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

  • #226,241
  • May 26, 2010 9:55am May 26, 2010 9:55am
Quoting Geppy
Seems like everyone is turning bullish here... egg-cellent
Using the forum as a sentiment indicator eh? When it gets very bullish, short?
Every time you use 'hopium' in a post, God kills a kitten.
  • #226,242
  • May 26, 2010 9:57am May 26, 2010 9:57am
As always... been holding my shorts since yesterday afternoon from 130.55, just getting even more confirmation from the board now

Quoting profxtrader
Using the forum as a sentiment indicator eh? When it gets very bullish, short?
check out my blog: forexmademillionaire dot com
  • #226,243
  • May 26, 2010 9:59am May 26, 2010 9:59am
Quoting Geppy
As always... been holding my shorts since yesterday afternoon from 130.55, just getting even more confirmation from the board now


I like you dude. I'm short as well, but completely running out of patience. GU and GY charts remind me of the movie/book "It" as in "Everything floats down here." They seem to be impervious to moving down recently.
Every time you use 'hopium' in a post, God kills a kitten.
  • #226,244
  • May 26, 2010 10:02am May 26, 2010 10:02am
True, but also impervious to moving up too and there's a lot more resistances than supports right now and we're in a downtrend. I could print out this chart, hand it to a 4 year old and ask "which way next?"... guess what they'd say?

Quoting profxtrader


I like you dude. I'm short as well, but completely running out of patience. GU and GY charts remind me of the movie/book "It" as in "Everything floats down here." They seem to be impervious to moving down recently.
check out my blog: forexmademillionaire dot com
  • #226,245
  • May 26, 2010 10:04am May 26, 2010 10:04am
Quoting Geppy
True, but also impervious to moving up too and there's a lot more resistances than supports right now and we're in a downtrend. I could print out this chart, hand it to a 4 year old and ask "which way next?"... guess what they'd say?
There were actually similar studies done. I forget where I read this, but even kids could look at a chart and see which direction price was headed. Upper left to lower right... down. Lower left to upper right... up.

EDIT.. ok, now the DOW is headed back down. Come on 9500! Hell 9800 is fine by me today.
Every time you use 'hopium' in a post, God kills a kitten.
  • #226,246
  • May 26, 2010 10:06am May 26, 2010 10:06am
Quoting profxtrader
There were actually similar studies done. I forget where I read this, but even kids could look at a chart and see which direction price was headed. Upper left to lower right... down. Lower left to upper right... up.

EDIT.. ok, now the DOW is headed back down. Come on 9500! Hell 9800 is fine by me today.
Yup... really not that hard now is it?
check out my blog: forexmademillionaire dot com
  • #226,247
  • May 26, 2010 10:07am May 26, 2010 10:07am
On the hourly chart we show an inverse H&S pattern... looking to to see PA go towards 131 before coming back down somewhat...
Traderdesk -
  • #226,248
  • May 26, 2010 10:14am May 26, 2010 10:14am
Quoting Traderdesk
On the hourly chart we show an inverse H&S pattern... looking to to see PA go towards 131 before coming back down somewhat...
If it breaks 130.50, it might not come back. I'm already positioned long term at 129.20 for 141. Taking in a lot of dip buying scalps along the way.
  • #226,249
  • May 26, 2010 10:14am May 26, 2010 10:14am
And there it is... I've been waiting 2 hours for Gucc to bring this one up but you beat him to it. Another H&S that isn't valid, weeeee!

Quoting Traderdesk
On the hourly chart we show an inverse H&S pattern... looking to to see PA go towards 131 before coming back down somewhat...
check out my blog: forexmademillionaire dot com
  • #226,250
  • May 26, 2010 10:14am May 26, 2010 10:14am
What's going on with GBP/JPY?? Very wild swings... Why there is so much volatility? Am I missing something?

Regards
Nectarios
  • #226,251
  • May 26, 2010 10:16am May 26, 2010 10:16am
Quoting Traderdesk
On the hourly chart we show an inverse H&S pattern... looking to to see PA go towards 131 before coming back down somewhat...
That last hourly candle that was completed looked like it was going to be a definite shooting star, but then literally in the last 3 minutes it printed a bullish pattern. Not really seeing that H&S though. The current hourly underway is confusingly wide ranging to really trade, but just wanted to remind that FTSE is closing down in 20 min., and we'll then see more independence from NY on driving this thing (but on lower volume.) Really a crapshoot entering a trade now - although you pretty much can go long & short and close both 30-50 pips in profit at some point!

Quoting Nectarios
What's going on with GBP/JPY?? Very wild swings... Why there is so much volatility? Am I missing something?
Volatility? This ain't nothin'!!! This is standard issue GY! Were you trading post May 6? 200 pips in 5 minutes!!!
  • #226,252
  • May 26, 2010 10:17am May 26, 2010 10:17am
Quoting Nectarios
What's going on with GBP/JPY?? Very wild swings... Why there is so much volatility? Am I missing something?

Regards
Nectarios
It's a battle for direction. You're not missing anything.
Every time you use 'hopium' in a post, God kills a kitten.
  • #226,253
  • May 26, 2010 10:18am May 26, 2010 10:18am
Quoting profxtrader
It's a battle for direction. You're not missing anything.
Good Morning guys.

Day off today. Yee haw.

Im all cash atm, waiting for good entry.
Dr. C
  • #226,254
  • May 26, 2010 10:20am May 26, 2010 10:20am
Quoting Nectarios
What's going on with GBP/JPY?? Very wild swings... Why there is so much volatility? Am I missing something?

Regards
Nectarios
yeah very wild swings..
Trade what you see, not what you think.
  • #226,255
  • May 26, 2010 10:20am May 26, 2010 10:20am
Cheers Gents.
  • #226,256
  • May 26, 2010 10:24am May 26, 2010 10:24am
Quoting Geppy
And there it is... I've been waiting 2 hours for Gucc to bring this one up but you beat him to it. Another H&S that isn't valid, weeeee!
Well beauty is in the eye of the beholder Didn't say it was a classic H&S but I look at a triangle pattern as well that had broken to the upside on the hour chart as well so I give a higher high more validity but that is just my opinion..
Traderdesk -
  • #226,257
  • May 26, 2010 10:32am May 26, 2010 10:32am
up and down... chop and chop...

remember what happened yesterday after ny closed - well that was a check of demand in the market. no higher high after that rally. london is about to close in 30 minutes, and after that our new relevant high in place will be 130.70.

i would like to see this below 129.30 before securing my short positions @ b/e, that's the place where we're out of the woods and continuing down...
Nihil Sine Deo.
  • #226,258
  • May 26, 2010 10:34am May 26, 2010 10:34am
Check how low that euro is getting again ... 1.19/18 I'm sure is not too far off. Which reminds me, until euro optimism returns, sterling's up ride is quite capped. Only concern though is the ECB stepping in to pound it's chest - they'd be wise to save their cash for the inevitable arrival closer to parity!

Frankly, the euro has been and still is quite overvalued. I'm glad I'll be paying more down to earth prices when I go there next, hopefully in the coming months. Euro prices for us NA'ers have been unjustifiably ridiculous for far too long!
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  • #226,259
  • May 26, 2010 10:38am May 26, 2010 10:38am
Doesn't look too wild to me. Breaks the blue trendline to go down. Break 130.50 to go up. Scalp everything in between. Simple.
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  • #226,260
  • May 26, 2010 10:41am May 26, 2010 10:41am
Quoting Beljevina
Check how low that euro is getting again ... 1.19/18 I'm sure is not too far off. Which reminds me, until euro optimism returns, sterling's up ride is quite capped. Only concern though is the ECB stepping in to pound it's chest - they'd be wise to save their cash for the inevitable arrival closer to parity!

Frankly, the euro has been and still is quite overvalued. I'm glad I'll be paying more down to earth prices when I go there next, hopefully in the coming months. Euro prices for us NA'ers have been unjustifiably ridiculous for far too long!

I agree... E/U should be down to parity but I don't see cable to go too low long term. Inflation will pick up with corresponding interest-rate increases as well as the yen getting weaker with deflation still occurring and USD getting stronger... So in the future Euro/GBP will get weaker with G/Y starting up the long road towards 150 level...

But it will take time so patience is the game. Right now the Yen is consolidating and selling is occurring every chance below 92... Looking for 115 for the Yen as well...
Traderdesk -
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