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

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

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#224,901
May 17, 2010 3:40pm May 17, 2010 3:40pm

fullhouse
| Additional Username | Joined Apr 2010 | 722 Posts

Quoting Scrat

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thanks. it makes sense, if you come to think of it - forex markets never close between monday (first nz orders) and friday (last us orders), so to speak of a daily close is not quite accurate... i know i am going against the conventional wisdom here, but this is how things are.

for classic charts, i would say everything below weekly is noisy. daily could be a very powerful tool for entries/exits only if we watch and correlate between major sessions - something like my previous charts with squares all over the chart . but below daily... well......

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scrat,,if i take your view of above 135.56,then you said we are in for more of a consilidation period of a higher PA ... so that line up with my view of 138.50 .. then your 135.56 is the neckline of inverted H&S and your ABC is right on the 78.6 at 138.50 inside the triangle ...

so im not bother now to try shorts at 136 if we take out the high of 135.56,,, we will most likely retrace at 135.56 and form the right shoulder ,and then impulsive wave C to 138.50 ...

here is the chart of my explanation ...

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#224,902
May 17, 2010 3:49pm May 17, 2010 3:49pm

Piters
Joined Sep 2006 | Status: Collector | 9,833 Posts

Quoting Scrat

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thanks. it makes sense, if you come to think of it - forex markets never close between monday (first nz orders) and friday (last us orders), so to speak of a daily close is not quite accurate... i know i am going against the conventional wisdom here, but this is how things are.

for classic charts, i would say everything below weekly is noisy. daily could be a very powerful tool for entries/exits only if we watch and correlate between major sessions - something like my previous charts with squares all over the chart . but below daily... well......

Ignored

YUP, as an unregulated market.. it is an agreement, but it is different with some brokers.. [GMT],[NY close], [NY close+2] ... ect

Im running on 3different platforms, and all 3 having different daily close.. (DPP), so.. you know.. the rest..

[4h],[8h], [Daily],, are different, GANN HiLo [10]; Ema, SMA, ect.. all different..

So then you go back down to 1h, and Under to scalping area.. where ALL is good.. and collect some pips..

#224,903
May 17, 2010 3:51pm May 17, 2010 3:51pm

Traderdesk
| Commercial User | Joined Feb 2010 | 189 Posts

Weekly picture is quite clear on support and resistance areas....

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Traderdesk -

#224,904
May 17, 2010 3:54pm May 17, 2010 3:54pm

Scrat
Joined Jan 2007 | Status: Trader | 3,719 Posts

correction could mean 2 things - 1, ranging (or consolidation); and 2, rally.

i wouldn't mess with longs, but that's just me. medium term trend is still bearish, and any rally should theoretically be short lived; not to mention that correction rallies can be quite tricky. if we go above 135.56, i will re-evaluate and start watching for support breaks rather than ride rallies.

Quoting fullhouse

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scrat,,if i take your view of above 135.56,then you said we are in for more of a consilidation period of a higher PA ... so that line up with my view of 138.50 .. then your 135.56 is the neckline of inverted H&S and your ABC is right on the 78.6 at 138.50 inside the triangle ...

so im not bother now to try shorts at 136 if we take out the high of 135.56,,, we will most likely retrace at 135.56 and form the right shoulder ,and then impulsive wave C to 138.50 ...

here is the chart of my explanation ...

Ignored

Nihil Sine Deo.

#224,905
May 17, 2010 4:01pm May 17, 2010 4:01pm

Geppy
Joined Sep 2007 | Status: Trader | 6,871 Posts

Quoting Scrat

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for a better view of the lower timeframes, i am posting a chart showing closing levels for tokyo and london...

a test of 132.85 (tokyo close today) or maybe even 132.50 (london close today) might be possible as support is almost always tested before a rally. i plan to go long with stops below 131.90... and then lock profits on the way up. i don't have a target yet, but i will reconsider @ 135.

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Quoting Scrat

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correction could mean 2 things - 1, ranging (or consolidation); and 2, rally.

i wouldn't mess with longs, but that's just me. medium term trend is still bearish, and any rally should theoretically be short lived; not to mention that correction rallies can be quite tricky. if we go above 135.56, i will re-evaluate and start watching for support breaks rather than ride rallies.

Ignored

check out my blog: forexmademillionaire dot com

#224,906
May 17, 2010 4:03pm May 17, 2010 4:03pm

quecee5
Joined Oct 2007 | Status: Trader | 5,510 Posts

Quoting Traderdesk

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Weekly picture is quite clear on support and resistance areas....

Ignored

125 is the target. . .

but not before 135.51/136.30. . .

#224,907
May 17, 2010 4:05pm May 17, 2010 4:05pm

fullhouse
| Additional Username | Joined Apr 2010 | 722 Posts

Quoting Scrat

Disliked

correction could mean 2 things - 1, ranging (or consolidation); and 2, rally.

i wouldn't mess with longs, but that's just me. medium term trend is still bearish, and any rally should theoretically be short lived; not to mention that correction rallies can be quite tricky. if we go above 135.56, i will re-evaluate and start watching for support breaks rather than ride rallies.

Ignored

yip i agree..im all over bearish ,,,but i came to a conclusion,that if we taker out the high of 135.56,,then i wont short at 136 and will rather wait for 138.50 ..

if that is the case of triangle setup,,then its HUGE !!!

add on every 78.6 rally ..gotta love this setups ..

and to place the cherry on the cake,,we have a inside bar on weekly chart(uk platform) ,, peter crowns favourite setups !

#224,908
May 17, 2010 4:05pm May 17, 2010 4:05pm

Scrat
Joined Jan 2007 | Status: Trader | 3,719 Posts

we're @ 134 now... another sneeze and hello 135. for me, this is not really going long

he mentioned 138 or so, and i was actually talking about longs to that area. sorry. hope this makes sense...

Quoting Geppy

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Nihil Sine Deo.

#224,909
May 17, 2010 5:32pm May 17, 2010 5:32pm

hindart
| Joined Apr 2009 | Status: Getting better! | 272 Posts

I believe 136.6 is coming before 130! quite nice divergence on H4 and pin bar on daily

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#224,910
May 17, 2010 6:02pm May 17, 2010 6:02pm

Geppy
Joined Sep 2007 | Status: Trader | 6,871 Posts

Quoting hindart

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I believe 136.6 is coming before 130! quite nice divergence on H4 and pin bar on daily

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I could be wrong, but I don't believe that's true divergence. We haven't made a new low since the 6th and therefore don't need to make a new on on MACD yet either.

Someone else would probably know better though.

check out my blog: forexmademillionaire dot com

#224,911
May 17, 2010 6:14pm May 17, 2010 6:14pm

$teve
| Joined Feb 2008 | Status: Trader | 637 Posts

Let's hope we'll see the lower trendline of the wedge at 132.5 again so I could exit all my shorts in profits. Then I'll probably be sidelined and wait to short at higher prices. Not going to entertain long in a strong downtrend.

#224,912
May 17, 2010 6:35pm May 17, 2010 6:35pm

Jake Snake
| Joined Feb 2010 | Status: Trader | 112 Posts

Quoting Geppy

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I could be wrong, but I don't believe that's true divergence. We haven't made a new low since the 6th and therefore don't need to make a new on on MACD yet either.

Someone else would probably know better though.

Ignored

You are correct, it's not a divergence as you'd need a price recently below 129.8 to achieve a regular MACD down trend divergence.

#224,913
May 17, 2010 6:39pm May 17, 2010 6:39pm

Jake Snake
| Joined Feb 2010 | Status: Trader | 112 Posts

Quoting $teve

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Let's hope we'll see the lower trendline of the wedge at 132.5 again so I could exit all my shorts in profits. Then I'll probably be sidelined and wait to short at higher prices. Not going to entertain long in a strong downtrend.

Ignored

That's why it's called the beast! Probably let you get loads of profit, then when you feel you're on top of the world it'll snap back and you'll lose the whole god-damn lot!

Threat this pair with total respect and patience. I've just had to set up a new account to trade this pair. Luckily I can hedge and I have strict MM.

#224,914
May 17, 2010 6:48pm May 17, 2010 6:48pm

fullhouse
| Additional Username | Joined Apr 2010 | 722 Posts

Quoting $teve

Disliked

Let's hope we'll see the lower trendline of the wedge at 132.5 again so I could exit all my shorts in profits. Then I'll probably be sidelined and wait to short at higher prices. Not going to entertain long in a strong downtrend.

Ignored

its not yet a strong downtrend,,, its still ranging between 132 and 138 ,,2morrow will be again a strong uptrrend on lower TF ,and the day after down again ... it will be up and down until week end into next week ..but hope you get your exit ..
its highly posssible we will see 132.89 , below that,,i dont know,,maybe on your luck 130 ,,its going down now ,so sit tight
im long and hope to get it upto 136/138 ..or i really wish we can go to 138 ,then chirstmas pop up a bit early this year.

#224,915
May 17, 2010 6:57pm May 17, 2010 6:57pm

$teve
| Joined Feb 2008 | Status: Trader | 637 Posts

Quoting fullhouse

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its not yet a strong downtrend,,, its still ranging between 132 and 138 ,,2morrow will be again a strong uptrrend on lower TF ,and the day after down again ... it will be up and down until week end into next week ..but hope you get your exit ..
its highly posssible we will see 132.89 , below that,,i dont know,,maybe on your luck 130 ,,its going down now ,so sit tight
im long and hope to get it upto 136/138 ..or i really wish we can go to 138 ,then chirstmas pop up a bit early this year.

Ignored

Based on the rejection of the one hour 50 ema and the 38.2 fib at 134.30, I think there's now a better chance GJ will break the lower trendline of the wedge at 132.50 and continue down to 129.60. An hourly close above 134.3 would paint a very different picture but until then 134.30 could the top of the next leg down.

#224,916
May 17, 2010 7:05pm May 17, 2010 7:05pm

fullhouse
| Additional Username | Joined Apr 2010 | 722 Posts

Quoting $teve

Disliked

Based on the rejection of the one hour 50 ema and the 38.2 fib at 134.30, I think there's now a better chance GJ will break the lower trendline of the wedge at 132.50 and continue down to 129.60. An hourly close above 134.3 would paint a very different picture but until then 134.30 could the top of the next leg down.

Ignored

i dont know,,but i cant see even 132 now ,,i do see a break above 134 in any minute ..but i could be wrong

#224,917
May 17, 2010 7:40pm May 17, 2010 7:40pm

Geppy
Joined Sep 2007 | Status: Trader | 6,871 Posts

Treasury takes $1.6 billion loss on Chrysler loan

Treasury takes $1.6 billion loss; Chrysler pays portion of $4 billion loan received in 2009

Martin Crutsinger, AP Economics Writer, On Monday May 17, 2010, 7:28 pm EDT

WASHINGTON (AP) -- The Treasury Department said Monday it will lose $1.6 billion on a loan made to Chrysler in early 2009.

Taxpayer losses from bailing out Chrysler and General Motors are expected to rise as high as $34 billion, congressional auditors have said.

Treasury said Monday that Chrysler repaid $1.9 billion of a $4 billion loan, which was extended before the company filed for Chapter 11. The government hopes to get another $500 million from the company that emerged from bankruptcy, Chrysler Group LLC.

Treasury officials said that the government had no plans to boost its stake in the new Chrysler to cover those losses. It also acknowledged another $1.9 billion in potential losses from a separate loan that had been made to the company that went through bankruptcy proceedings. It indicated slim hopes of recouping much if anything from that separate $1.9 billion loan.

The original $4 loan was made in January 2009, when the Bush administration was scrambling to rescue Chrysler, GM and their auto financing arms.

The Congressional Budget Office estimated in March that the government's $85 billion bailout of the automakers would cost taxpayers $34 billion.
Much of it will depend on how much the government recovers from its eventual sale of nearly 61 percent of GM and about 10 percent of Chrysler.
GM has said it could conduct a public stock offering later this year. Chrysler officials have said a public stock offering is not likely before 2011.

The Treasury Department made the announcement about the loss from Chrysler on a day when GM reported its first quarterly profit in nearly three years. That moved GM closer to a stock offering that would repay at least part of the $43 billion it owes the government.

Chrysler Holding is the parent company of the old Chrysler. It is owned by private equity firm Cerberus Capital Management. Cerberus bought Chrysler from Daimler AG in 2007.

Chrysler came close to running out of money at the end of 2008, so the U.S. government stepped in, authorizing $15.5 billion in aid and appointing Fiat SpA to run the new Chrysler after it emerged from bankruptcy protection. The old Chrysler's assets, along with its finance arm, became Chrysler Holding.

Treasury said it has received repayments of $3.9 billion to date, including the $1.9 billion repayment and a $1.5 billion loan paid off by Chrysler Financial. Chrysler also assumed $500 million of Old Chrysler's debt, reducing the debt to the government.

Associated Press Writers Ken Thomas in Washington and Dee-Ann Durbin in Detroit contributed to this report.

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#224,918
May 17, 2010 7:50pm May 17, 2010 7:50pm

pipidiot
| Joined Oct 2008 | Status: forex trading idiot | 108 Posts

Quoting Geppy

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Treasury takes $1.6 billion loss on Chrysler loan

Treasury takes $1.6 billion loss; Chrysler pays portion of $4 billion loan received in 2009

Martin Crutsinger, AP Economics Writer,...

Ignored

That can't be good for bulls, isn't it ? For DOWJ either...