on GU, and, with the London close just occurred, we might have seen the day's low, GY may correlate...
Very nice analysis. . .
  • #224,179
  • May 12, 2010 11:52am May 12, 2010 11:52am
Great feed back.

Well, I am not trying to scalp intentionally. What exactly is considered swing trading? I am trying to improve my fundamental analysis. Alright, it is past mid night here. Time to try to catch some ZZZzzzzz instead of pips.
Luck has no place in trading. Leave that for the poker table.
  • #224,180
  • May 12, 2010 11:55am May 12, 2010 11:55am
can any buddy tell any good low spread broker for micro trading
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