I can only see the 23.6 fib level. Not much else.

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

I'm considering a short. Seeing if this level 231.00 holds.

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

Should bounce around 231.00 to confirm

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

Now if the throwback bounces off or near the line then I'll be reserving short. Waiting to see.

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

Just in case anyone is wondering, strict MM means I will bank 40 pips at the first opportunity and move stop to b.e + 1 on remaining entries. There is a support line I am playing off. It could break and that would mean a reverse in position.

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

In long at 231.22 with a stop 40 pips down. This could turn out to be just a scalp so strict MM in play.

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

I prefer trending days, it means I don't have to be around my desk so much. Ranging is more work.

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

Looks like it's going to be a typical Friday trading day.....ranging

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

Just remember that my charts are my trading plans. As soon as a rule is violated I will throw it out the window and do another one. But the violation of a rule means I tend to reverse at the indicated point. So, use my charts to learn but don't ...

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

I have faith in the trendline - it has been there long enough so it should provide strong support. I will put it in as a low risk setup with a small entry. So I have an order in at 231.30 ask (231.38 with spread) Stop is 230.95 And bed time - too ...

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

It depends where price is just before the news. If it is high then I'll assume it's a "Buy the rumour and Sell the news" scenario.

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

At the moment I'm thinking of a long at 231.30 with a stop at 230.95. I can't see it going lower than that unless shorts are good.

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

I know how you feel, I just want to get a long in before bed with a low 40 pip risk. It's after midnight here and I don't tend to stay up so late.

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

BBC News now reporting Bank of England will bail out northern rock. So lets think about the longs again. Not that I trade news.... but I'm willing to buy that support line holding. Just want a little throwback to enter long.... come back to the line ...

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

Hmmm, thinking long. This support may hold. Lets see if the throwback brings it back to the line so I can enter long and go to sleep. I prefer the low risk setups.

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

That's where it is sitting at the moment, yes. Anyway, I've just been told that this activity is normal during options expiry (happens every 4 months). I have my doubts it has anything to do with Northern Rock.

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

I'll consider a short if it breaks that descending trendline (thick line).

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

Support generally holds except during panic selling. It isn't holding too well now and this is during a quiet period. I may consider a short if it continues.

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

Well, if it keeps falling like that, my charts are going to look like this (there's 3000 pips in that down move) url Anyway, why does everyone think this has to do with northern rock?

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

Yeah, that's right. I work off the monthly and weekly charts. That move was just a blip

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