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

  • #232,781
  • Oct 26, 2010 11:28am Oct 26, 2010 11:28am
Quoting KillerWhale
Short @ 129.10 target for now 128
Yeah, looking pretty juicy. I'm waiting for 129.25/30ish personally
check out my blog: forexmademillionaire dot com
  • #232,782
  • Oct 26, 2010 11:35am Oct 26, 2010 11:35am
what a brether on GJ H 4 are we going to touch the green line which is in and around 130
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  • #232,783
  • Oct 26, 2010 12:05pm Oct 26, 2010 12:05pm
and I got laughed at for going long a little early with a target of mid 128s.
  • #232,784
  • Oct 26, 2010 12:33pm Oct 26, 2010 12:33pm
Quoting Geppy
Yeah, looking pretty juicy. I'm waiting for 129.25/30ish personally
Yeah I figured 129.25 would be the max. we can get, if it gets there I'll add to shorts.
New voice message: Why are you calling me? If I need you, I'll call you!
  • #232,785
  • Oct 26, 2010 12:45pm Oct 26, 2010 12:45pm
Quoting forextine
and I got laughed at for going long a little early with a target of mid 128s.
yes... you also got lucky with some cooked numbers courtesy of the UK government.

skill is different than luck.
check out my blog: forexmademillionaire dot com
  • #232,786
  • Oct 26, 2010 12:49pm Oct 26, 2010 12:49pm
Luck eh? Is that because I have no vouches thus can't be skilled?

I posted my chart, and why I went long, I didn't go long because of the upcoming news, I went long because my chart said take a long. Sorry if I read it differently than you, doesn't mean I lack skill.
  • #232,787
  • Oct 26, 2010 1:00pm Oct 26, 2010 1:00pm
Quoting forextine
Luck eh? Is that because I have no vouches thus can't be skilled?

I posted my chart, and why I went long, I didn't go long because of the upcoming news, I went long because my chart said take a long. Sorry if I read it differently than you, doesn't mean I lack skill.
I'm saying if you hadn't been bailed out by bogus UK data and Cable had reacted today in line with USD strength like Euro did, you'd be stopped out.

So yes, you got lucky and not because you don't have any vouches... for the reason I stated in my first post and the one you're now having me restate.
check out my blog: forexmademillionaire dot com
  • #232,788
  • Oct 26, 2010 1:01pm Oct 26, 2010 1:01pm
Quoting Geppy
I'm saying if you hadn't been bailed out by bogus UK data and Cable had reacted today in line with USD strength like Euro did, you'd be stopped out.

So yes, you got lucky and not because you don't have any vouches... for the reason I stated in my first post and the one you're now having me restate.
Lol good to know. So I guess after 2 years of trading (profitably), I just got lucky the whole time, good thing you're telling me, I should find a new occupation. Thanks for the heads up!
  • #232,789
  • Oct 26, 2010 1:09pm Oct 26, 2010 1:09pm
Quoting forextine
Lol good to know. So I guess after 2 years of trading (profitably), I just got lucky the whole time, good thing you're telling me, I should find a new occupation. Thanks for the heads up!
Yes, my posts clearly stated that I believe you've gotten lucky on every single trade you've been successful with.

Well read!
check out my blog: forexmademillionaire dot com
  • #232,790
  • Oct 26, 2010 1:20pm Oct 26, 2010 1:20pm
Quoting Beljevina
I remain bearish on GU. ... I am looking for 1.552, some bounce up likely, but eventually still gunning for 1.534.
Haven't changed my opinion. A cooked gov't figure - well below what would be positive for the economy - a strong currency does not make. Set the expectation low, and sure, you can send sterling up, à la US equities. EURUSD, EURJPY reacted properly, GU got hijacked IMO. Will see if I can post an updated GU chart/analysis later.

Speaking of US equities, here's something I think I agree with. Marc is basically saying that the run up in US equities since June to S&P's 1200 has QE built in. Combined with the way oversold US dollar, he believes QE - regardless of amount - will see an equity sell off, and a dollar rally.

That should drive cable & sterling weakness, along with UK's own pending QE announcement, which I argueably don't think is built in, rather sterling's run-up is at the expense of the USD, hence it should go down. If previous correlations resume, that should be double reason for GBPJPY to head down as well, since this whole time of the USD's decline has seen basically everything else bought with those US bucks. Full credit to zerohedge:

Marc Faber Expects Market Sell Off On QE2 Announcement
Submitted by Tyler Durden on 10/26/2010 13:34 -0500

With vacuum tubes expecting QE next Wednesday to come anywhere between $500 billion a $10 trillion, it falls upon Marc Faber to naturally take the other side of the bet, who, in this interview with Margaret Brennan (sadly without Mr. T by his side), tells the impeccably coiffed Bloomberg anchor that instead of inciting the mother of all flash dashes and hitting the BlackRock 12 month target of Dow 36,000, Faber instead anticipates that the Fed decision "could disappoint investors and may prompt a correction in US stocks." In response to Margaret's question if size does in fact matter, Faber responds that anything under a trillion will "disappoint." And with Goldman now throwing out bogeys as high as $2-4 trillion, it is almost inevitable that a sell the news type day will be virtual certainty on mid-term election day. "The markets are stretched: weak dollar, strong PMs and strong equities - I think a correction is overdue. But I wouldn't think that a bear market is around the corner." In fact the opposite: "Maybe we will have a crack up boom in stocks and commodities like between the end of 1999 and March 2000 when the markets went up very strongly."

Faber is once again mostly bearish on bonds (and cash), due to his long-running expectation that inflation, whether modest or hyper, will make all fixed paper investments lose value very fast. As for specific equity sectors Faber likes, he highlights agricultural commodities and "I continue to recommend the accumulation of precious metals, whereby I think they are overdue for some kind of a correction here and then we'll get the next move probably next year and then thereafter." Lastly, Faber touches upon China sharing his latest outlook on why he is not very, shall we say, optimistic on the country. No surprise there. Elsewhere, 13D.com had a very interesting perspective on why the Chinese stock market is not in a bubble while their stock market is. Time permitting, we will share our summary view from the report.

Inserted Video

  • #232,791
  • Oct 26, 2010 1:44pm Oct 26, 2010 1:44pm
Marc Faber

To be frank with you who is this guy on the top .
  • #232,792
  • Oct 26, 2010 1:59pm Oct 26, 2010 1:59pm
you can do what ever you want,,turn your screen sideways..upside down or just flip it----we are bearish and heavily !! the jpy crosses is gonna dive bladdy hard ...

2000 pips on aud/jpy cad/jpy and chf/jpy ?? do you beleive it ?

pls do...trust me on this one ...

wanna see charts? ask if you need it ---

eur/usd diamand top daily ? i love it !
  • #232,793
  • Oct 26, 2010 2:00pm Oct 26, 2010 2:00pm
Quoting harigp
Marc Faber

To be frank with you who is this guy on the top .
Just a reasonably intelligent guy with an opinion. He's on TV, I'm not; he makes sense, so I post for others to digest. If you're really interested, wiki here.
  • #232,794
  • Oct 26, 2010 2:11pm Oct 26, 2010 2:11pm
hey what's up...

looks like "the beast" decided to move a little bit to the north, well it's not done - i think there's more, maybe in the lower 130 area. short term resistance is around 128.05/30... good area to try another long for 150/200 pips.

not much going on lately . in fact, i switched to long term trading and i am basing my decisions on what's going on with weekly charts... couldn't be more happier .
Nihil Sine Deo.
  • #232,795
  • Oct 26, 2010 2:29pm Oct 26, 2010 2:29pm
Quoting Scrat
hey what's up...

looks like "the beast" decided to move a little bit to the north, well it's not done - i think there's more, maybe in the lower 130 area. short term resistance is around 128.05/30... good area to try another long for 150/200 pips.

not much going on lately . in fact, i switched to long term trading and i am basing my decisions on what's going on with weekly charts... couldn't be more happier .
welcome to the weekly club!!

if you got the roll --why not !

these intraday noise wiped accounts --

i learnt my lesson long time ago

btw-- i am short eur from last week and i target 1.29 -- almost 99% confidant we will see 1.29,but i do have my pitstops ,if it turns sour on me--

good luck -- the key on weekly charts is---the less you r on the charts the more money you make ! always go with first instinct and gutfeel,,thats always right .
  • #232,796
  • Oct 26, 2010 3:03pm Oct 26, 2010 3:03pm
yes, weekly charts rule. in fact, i think that's the lowest trustable timeframe in forex... everything below daily is just manipulation, plus daily is not really a timeframe since there's no real close of the day - orders keep coming in from monday till friday.

i am long e-u since now and i target above 1.41 ... time for shorts will come, but a little bit later.

Quoting fx-gucci
welcome to the weekly club!!

if you got the roll --why not !

these intraday noise wiped accounts --

i learnt my lesson long time ago

btw-- i am short eur from last week and i target 1.29 -- almost 99% confidant we will see 1.29,but i do have my pitstops ,if it turns sour on me--

good luck -- the key on weekly charts is---the less you r on the charts the more money you make ! always go with first instinct and gutfeel,,thats always right .
Nihil Sine Deo.
  • #232,797
  • Oct 26, 2010 4:42pm Oct 26, 2010 4:42pm
Quoting Beljevina
Haven't changed my opinion. A cooked gov't figure - well below what would be positive for the economy - a strong currency does not make. Set the expectation low, and sure, you can send sterling up, à la US equities. EURUSD, EURJPY reacted properly, GU got hijacked IMO. Will see if I can post an updated GU chart/analysis later.

Speaking of US equities, here's something I think I agree with. Marc is basically saying that the run up in US equities since June to S&P's 1200 has QE built in. Combined with the way oversold US dollar, he believes QE...
Bleh, pretty much what i've been harping on about for over 2 weeks now.
http://www.forexfactory.com/showpost...stcount=232498
  • #232,798
  • Oct 26, 2010 5:43pm Oct 26, 2010 5:43pm
Quoting Eulogy
Bleh, pretty much what i've been harping on about for over 2 weeks now.
http://www.forexfactory.com/showpost...stcount=232498
I like to think he read our writings here on FF ... Perhaps we should be on TV!
  • #232,799
  • Oct 26, 2010 6:54pm Oct 26, 2010 6:54pm
Quoting Scrat

... i switched to long term trading and i am basing my decisions on what's going on with weekly charts... couldn't be more happier .
Hey Scrat,
How big is your Stop Loss based on weekly charts? Thanks.
  • #232,800
  • Oct 26, 2010 6:56pm Oct 26, 2010 6:56pm
Such strange and essentially meaningless PA play during the Asia session: An Upthrust to 1.586, a rejection and a straight 50 pips down to 1.581, then stopping volume and straight buying up to almost a full retrace. (The Asia 9pm EST and onwards PA is the tip of the white fib, down and back up) Kind of easy to trade IMO, so I'm not really complaining.

Will it get met with sellers up here a second time? Who knows. We'll probably end up right where NY left us.
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