Aha, cool. I do like German cars. I've had/have 2 BMWs, a 320 and currently an X5 though I'm a bit annoyed it will cost £300 (at BMW) to repair a broken door handle - I can buy a whole door with handle for half that price. Next car (next year) is an ...

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

Yep and that lines up with the 61.8 on the daily, some resitance levels and who knows what else. That's why breaking 238.90 is key!

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

I think my wedge did give the bulls a good whack on the head. We just need to break the NL (of this H&S) and then break through 238.90 for confirmation.

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

Not sure why but it seems to happen. Perhaps the newbies think it's going to the moon so they are the last ones on board before buyers run out. I've been stopped on these spikes before so this time I've gone in with smaller entries but with a higher ...

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

Yep, movement is good as long as it's down. BTW, do you like BMW cars or are the letters just coincidence?

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

Key level to break for guppy shorts is 238.90. Then all of my entries should turn to green pips again. BMW, interesting time for a news release.

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

Well said Ken. I have seen many threads (and very popular ones) sabotaged by certain types and I have noticed these types starting to linger around this one.

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

Yeah, what happened to that thread? This one must have taken over. I started in that one and when the summer holiday period started, it just died. At the moment, you have Wolf, Islander and I occasionally contribute but most others have just gone.

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

I find my system works pretty well (being quite basic also) but I like to get confirmation from other systems. QQE and MAs are two recent additions. Each to themselves.... there's no need to criticise other systems.

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

Are you a fib trader geppy? How long have you been at it?

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

Yeah, that's the down side to being short on this pair but I expect interest to be a small deduction from the target. You can check my previous posts for other details.

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

Mine didn't go that high but I went short at 60 (high was 68).

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

Not sure. I'm thinking a small retrace to 239.75/239.85 and then to 237. The high could be in so I'll be shorting there anyway. Stop will be above your reversal point.

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

I knocked the bulls on the head with my wedge so lets see if it worked! I'm expecting price to go back to 237 then one more bounce before a possible further (largish) fall to 235, 231 and maybe 221.

Daily GBP/JPY analysis

I'm going to re-enter short on this retrace (or break) for a target back to 237. That should also put my other entries back into the green.

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

OK, not sure about the 88.6 one. Anyway, I knocked the bulls on the head with my wedge. Lets see if it worked!

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

Hi Islander, Thanks for your analysis. If the butterfly has a B point at 78.6 then I think karmo already posted it.

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

I have some open shorts (red pips) sitting just below that. I'm waiting for a change in colour.

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

I'm still thinking down but it's going to take time. I have lots of short entries waiting but I wouldn't like to see it go higher than 240.5 otherwise I might have to reverse my suit.

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

I closed my short for around 100 pips. I needed some green ones.

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