I get a new daily candle 7 est. 1st downside target is touched....

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

1st downside target is daily 5 sma low at 210.74 area. 5 sma close is crossing below the 5 sma open, which is bearish. 209.35 area is 50% fib of last upmove. 1c and 5c moms are bearish on this daily chart. We will get a new daily candle soon. I will ...

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

here is the 4 hour chart again. you can see the 100 sma was breached and retraced a bit. We will have a new 4 hour candle in one hour. If we get a 4 hour candle close below this 100 sma, then it is bearish to previous support (red line) around ...

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

yes, the charts are in a downtrend. I had 2 longs waiting for 2 days at 213 area, then took profits after the rate decision and sold into the rally when the newbies chased the news.

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

the fed giveth, and the market taketh away.....

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

You can see on the 4 hour chart, we are in consolidation. Price has breached the triangle and is retracing slightly. There has been a slight uptrend of choppy trade. Price is sitting on the 4 hour 5 sma high for now (white).

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

my guess from looking at charts is the market will sell into any rallies later.

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

Fed cut rate by .75

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

Monday is a U.S. holiday, So it is possible that shorts may cover their positions over this weekend. Charts are mixed. i have covered my shorts from 209.85 area for now.

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

double top formed earlier at 212.37. looks like a triple top is possible now..... Standing aside here......

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

last 4 hour candle closed a bit bullish looking......

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

Check the 15 min chart also....

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

Excellent observation, Rustyy, The previous weeks candle was indecision...... It is possible that this could turn into a reversal pattern...... Too soon to tell for now.

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

i am standing aside until I see the new 4 hour candle. Daily moms and current 4 hour and hourly show more possible upside.

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

dont let your short bias influence what you are seeing on the charts....

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

inverse head and shoulders trying to form on 15 min chart. If completed, then it will confirm the 4 hour inverse head and shoulder.

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

read my last post on u.s. news. Lower housing starts is not bad, given that inventories are so high. They would be nuts to keep adding more inventories to new homes that are not selling. unemployment claims surprised to the upside, but dont trust ...

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

1st upside target hit at 212.37. double top forming there. If it gets rejected it may form a tweezer candle pattern. standing aside for now but building sell stop orders below. Waiting for a sell opportunity.

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

U.S. News release was positive for home builders because with large unsold inventories, they would nuts to build more until they sell what have sitting around. Unemployment surprised to upside but I dont trust the govt numbers and it will be revised ...

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

Inverse head and shoulder trying to form on the 4 hour chart. It still has room for upward movent. 4 hour moms look a bullish for now. It should test the 61 fib and the brown 55 sma at 213.04/50 area. If that breaks look for 215 area 50% fib. 1st ...

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