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

  • #226,661
  • May 28, 2010 10:06am May 28, 2010 10:06am
133.2 looks to have been the cap for the day. With people unwinding positions due to end of week/month/fear, selling seems the driver. Am expecting a dip to 50% of the last few rallies rise, with a reasonable likelihood of 131.1 and even 130.5 to be hit today. I feel the up move is not completely done, but will see next week if more buying oppty's present.

Just hearing on Bloomie that things with the nutcase N. Korea are at a height of tenseness, with them uttering 'war is approaching.' There's a reasonable likelihood of this impacting the yen crosses at some point, even if N. Korea is largely looking for attention and bargaining chips. Also, lots of UK specific noise on the European Union, and I keep sensing something's going to burst there to cause damage to sterling, hence being baby bull in the meantime/shortterm; that really means the main trend is down. Also including a neat spaghetti of that freaky EU financial web of the big players for your reading pleasure. Enjoy & happy weeked to all you USers.
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  • #226,662
  • May 28, 2010 10:09am May 28, 2010 10:09am
missed target by 1.3 pips GRRRRR... may have to move it down to 130.80 now
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  • #226,663
  • May 28, 2010 10:17am May 28, 2010 10:17am
Short covered. Thank you all and have good week end !!!
Don't be smart. Be rich.
  • #226,664
  • May 28, 2010 10:19am May 28, 2010 10:19am
Quoting DMA Trader
done.

i want a daily close below 133.
memorial day is coming so we might get some whipsaw.

133 should be very strong resistance.
beautiful.

any targets on the downside ? i don't have one.

125 ?
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #226,665
  • May 28, 2010 10:23am May 28, 2010 10:23am
Quoting honeybhi
Better volume.
Thanks.
  • #226,666
  • May 28, 2010 10:24am May 28, 2010 10:24am
Quoting DMA Trader
beautiful.

any targets on the downside ? i don't have one.

125 ?
GBPUSD has reached a major support at 1.4450. So it could be that GY would'nt go more downside. You can expect 130.50.
Don't be smart. Be rich.
  • #226,667
  • May 28, 2010 10:25am May 28, 2010 10:25am
Quoting stuku
i think he meant broker, preferably bigger one than ibfx.
this is alpari
Attachment
Thanks.
  • #226,668
  • May 28, 2010 10:26am May 28, 2010 10:26am
Haha, no way... taking mine off at 130.85 (hopefully soon). Then I'm out for the weekend and I'll come back Monday night and see how things have settled up.

The break yesterday to the north wasn't a joke, but it's not going to continue until we test the break-out zone first. I would expect more of an upward correction before a push to fresh lows. This could play out over weeks or a couple months, but I don't think much more. There is potential for 140 long-term before another leg down.

There's a lot of fundamental stuff swirling around (not good stuff) and they've been able to put a band aid on it for now, but band aids don't fix slashed arteries and we're going to start gushing blood again... it's just a matter of when.

Quoting DMA Trader
beautiful.

any targets on the downside ? i don't have one.

125 ?
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  • #226,669
  • May 28, 2010 10:27am May 28, 2010 10:27am
Quoting maximinus
GBPUSD has reached a major support at 1.4450. So it could be that GY would'nt go more downside. You can expect 130.50.
not today or Monday since the volume will dry up.

I mean a downside target for next week or so.
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #226,670
  • May 28, 2010 10:27am May 28, 2010 10:27am
Quoting profxtrader
My prediction is that tomorrow will be as quick to the downside as today was to the upside.
Now, this is not to brag, but rather to illustrate a point. This market is VERY counter-intuitive. JUST as short-term sentiment shifts (not just here, analysts were already on board with the moves of Thursday) is precisely when big money shows itself. If it weren't for speculators, there would be no money for them to take. Most of yesterdays move was on crap volume. This shows signs of price being marked up to sucker in people. That said, as soon as volume picked back up (true price movement) we headed south again. So there was the only proof I needed. Granted some of you took some long pips yesterday (and good for you!) as I was losing some of my hard earned pips from shorts from last week, but this move was telegraphed if you just watched the volume. My point is that as soon as all of the late comers (which is most people) jumped on the bull wagon, the bears reared their head and are most likely taking control of the downtrend again. Just food for thought. Happy trading to all and enjoy your weekends.
Every time you use 'hopium' in a post, God kills a kitten.
  • #226,671
  • May 28, 2010 10:27am May 28, 2010 10:27am
This pair is really a Beast.. a perfect roller coaster.
  • #226,672
  • May 28, 2010 10:30am May 28, 2010 10:30am
Quoting profxtrader
Now, this is not to brag, but rather to illustrate a point. This market is VERY counter-intuitive. JUST as short-term sentiment shifts (not just here, analysts were already on board with the moves of Thursday) is precisely when big money shows itself. If it weren't for speculators, there would be no money for them to take. Most of yesterdays move was on crap volume. This shows signs of price being marked up to sucker in people. That said, as soon as volume picked back up (true price movement) we headed south again. So there was the only proof I...
it went exactly where my intuition was tellin it`ll go. had no power going up so had to crash. i`m still holding mine.
  • #226,673
  • May 28, 2010 10:30am May 28, 2010 10:30am
132.200 was defended 3 times heavily in the London session but it gave up eventually...it has not been tested after it broke...
  • #226,674
  • May 28, 2010 10:31am May 28, 2010 10:31am
Quoting DMA Trader
not today or Monday since the volume will dry up.

I mean a downside target for next week or so.
Really I have no clue. I'm sorry not being able to help. I'm a very short term trader. Few minutes is eternity for me.
Don't be smart. Be rich.
  • #226,675
  • May 28, 2010 10:33am May 28, 2010 10:33am
Quoting maximinus
Really I have no clue. I'm sorry not being able to help. I'm a very short term trader. Few minutes is eternity for me.
oh ok. i don't day trade this thing. only swing/position works for me.
Rule No.1: Never lose money. Rule No.2: Market is always right !
S&P 500 WTI/USD
  • #226,676
  • May 28, 2010 11:06am May 28, 2010 11:06am
yes, very disturbing indeed. i wonder how this will end... eventually, it will end one way or another.

Quoting Beljevina
133.2 looks to have been the cap for the day. With people unwinding positions due to end of week/month/fear, selling seems the driver. Am expecting a dip to 50% of the last few rallies rise, with a reasonable likelihood of 131.1 and even 130.5 to be hit today. I feel the up move is not completely done, but will see next week if more buying oppty's present.

Just hearing on Bloomie that things with the nutcase N. Korea are at a height of tenseness, with them uttering [url="http://www.todayonline.com/BreakingNews/EDC100528-0000160/North-Korea-blasts-South,-again-says-war-is-approaching"]'war...
Nihil Sine Deo.
  • #226,677
  • May 28, 2010 11:29am May 28, 2010 11:29am
I'm out for the day/week/month.
Closed short @ 131.50
New voice message: Why are you calling me? If I need you, I'll call you!
  • #226,678
  • May 28, 2010 11:30am May 28, 2010 11:30am
Mmmm... I had a nice week. Have you ever surf and took each wave to the end? Well that is what I did and it felt good... Every wave in momentum on the pair I rode and it was a good entry and I jumped off just right. It was a good week Sorry I just had to do my little dance....

Now back to business, My first buy position at 131.8 was filled as well as 130.8.. I am looking at a bull channel on the 30 minute chart which explains my decision to place those buy positions... The R/R is good for me...

What I see is a classic bull swing run in a bear long-term market. You will see PA react to the market when the swing changes from bear to bull with an initial run-up on PA. Then the market will correct itself and that usually means a 200+ drop before a 300 pip run-up once again. Then a slow and steady PA up until the market feels it has gone high enough with a consolidation phase before another panic drop...

Now this might happen again since soooooo many traders are looking for that magnetic 125 area but I caution that the Yen is becoming a carry currency once again and is starting to replace the dollar as the prominent currency for the job... Give it a few more months but it will happen and with a vengeance... This last paragraph is for those long-term traders...

Monday is a holiday so either trading will be boring or we will have a few surprises in the NY trading period under light volume...

Have a good weekend....
Traderdesk -
  • #226,679
  • May 28, 2010 11:39am May 28, 2010 11:39am
Yowza!!! DOW just took a dump.
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  • #226,680
  • May 28, 2010 11:52am May 28, 2010 11:52am
Ahhh Fitch cut Spain from AAA to AA+
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