Federal Reserve Chairman Ben Bernanke, along with US Treasury Secretary Henry Paulson, will testify about the US economic outlook and financial markets before the Senate Banking Committee, in Washington DC. As head of the Federal Open Market ...

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

Sec. Paulson and Bernanke are testifying on the state of the economy to Congress. His speech will be released shortly.

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

My longs tp'ed earlier and I am waiting for a retrace down to reload longs to 216 at least. I have one small short at 213.38 area with a target to the daily 5 sma high area.

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

Market is also waiting for Bernanke's testimont before Congress later.

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

I also took profit on my short from 210.63 when i saw rejection around 209.50 area. I added a few longs looking for 211.80/212 area. where I may look to sell into the rally again on a dow crash after bad retail news.

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

If this retracement downwards gets rejected at 209.90 area, i will take profit on my short from 210.63 and add longs to 211.80 or 212 area.

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

My strategy is to trade both directions. Sell rallies and buy dips AFTER rejections..... Until we get a break out in either direction.

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

Look at the weekly chart. You see sideways trading in a range but showing a continuation of the downtrend after consolidation. The only thing that will negate this view is close above 214 on the daily.

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

this is a correction upwards to a larger downtrend until 214 is broken.

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

i sold into the rally after rejection. i have small short from 210.63 with b/e stop loss. I began building longs from 208.05. Took some profits on the rejection. Looking to buy on dips if I see a continuation.

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

I am not paying a whole lot of attention today on what Geppy may or may not be doing, after the London session.

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

The dow is in a bear mode for now. Any upmove is mostly covering short positions for now. If they decide to take profits on the covers to close the week, we will see a downmove. Time will tell.

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

i am holding my hedges until sunday night with tp's in place.

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

we will see choppy consolidation with a slight uptrend unless a panic sell occurs.

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

Who wants to be making new long or short positions ahead of G7 meeting and the weekend? Look at your volumes.....

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

looking to sell into this upward rally at resistance if rejection occurs. Notice the reversal candle pattern at the bottom of hourly chart. I am long into 209.80/90 area.

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

i see a vee bottom and possible inverse head and shoulder forming on your chart.

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

Yeah, just go with the flow.....

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

my strategy is to build shorts at rejection areas of retraces, unless 213/214 is broken with a daily close. I am also buying dips after rejection of downmoves with a tp around resistance sma's and fibs. Range trade should be cautiously played in ...

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

Daily chart shows 1c mom above 100 and slightly sloping upward for now, along with the 5c mom. 14c mom is slightly sloping upward and testing the 100 line. 10c mom is is showing a slight bend to flatten out. All 4 moms are showing slight agreement ...

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