judging by the way tokyo moves so far, i'd say 211.64 is the maximum g-j might drop. IF even that...

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

now... tokyo is about to open... if there is to see a drop, we must see it within the next 3-4 hours. if not, we'll most likely go up again.

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

what retrace... it would have to fall below 211.90 to make me believe that. i didn't see that yet. now let's see what happens during asia ession. if there is going to be a retrace, it must be now.

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

we'll see about the retracement during asia session. if there's no drop, then we're going back up. and if there's a rate cut... as i said, i wouldn't expect a major retracement until 216... but i might be wrong, of course.

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

if 212.70 doesn't hold, 211.65 is next. however, i still think the setup is bullish and the next target is 216.10 area. but we'll see. there's always a stop loss, right?

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

excellent. here's the dip... 212.70.

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

yes... same here. but just wanted to say that it's more "when" than "if". oh, and don't forget about 216.10. we will get there as well.

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

i've seen your post earlier and wanted to reply at that time, but i guess i forgot. this is an excellent approach, however i believe that the best tuning would be to look for such levels on weekly chart. what's below would give you too much noise, ...

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

yeap... it's going to 211.64 first, and then maybe 210.61.

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

target hit. if bulls continue, then 210.61 and 211.70 are next.

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

yes, i am long to 209.57. after my target is hit, i'll see... IF bias is still bullish, then 211.64 and 213.70. however, this is short term. i still think we're going down big time in the near future.

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

looks like a reverse divergence on daily. i'd say we might see it below 204.60.

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

not necessarily... here's a more detailed chart. i would be careful with shorts as soon as they dip below 211.05. i'm not sure the lower trendline would be tested.

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

that's exactly what i am thinking. here's a possible scenario. 213.60 is not necessarily the final target, but anything above 212.58 (as hcruces already pointed out). will move SL to secure my positions as soon as price reaches 212.50 area.

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

i think so too, but we'll see. judging by what happened today, i wouldn't be surprised to see it below 209.94 just like that.

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

not necessarily... there is also a trendline on daily tf, which is very close to the h4 retracement... i would say, based on EW analysis on weekly, that we haven't seen the lowest low... but for now, let's watch that triangle.

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

i think we'll probably see a test of that upper trendline. if broken, 216.46/219.26 are next.

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

yes, 209.30 area. or even 208.17... after that, probably a retracement. also, keep in mind that US session is open. watch how US indexes are behaving.

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

yeap. out of the upward channel and looks like it's heading down big time.

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

i wouldn't be so sure about this. check this out. i expect the next move to finish at least below last M15 label (which is 210.41) if not below 209.38. the only thing that would make me change my mind would be a break through that blue trendline.

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