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

  • #235,321
  • May 20, 2011 3:52am May 20, 2011 3:52am
I'm taking a short here at 132.70. Yesterday's close is too close to call or inconclusive but based on price action at resistance here at the daily gann. I think price will be rejected and head back down to 131 again and possibly 129 or lower. I'm taking a short with good rr ratio. SL at 133.50. TP 131 and 129.
  • #235,322
  • May 20, 2011 3:52am May 20, 2011 3:52am
Quoting maanawi
Expected scenarios on GY big TF as long as the LTL on Friday hold
Orange TL is from weekly as I consider it important angle..
http://www.forexfactory.com/attachme...0&d=1305532785
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  • #235,323
  • May 20, 2011 3:55am May 20, 2011 3:55am
This is a very hard market to read because we had an uptrend from 122 to 140 and a downtrend from 140 to 130. Now price is at "equilibrium" so it's struggling to find its next direction. Since it's no longer trending, it's hard to trade. Any trades in this area come with high risk. I see price could potentially go to 136 or 126 but lean more towards the latter. When a trade is 50/50, if the rr ratio is great, I will take it.
  • #235,324
  • May 20, 2011 4:03am May 20, 2011 4:03am
Quoting Pipsqueak
This is a very hard market to read because we had an uptrend from 122 to 140 and a downtrend from 140 to 130. Now price is at "equilibrium" so it's struggling to find its next direction. Since it's no longer trending, it's hard to trade. Any trades in this area come with high risk. I see price could potentially go to 136 or 126 but lean more towards the latter. When a trade is 50/50, if the rr ratio is great, I will take it.

126 was in my mind since it was 140~ but 129/8 is a must to see god willing.
135/6 is target after breaking the trends but i think it will get to 128 first
  • #235,325
  • May 20, 2011 4:42am May 20, 2011 4:42am
We'll see soon. I think GJ is just doing its typical shaking out the weak shorts or bull trap before dropping like a rock. If the bulls are for real, we will see price in the 133 in US today. Otherwise, drop like a rock.
  • #235,326
  • May 20, 2011 4:47am May 20, 2011 4:47am
Quoting Pipsqueak
We'll see soon. I think GJ is just doing its typical shaking out the weak shorts or bull trap before dropping like a rock. If the bulls are for real, we will see price in the 133 in US today. Otherwise, drop like a rock.
thats is just like what is going to happen --bounce here up and down then when we break 130 ?? like you said - drop like a rock-- the best and safest way is pending shorts just below 130.00 --
  • #235,327
  • May 21, 2011 5:02am May 21, 2011 5:02am
price hit the top already but I think there a still chance to visit 133.05
if you didnt short yet, take short from the rang 132.94 /up to/ 133.35 to target of 128.6 = around 400 pips and maybe more to 127.7 126.6/4 then any lower is for buy, I will update then..

this setup is valid while no 1H/ 4H close above the 133.35 , re close below 133.35 try to short again.

good luck
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  • #235,328
  • May 23, 2011 1:27am May 23, 2011 1:27am
today we may see price at 131
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  • #235,329
  • Edited 4:14am May 23, 2011 3:51am | Edited 4:14am
I think there is around 30 pips left to hit the TL on weekly but! when price there will find it very difficult to turn up again so we may see breaking for the trend as I mentioned last month:

http://www.forexfactory.com/showthre...61#post4566261
http://www.forexfactory.com/showthre...75#post4535075
http://www.forexfactory.com/attachme...1&d=1302505403
so below 1.6172/50 is strong reverse area good to take short below
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  • #235,330
  • May 23, 2011 4:16am May 23, 2011 4:16am
And the DOWNtrend resumes!!! All hell will break loose if GU and UJ break their respective trendlines. It's looking like this week might be a good week to just hold on to shorts and count money. Congrats on a great start to the week. My forex instinct about a huge drop is right once again. Also it never hurts to trade with the trend and it looks like it's paid off BIG time once again. Maybe not big yet but we'll see.
  • #235,331
  • May 23, 2011 4:21am May 23, 2011 4:21am
Quoting Pipsqueak
And the DOWNtrend resumes!!! All hell will break loose if GU and UJ break their respective trendlines. It's looking like this week might be a good week to just hold on to shorts and count money. Congrats on a great start to the week. My forex instinct about a huge drop is right once again. Also it never hurts to trade with the trend and it looks like it's paid off BIG time once again. Maybe not big yet but we'll see.

good luck bro and happy piping lol
  • #235,332
  • May 23, 2011 4:44am May 23, 2011 4:44am
Quoting maanawi

good luck bro and happy piping lol
I don't like to use that word in trading but we all need it sometimes in life.

131.28 is daily S3 and also the daily gann on my chart (price actually closed above the daily gann by a few pips on my chart) but like all indicators, it produces head fakes and false break out. I think IF 131.28 is broken, 130.45 will be the next major/key support as it is the monthly pivot. If price breaks the monthly pivot, then 125/126 area is possible. I think 129 will just slow the beast down and not stop it but we'll see. If 131.28 holds, then we got ourselves a massive range.
  • #235,333
  • May 23, 2011 5:06am May 23, 2011 5:06am
Guess G/J cannot do anything without GANN,..........
Markets are not Random, they are designed!
  • #235,334
  • May 23, 2011 5:06am May 23, 2011 5:06am
Quoting Pipsqueak
I don't like to use that word in trading but we all need it sometimes in life....
well, here is the options, if we dont see it today at 131 at NY then its tomorrow but any way there a big chance to hit into the red range on my chart
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  • #235,335
  • May 23, 2011 5:32am May 23, 2011 5:32am
Looks like rangebound. I'm moving sl to 132.40. I'm not ruling out the possibility of GJ going to 135. As crazy as it sounds, this "dragon" CAN do that. Price closed above the daily gann on Friday and today it just touched the gann again but made a strong bounce. We're probably stuck in a range until a strong breakout either way. If price goes back to resistance at 132.80 and shows rejection, I will short again. I'd rather short in a downtrend than buy dips.
  • #235,336
  • May 23, 2011 1:34pm May 23, 2011 1:34pm
Only one month of good volume left until the summer season kicks in. This pair might actually stand still in July and August. I guess it's almost vacation time. I hope GJ will break out soon giving me one last good trade before leaving on vacation. :nerd:
  • #235,337
  • May 23, 2011 3:29pm May 23, 2011 3:29pm
Quoting Raza
Guess G/J cannot do anything without GANN,..........
http://www.forexfactory.com/showthre...34#post4637134


........

Good one Gucc...
Markets are not Random, they are designed!
  • #235,338
  • May 23, 2011 8:03pm May 23, 2011 8:03pm
Quoting Raza
http://www.forexfactory.com/showthre...34#post4637134


........

Good one Gucc...
lol he is funny and right
  • #235,339
  • May 23, 2011 10:33pm May 23, 2011 10:33pm
interesting channels on 15m chart
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  • #235,340
  • May 24, 2011 1:17am May 24, 2011 1:17am
1. Daily Gann is green.
2. Weekly Gann is red.
3. We are getting an EMA compression on Daily TF (indicator of huge move coming up.)
4. Look at the daily volume of yesterday; Increased volume. compared to last week, right from Gann and almost no follow till now.
5. Look at weekly Vol. increasing volume for three cons. week and the last week ended up being an up week.

now there if you look at daily TF, it seems that we are getting rounded bottom; the same goes for weekly. in weekly TF, we can go as low as 127, and still get the rounded bottom. All and and signs are very confusing right now. The H4 volume is confusing too. it is really choppy.
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