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

To support the G/Y line at around 133 I am watching the U/Y uptrend 30 minute TF channel which is still valid at this time. It needs to stay above 92.60 to support cables bullishness for the next hour otherwise we need to look and re-evaluate... Again I still do not see anything except a slow upwards PA for the 50% target of the 139 drop until Thursday Asian session...

As a certain William Tradespeare once wrote, "tis it X or Y, that is the question?"

Ok, here's a chart. It shows 2 previous drops matching each other fairly closely. I believe this drop is similar. However, I'm not certain whether the 129.8 or the 131 a few days later is the first drop. I think it's probably "Y" as the fat finger day was an exception. So this move upwards could be a 500 pip movement from 131 to 136ish. If this is correct, then from 136 down 1600 pips is in the 122 area.

However, if the days after the Fat day is the retracement, then 125 area is the traget.

Everything done by an approximation as I'm awaiting confirmation

One more observation on the larger time frame using the 4 hour chart. The reasoning for looking at a resumption of the weekly down trend at around 136 level is on the 4 hour chart there is a triangle formed with support at the 131 level and resistance at the 137 level. For me the 136 level, if reached, is a good place to add more shorts with S/L above the UTL in the triangle...

Let's see if it makes it there....

What a boring PA in the last few hours. I'm away for 3 hours this afternoon (UK time) and haven't a clue what to do with my trades LOL. Volume has dropped somewhat and it's crawling along sloooowwwllllyyyy.

Somethings brewing, me thinks.

1 hour close above 143.30 will give us a nice steady rally to 136 ,and possible higher ... higher highs is most likely

I get the H1 close at 134.295 - mmmm, looks like the market is a bit uncertain as well as me.

yip... a boooring day 2day..

sneak of to the pub for a pint or 2 ,,sounds more fun

Here is the set-up with the same chart as yesterday. . .

Notice we didn't trade below 133.03/06 as stated and we pretty much just ranged between 133.60 - 134.30 with spike above and below. . .

The set-up will be confirmed if we get a daily close above the fib 100 line headed on our way to 135. . .

goldddd??

135 hard break resistant and 134 magnet price

here is a chart of gbp/usd ,,that we might be in for a deeper correction based on "possibilty" of a H&S , "if " break 1.44900 ress level,that we most likely will go to the neckline of the H&S pattern ,and then we can see levels of 1.47 and 1.48 ...

so if usd/jpy cant drag the gbp/jpy down and its up to the gbp/usd,,, then i cant see it will happen very soon, so we might see levels of 136 to 138.50 ,according to my gbp/usd view ...

we are still below ress level ,and its not gone yet,but if we break 1.44900,we can see a quick thrust up to 1.4650 area ..

so keep that in mind if you want to short gbp/jpy soon..

usd/jpy might drag gbp/jpy down and gbp/usd stay at these levels..but we will see ,but so far all the down thusts moves came form gbp/usd and not usd/jpy..

a close aobve ress level on gbp/usd,,seems like a nice long entry ,and its also 55 EMA ..

I expect an upward break....

i was first

dun happy so much bro...fat finger just came in n watch

gbp/usd looks juicy for some long'os .. keep an eye ..

..go ahead mate

UJ doesn't look so bullish. This price action is ridiculous. And it's not even summer yet.

For Quecee - I have been looking through the FF archives and have been unable to find a fibo retracement tool as neat as yours. Is there any chance you could point me in the right direction please? The MT4 standard fibo tool is a bit to basic.

Or do you plot them manually?

Thanks in advance.

Please let this be THE bear. I'm getting so sick and tired of waiting. I don't want to jinx the bear again.

According to forexlive.com:

Massive Cable put options at 144, totalling at least £3B, set to expire on Thursday. If we are to rally higher, we need to do it before the NY session on Thursday.

I cannot vouch for this info in any way, just throwing it out there.