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

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

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#227,201
Jun 7, 2010 11:35am Jun 7, 2010 11:35am

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

and that's it for today. we are above last week close for now = bullish bias.

important levels to watch until tomorrow:
- resistance: 133.35/58
- support: 132.44/15; a break below 132.15 is confirmation that bears are back.

Nihil Sine Deo.

#227,202
Jun 7, 2010 11:48am Jun 7, 2010 11:48am

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

Quoting Scrat

Disliked

and that's it for today. we are above last week close for now = bullish bias.

important levels to watch until tomorrow:
- resistance: 133.35/58
- support: 132.44/15; a break below 132.15 is confirmation that bears are back.

Ignored

I'd respectfully disagree... I think we'll see another push down to test somewhere in the mid to low 131s before going higher. In fact, I'd like to see it happen as a sort of confirmation (once it holds) that we're going higher to test perhaps as high as 140 eventually.

check out my blog: forexmademillionaire dot com

#227,203
Jun 7, 2010 11:54am Jun 7, 2010 11:54am

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

Very light and hilarious reading for this slow day:

http://online.wsj.com/article/SB1000...265955016.html

check out my blog: forexmademillionaire dot com

#227,204
Jun 7, 2010 11:55am Jun 7, 2010 11:55am

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

anything is possible.

but i think that if we are going below tokyo close today (132.44) and break 132.15, there is no support left holding and i seriously doubt we would see more to the upside.

Quoting Geppy

Disliked

I'd respectfully disagree... I think we'll see another push down to test somewhere in the mid to low 131s before going higher. In fact, I'd like to see it happen as a sort of confirmation (once it holds) that we're going higher to test perhaps as high as 140 eventually.

Ignored

Nihil Sine Deo.

#227,205
Jun 7, 2010 12:31pm Jun 7, 2010 12:31pm

grashid
| Commercial User | Joined Oct 2008 | 5,712 Posts

Quoting $teve

Disliked

I'm pretty sure we'll see at least 136.20 by Friday. Market may consolidate for a few days until Thursday that's when the big move usually occurs. Unless there's some more dire news out of Europe to derail the bull. Hungary has already been priced in during the drop down to 131. No news is good news for the bulls.

Ignored

....

...n dun left the pips b4 that....

#227,206
Jun 7, 2010 12:31pm Jun 7, 2010 12:31pm

Fusion
| Joined Apr 2009 | Status: Trader | 426 Posts

May I ask why do you guys think we get to about 140 so much? It is just that EJ is getting continuous lower lows and I think at some pint this funny behavior of GJ gotta stop. Seriously, what is so much better about the state of UK compared to that of EU? Also the gold just shoot up again...I really wanna know the thought behind that 140 level if you care to explain...thanks

Quoting Geppy

Disliked

I'd respectfully disagree... I think we'll see another push down to test somewhere in the mid to low 131s before going higher. In fact, I'd like to see it happen as a sort of confirmation (once it holds) that we're going higher to test perhaps as high as 140 eventually.

Ignored

#227,207
Jun 7, 2010 12:34pm Jun 7, 2010 12:34pm

Naseri13
Joined May 2010 | Status: I'M NOT SIGNAL PROVIDER | 1,456 Posts

Price action on GBP/JPY, a daily chart of which is shown, has been following a leg of a long-term overall downtrend for about a year now. This downtrend leg is framed by a rough parallel

A little beginner trader since 2006

#227,208
Jun 7, 2010 1:20pm Jun 7, 2010 1:20pm

Raza
Joined Aug 2008 | Status: Money never sleeps | 5,878 Posts

There is a Diamond Top formation 15M-30M..it should Fall..but Why its not Falling...132.80 is Holding asa mentioned earlier...We can TARGET 133.87 - 134.08 AGAIN...imo...IF not higher(134.47- 134.90 Max)

Markets are not Random, they are designed!

#227,209
Jun 7, 2010 1:28pm Jun 7, 2010 1:28pm

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

why would i base my g-j trading decisions on e-j behaviour?!? especially now, what that pair seems to be mainly driven by euro?

i don't have a particular target to the upside, i am just watching supports - 130.77, 131.08, 132.13. break of the lowest means resumption of main downtrend; but until then, i buy all dips.

Quoting Fusion

Disliked

May I ask why do you guys think we get to about 140 so much? It is just that EJ is getting continuous lower lows and I think at some pint this funny behavior of GJ gotta stop. Seriously, what is so much better about the state of UK compared to that of EU? Also the gold just shoot up again...I really wanna know the thought behind that 140 level if you care to explain...thanks

Ignored

Nihil Sine Deo.

#227,210
Jun 7, 2010 1:30pm Jun 7, 2010 1:30pm

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

it's not falling because the support put by ny open @ 132.65 is still in place. wait for ny close and then watch what happens.

on the upside, london close resistance is sitting @ 133.65, and until this is broken there will be no rally.

Quoting Raza

Disliked

There is a Diamond Top formation 15M-30M..it should Fall..but Why its not Falling...132.80 is Holding asa mentioned earlier...We can TARGET 133.87 - 134.08 AGAIN...imo...IF not higher(134.47- 134.90 Max)

Ignored

Nihil Sine Deo.

#227,211
Jun 7, 2010 1:52pm Jun 7, 2010 1:52pm

Raza
Joined Aug 2008 | Status: Money never sleeps | 5,878 Posts

Quoting Scrat

Disliked

it's not falling because the support put by ny open @ 132.65 is still in place. wait for ny close and then watch what happens.

on the upside, london close resistance is sitting @ 133.65, and until this is broken there will be no rally.

Ignored

yip!!!

I Favour the Upside..After some wipsaw...Correction...at least back to the recent High...

132.46 to 135.21 May be..

Markets are not Random, they are designed!

#227,212
Jun 7, 2010 2:06pm Jun 7, 2010 2:06pm

Basber
Joined Feb 2009 | Status: Trader | 1,292 Posts

Hi there,

Here's a program that I wrote which will calculate the volume of your trades according to your desired risk percentage , stoploss pips and your balance . I wrote it for myself, and I found it very useful, so I wanted to share it with you ... and ofcourse it's totally free.

If you have any question or idea to make it better, feel free to contact me on FF or email me ...

Regards,
Basber

Attached File(s)

Risk Calculator.zip 29 KB | 267 downloads

Trading methods are designed to put the odds in our favor, not predicting.

#227,213
Jun 7, 2010 2:39pm Jun 7, 2010 2:39pm

Raza
Joined Aug 2008 | Status: Money never sleeps | 5,878 Posts

Quoting Raza

Disliked

yip!!!

I Favour the Upside..After some wipsaw...Correction...at least back to the recent High...

132.46 to 135.21 May be..

Ignored

So far so GOOD,,,

Markets are not Random, they are designed!

#227,214
Jun 7, 2010 2:42pm Jun 7, 2010 2:42pm

kourtney
| Joined Feb 2010 | Status: Senior Forex Trader -Money Manager | 320 Posts

Quoting Basber

Disliked

Hi there,

Here's a program that I wrote which will calculate the volume of your trades according to your desired risk percentage , stoploss pips and your balance . I wrote it for myself, and I found it very useful, so I wanted to share it with you ... and ofcourse it's totally free.

If you have any question or idea to make it better, feel free to contact me on FF or email me ...

Regards,
Basber

Ignored

hey basber can u give me an example on how u fill out the program u wrote?

sounds usefull just codunt figure out but im sure an example will help me abit

thanks!

I think we will see 133.57 again then we go down one more time for 130 or even 129

#227,215
Jun 7, 2010 2:43pm Jun 7, 2010 2:43pm

Cod
| Joined Feb 2010 | Status: Trader | 356 Posts

I am still holding short to the gills with everything set a be. I am looking for 200+ pips but if I get stopped out at be will be no surprise and will just revaluate.

I just don't see this retrace going to 140 but again if it hits 150 before falling again won't surprise me.

The bull really tore up the pasture for 14 hours or so there but I think it is time for him to hit the bull pen and let the bear take over for a while.

#227,216
Jun 7, 2010 3:28pm Jun 7, 2010 3:28pm

Basber
Joined Feb 2009 | Status: Trader | 1,292 Posts

Quoting kourtney

Disliked

hey basber can u give me an example on how u fill out the program u wrote?

sounds usefull just codunt figure out but im sure an example will help me abit

thanks!

I think we will see 133.57 again then we go down one more time for 130 or even 129

Ignored

For example, presume that your account is 100K $ and you managed to risk 2% on every single trade and you want to trade EUR/USD ... you managed your entry, and then you determine your stoploss. for example your stoploss is 80 pips. So here are the setting till now :
Balance : 100000
% risk : 2
SL pips : 80

Now, because your profit/loss currency is USD (it's the one that appears at the right when you're talking about the pair. I meant : XXX/YYY ---> YYY is the Profit/Lost currency), you should leave the coefficient at 1.

Coefficient : 1

otherwise, you should calculate or enter the coefficient to be more accurate about your trading volume.
For example, If you're profit/lost currency is EUR, you should enter the rate for E/U in coefficient box.
If your profit/lost currency is JPY, you should calculate 1/rate and then enter the calculated number in the coefficient box. you can let it be on 1 if your profit/lost currency strenght is near dollor. for example if you're profit/lost currency is CAD, and the USD/CAD rate is 1.0160, you can leave the coefficient at 1.

anyway, here's the screenshot of the example imported on the pannel. As you can see in the attached picture, if you want to trade under the conditions mentioned above, you should trade with 250000 or 2.5 standard lot.

hope it helps