I've got STRONG Monthly resistance from 241.50-245.00 so we may see a reversal from there which is at the same level as the high on the left shoulder of the H/S pattern

CHART Reading for serious traders

A trend line from the monthly chart... which makes it that much stronger

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

Absolutely! Thats exactly where the very top line on my chart is

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

so far so good... There's also another support line directly below the strong trendline so a double support so close together is definitely gonna be hard to break

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

Right.... I wrote some posts ago that we have trendline support at 237.80-238.00 so I'm not expecting any lower than that, but I currently have no open position so I'm not too worried. I'd require at least 100 pips break of that trendline to ...

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

yep I want this baby to ride up to 250+ before crashing

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

I decided to close my shorts because of current retracement and also... G/J's trend overall is still up actually. If I see a short confirmation then I'll have to reenter 1HR momentum is bullish 4HR is mixed

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

yep! and it looks to me like the mrkt still wants G/J to move upwards... unless G/J clears all the way through 220.00 and closes below that level G/J's overall trend is still up

CHART Reading for serious traders

G/J is currently sitting on 238.18 (38.2%) retracement.... I'm seeing G/J making a turnaround and continuing northward unless Nikkei makes some big movements There is also a very strong trendline support around the 237.80-238.00 area

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

I'd love a break either direction ... there's so much S/R in this area

CHART Reading for serious traders

this polytrendline thing is pretty interesting... especially since it works so well with my charts...hmmmm I'll have to use em. Any recommendations on where to go to learn more about it?

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

G/J is hitting a a strong resistance line...I'm expecting a drop towards 238-237 if a break doesn't happen

CHART Reading for serious traders

Exactly! Besides.... in order for this weekly Head and Shoulder pattern to work we're gonna need a huge drop sometime soon otherwise north we go!

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

G/J hit s strong resistance point 240.18... I'm seeing a fall to around 237 first

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

hmmmm... if the US gets a string of good news... maybe the decision for the IR could be no change

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

we hit 238.92 exactly.... I'll be going short now unless this level breaks

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

Tokyo isn't open yet

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

the chances of G/J going up is very high right now, but instead of closing that position try and hedge... so like if u see an opportunity to go long do it in such a way that u can regain ur losses from ur short (opening a position with a slightly ...

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

Oh right.... and another piece of important information.... Last USD interest rate announcement where there was a .5% cut... well that resulted in a 600 pip rise in G/J.... we may see a repeat with this one... especially if it comes out at 4.25% so ...

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

Yep! exactly right!

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