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

  • #231,721
  • Sep 14, 2010 1:49am Sep 14, 2010 1:49am
Quoting honeybhi
Yup finally GBPX on 78.6 and LTL on 4hr

Nicely marked down and picked up buyers.
yup..Kan won DPJ vote n look like intervention stuff back to discuss i think..probably by next week it may happen...look at EY..stuck ~ 107 area n look like waiting something...

my yesterday EY not so good but AUD look great atm...close Ey n lock BE+5 on AUD

bb in 1 hr mate n good job to u too
  • #231,722
  • Sep 14, 2010 1:50am Sep 14, 2010 1:50am
Quoting Fudomyo
Let's get this train moving.... lol

10M LO.
Break that will short again.

But 4hr may need some pullback.

Lets see what london brings.
  • #231,723
  • Sep 14, 2010 1:57am Sep 14, 2010 1:57am
Quoting honeybhi
Lets see what london brings.

Makes sense.

all that work, out at +5. rofl

(market's feeling shakey....don't want to get whacked by a fat finger)
  • #231,724
  • Sep 14, 2010 2:30am Sep 14, 2010 2:30am
Quoting Fudomyo
...market's feeling shaky...don't want to get whacked by a fat finger
Bel brought up a good point earlier, for anyone who wasn't trading the market on May 7th, it was a spectacular descent. My price ladder was moving so fast you couldn't see the numbers. So even if someone had stops in place on longs, there really was no way the brokers could fill the orders fast enough not to incur major slippage.

I know the senior traders are aware of this, but for any new traders, if you have longs open when the market's looking ready to pitch, they could be far costlier than what you have your stop set at. Just something to keep in mind.

http://www.forexfactory.com/showthre...78#post3704078

I don't usually get spooked, but the way the LFXJPY plunged a bit earlier put a healthy dose of reality back on my plate. In a normal market I would have held my long, but at this point, I don't want to get caught on the wrong side of a 5 minutes 500 pip drop. I'd rather be short and laughing.
  • #231,725
  • Sep 14, 2010 2:48am Sep 14, 2010 2:48am
Quoting Fudomyo
Bel brought up a good point earlier, for anyone who wasn't trading the market on May 7th, it was a spectacular descent. My price ladder was moving so fast you couldn't see the numbers. So even if someone had stops in place on longs, there really was no way the brokers could fill the orders fast enough not to incur major slippage.

I know the senior traders are aware of this, but for any new traders, if you have longs open when the market's looking ready to pitch, they could be far costlier than what you have your stop set at. Just something to...
lol flash crash night was fun! got a TP from it when i wasn't expecting it to do so for another 2 weeks at least. Retrace then reload for the same trade that really took 2 weeks to reach
  • #231,726
  • Sep 14, 2010 3:01am Sep 14, 2010 3:01am
Quoting Eulogy
lol flash crash night was fun! got a TP from it when i wasn't expecting it to do so for another 2 weeks at least. Retrace then reload for the same trade that really took 2 weeks to reach
lol! yeah, without a doubt the most fun I ever had trading.

let's do it again!
  • #231,727
  • Sep 14, 2010 3:08am Sep 14, 2010 3:08am
Quoting Fudomyo
lol! yeah, without a doubt the most fun I ever had trading.

let's do it again!
yeah.. I agree ..

http://bigpicture.typepad.com/photos...3/14/ftb_2.png

let's not forget

http://www.chrisdunn.com/wp-content/...610-daily2.png
  • #231,728
  • Sep 14, 2010 4:20am Sep 14, 2010 4:20am
GJ
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  • #231,729
  • Sep 14, 2010 4:45am Sep 14, 2010 4:45am
Are you long? What do u think about the possible Pin bar coming together on the H1 chart?

Quoting honeybhi
GJ
  • #231,730
  • Sep 14, 2010 4:50am Sep 14, 2010 4:50am
Quoting Uncharted
Are you long? What do u think about the possible Pin bar coming together on the H1 chart?
Yes long from 127.80 and now waiting for break of the trendline to add more.
  • #231,731
  • Sep 14, 2010 4:59am Sep 14, 2010 4:59am
nice, how did u know it would bounce off at that level? I always wait for some sort of consolidation, pattern reversal or candle reversal, or atleast wait to see if the hourly bar closes below or above the support before entering a trade against the trend.
thanks.

Quoting honeybhi
Yes long from 127.80 and now waiting for break of the trendline to add more.
  • #231,732
  • Sep 14, 2010 5:06am Sep 14, 2010 5:06am
Quoting Uncharted
nice, how did u know it would bounce off at that level? I always wait for some sort of consolidation, pattern reversal or candle reversal, or atleast wait to see if the hourly bar closes below or above the support before entering a trade against the trend.
thanks.
I have been posting the 4hr chart and the LTL target for over a week now,refer previous pages.

I also look at the horizontal support/resistance zones.Look at the daily .
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  • #231,733
  • Sep 14, 2010 5:14am Sep 14, 2010 5:14am
Gotcha, I'm always hesistant to trade against the trend, because Ive got burned many time for it. And everyone keeps telling me trend is your friend, yet i still see so many people trade against it.

This is what i see, didnt get in at a good price like you did, still got a lot of learning to do...

thanks.

Quoting honeybhi
I have been posting the 4hr chart and the LTL target for over a week now,refer previous pages.

I also look at the horizontal support/resistance zones.Look at the daily .
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  • #231,734
  • Sep 14, 2010 5:24am Sep 14, 2010 5:24am
Quoting Uncharted
Gotcha, I'm always hesistant to trade against the trend, because Ive got burned many time for it. And everyone keeps telling me trend is your friend, yet i still see so many people trade against it.

This is what i see, didnt get in at a good price like you did, still got a lot of learning to do...

thanks.
I'am still a newbie and I'm still learning.

I'am not the one to learn from.Look at senior trader's chart's and analysis.
  • #231,735
  • Sep 14, 2010 5:31am Sep 14, 2010 5:31am
There use to be so many great traders on this forum, this time last year, then this forum kind of died because of a few idiots.

Quoting honeybhi
I'am still a newbie and I'm still learning.

I'am not the one to learn from.Look at senior trader's chart's and analysis.
  • #231,736
  • Sep 14, 2010 7:17am Sep 14, 2010 7:17am
Didn't get a chance to trade London (my overnight) and have woken up to some pretty dramatic moves - swings covering over a hundred pip span. This is what we asked for - more range and movement.

The yen's strength looks insurmountable - seems to again be that head in the sand approach of rushing there, partially because there aren't many options. On UJ, I think the 80 low will undoubtedly happen. As I mentioned before, correlations are decoupling/changing. FTSE looks to have risen on the day again but getting rejected, and US futures have just turned down.

But the important point is equity markets are rising on very, very low volume, and veterans know that's not good, because it shows lack of participation, confidence, and almost always results in a dramatic fall. We've had many days of rising equity markets, but it's only a matter of days (hours?) when the participation lack will result in a 2%+ equity day fall, soon IMHO - that will drive the yens down another notch as they travel towards that UJ 80 target, and weak sterling will easily make the next 100 pip leg down to May's 126.6 low, and eventually a new multi-year 125 low. With all the confidence loss in the US and the 80 level approaching, I think 118 GY and beyond is in the cards - it really depends on how the UK will be perceived and what levels GBPUSD will be able to maintain as a barometer of it's difference & reaction to it's USD portion.

Watch for lots of news at 8:30 ET US open - if it's bad, GY and associated pairs will have a bad onwards day - FTSE looks like it's already predicting it.
  • #231,737
  • Sep 14, 2010 7:41am Sep 14, 2010 7:41am
Today's moves on the Yen were partially due to Kan's victory in elections here today.

I completely forgot that was today, but that's what the spike was on the LFXJPY earlier.

I could have taken my long.

Anyway, this doesn't bode well for Yen weakness, because Ozawa was the back room deal guy who could put together a proper intervention. Now were stuck with the ineffectual grocery clerk PM.



Quoting Beljevina
Didn't get a chance to trade London (my overnight) and have woken up to some pretty dramatic moves - swings covering over a hundred pip span. This is what we asked for - more range and movement.

The yen's strength looks insurmountable - seems to again be that head in the sand approach of rushing there, partially because there aren't many options. On UJ, I think the 80 low will undoubtedly happen. As I mentioned before, correlations are decoupling/changing. FTSE looks to have risen on the day again but getting rejected, and US futures have just...
  • #231,738
  • Sep 14, 2010 7:43am Sep 14, 2010 7:43am
Range play.Wait for 1hr close above or below.
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  • #231,739
  • Sep 14, 2010 7:49am Sep 14, 2010 7:49am
Quoting Beljevina
As I mentioned before, correlations are decoupling/changing. FTSE looks to have risen on the day again but getting rejected, and US futures have just turned down.
See what I mean? Remember the days when the yens would have shot up 50+ pips on this type of news?

Many have sold into the strength. It's very clear on UJ M15. Hard to say to what extent the yens may come back. US equity futures have barely moved - there's a strange sentiment in the air. As retailers, we're very disadvantaged - makes for very tricky chart reading.
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  • #231,740
  • Sep 14, 2010 8:14am Sep 14, 2010 8:14am
Quoting Fudomyo
Anyway, this doesn't bode well for Yen weakness, because Ozawa was the back room deal guy who could put together a proper intervention. Now were stuck with the ineffectual grocery clerk PM.
That's funny! It's amazing how worldwide politicians have become such low calibre individuals, running large PR machines that put out doublespeak, apply daily bandaids to their major problems, while fixing nothing, and telling people how fantastic everything either is, or certainly how worryfree everyone needs to be. Assuming the really smart - and driven - folks have gone to head corporations, that says a lot about where power lies in society today.

P.S. On the correlation thingy ... Gold coming back up to $1260. A little weird (but not surprising) that VIX is showing little reflection of concern, although chartwise, it's at a potential upwards reversal zone - but the VIX has almost solely options/futures math component, and heck, those traders live in their own world, because, well, they have jobs!
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