It seems price came back to retest the 61.8 line (of the recent high/low) - check the daily. This could just be a throwback to that line and a failure could signal a fairly large fall. I don't think the bulls will give up that easily so we need to ...

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

My positions are in so it's up to the market to determine the outcome. I like these trades as I don't need to be around too much. Just the occasional check so less stress. This spike could mean anything... last gasp for the bulls or perhaps we could ...

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

Either the bulls haven't realised we are going down now or I get a slap in the face. However, I have a short term position (days/week(s)) and looking at the 4hr we have only just started.

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

Yep, I think it was karmo.

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

200sma on the 15 min also.

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

Yep, I can see that. I think DOW is going to 14,800, possibly 15,000.

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

I've re-evaluated my targets. First one is around 235.00, second around 231.00 and third around 221.00 Sure the third one is a bit optimistic but this could potentially be a big one. I do expect a reversal around 231 but some bad news could ...

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

Hi Wolf 235 to 234 area. I don't have specific targets at the moment but I will start cashing-in high 235 area. I have about 7 entries so I have some flexibility. Also, I will leave one for 221

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

There is no problem doing that as long as it's a scalp. Holding it is dangerous.

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

Yep, I see it as the last bit of resistance (237.00) before we head for 235/234 area. Not sure how high it will bounce.

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

Only if you knew how little harmonics come into play with my trading! But they do look pretty on the chart! It does amaze me how my lines match up with yours, HKs, Aus's, M2Bs, etc... we use different systems but they tend to compliment each ...

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

Hear hear.... well said! You are the patience master!

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

Yep, I still see south and target in sight. There will be resistance at 235/234 that could turn it around unless we have a panic. I will hold onto one or two entries for the home run.

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

I am slightly confused as a H&S pattern signifies a trend reversal so how do you trade it with the trend? You see, the 1 hour trend was up but then came the H&S on the 1 hr to signify a reversal. I don't see how you can trade it with the trend? ...

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

Hey PipDhick You don't need to get nasty just because your longs didn't work out. My R/R is about 3 to 1 and I am not a scalper like you, I can hold onto trades for a few days/weeks. Where did you get -300? My reversal point was 238.80 and it turned ...

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

Thanks Wolf, I always find lines in your charts that I have overlooked! Anyway, what are you still doing up? Bed time isn't it?

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

This is what I was talking about in that post above. Price now has to stay below that line and out of the yellow area otherwise longs could still be good. Shorts need to break 238.5 for the H&S to look good. Off to bed and good night.

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

Seriously though, I'm only having some fun. There is nothing definite here and I just play what I see.

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

Yep, lets bounce up off 238.5 back to the bottom of the wedge and then down to my target. There is a bit of up in there.

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

This thread is hard work. It makes me draw proper charts and colour them in just to explain myself and justify my trades. Normally a few lines and some fibs are all I need.

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