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- mktjong replied Aug 16, 2007
Guys, I missed the move again, went to a dentist appt came back all fireworks already pop image but that's ok, still make a few pips image Hope you all have a good amount of pips collected. Asian market will be very interesting again this time ...
Auslanco - GBP/JPY and GBP/USD (newstrade)
- mktjong replied Aug 16, 2007
Looks like Today's emblem is "Sell the bounce" image I was scalping on long because of positive divergence and got out with quick profit. Pretty dangerous with this strong down trend .. hehe .. well .. you never know sometimes ..
Auslanco - GBP/JPY and GBP/USD (newstrade)
- mktjong replied Aug 16, 2007
If it really is going to retrace it is going to be big one this time, it would go over 230 .. Well this is only in theory image
Auslanco - GBP/JPY and GBP/USD (newstrade)
- mktjong replied Aug 16, 2007
Well, I try not to trade against the trend but positive divergence is already forming .. thus, can't stand it .. am already long and in the money
Auslanco - GBP/JPY and GBP/USD (newstrade)but will close the trade in any seconds
- mktjong replied Aug 16, 2007
From the chart, positive divergence is forming on hourly chart. Big big retracement is due soon .. I guess. I would encourage everyone to pls be very careful at the moment, market seems not fully awake yet .. still drunk .. I guess image
Auslanco - GBP/JPY and GBP/USD (newstrade)
- mktjong replied Aug 16, 2007
Yup, my other account with FXCM, also with InterbankFX freeze from time to time this morning. The banks can't handle this type of volatility I think.
Auslanco - GBP/JPY and GBP/USD (newstrade)
- mktjong replied Aug 16, 2007
Looks to me that it's too scary to enter the market at the moment, swing 50-100 pips back and forth easily. Like the time to wipe out any position you may have unless you have a very very wide stop loss, more than 500 pips image
Auslanco - GBP/JPY and GBP/USD (newstrade)
- mktjong replied Aug 16, 2007
Wow, I woke up this morning just couldn't believe my eyes to see the chart image More than five hundred pips drops .. I am stunned .. is it really like world financial chaos or what? Ayway, I missed all the move ( don't any position open )
Auslanco - GBP/JPY and GBP/USD (newstrade)
- mktjong replied Aug 16, 2007
I would say no Aus. The down trend is still very strong plus no fundamentals news or rumors to support the reversal at the moment. At least until New York open Not London open image
Auslanco - GBP/JPY and GBP/USD (newstrade)
- mktjong replied Aug 16, 2007
Hi Jim, I notice Slow Stoch divergence is more accurate than MACD. Plus too high time frames (i.e: weekly, monthly) are less to prove it in action 'coz too long the time frame as I trade mostly daily (Day Trade). Hourly divergence is the best by far ...
Auslanco - GBP/JPY and GBP/USD (newstrade)
- mktjong replied Aug 16, 2007
Positive Divergence chart — For those who asked, here is the divergence chart looks like: Price is trending down but Slow Stoch is trending up (Positive divergence). Vice versa is negative divergence. (Attached) Let me know if you don't get it.
Auslanco - GBP/JPY and GBP/USD (newstrade)
- mktjong replied Aug 16, 2007
Yes, I use InterbankFX MT4, but never know and use this feature, where is it located? Thanks.
Auslanco - GBP/JPY and GBP/USD (newstrade)
- mktjong replied Aug 16, 2007
Hi Jim, I wish I could do that, 'coz don't have image capture software .. sorry. But you can learn it yourself from Slow Stoch indicator (8,3,3) on hourly chart. Very powerful.
Auslanco - GBP/JPY and GBP/USD (newstrade)
- mktjong replied Aug 16, 2007
I am more and more convinced that positive or negative divergence especially on hourly chart is like free money. Almost guarantee right to profit the trade image
Auslanco - GBP/JPY and GBP/USD (newstrade)
- mktjong replied Aug 16, 2007
Aus, your retracement target reached handsomely .. image and a lot more higher.
Auslanco - GBP/JPY and GBP/USD (newstrade)
- mktjong replied Aug 16, 2007
Positive divergence is forming on hourly chart. Well, according to chart and indicator, it could retrace to greater than 230.80 .. I think .. not sure of course. Just be careful and watch how price is forming.
Auslanco - GBP/JPY and GBP/USD (newstrade)
- mktjong replied Aug 16, 2007
Well .. you gotta experience it .. really image it's unbelievable ride .. close to 200 pips drop in just a few minutes .. at one point looking at the price drops, another one, my finger is standby to close the trade for maximum profit image ...
Auslanco - GBP/JPY and GBP/USD (newstrade)
- mktjong replied Aug 15, 2007
mann... this pair is really a beast, when it drops .. it really drops .. your heart is pounding to see it in action especially when you are also in the position ( short of course ) image
Auslanco - GBP/JPY and GBP/USD (newstrade)
- mktjong replied Aug 15, 2007
Well, a positive divergence is forming on hourly chart on Slow Stoch. Not sure it will retrace up soon since the downward trend is very strong. Looks like a lot is selling the bounce image
Auslanco - GBP/JPY and GBP/USD (newstrade)
- mktjong replied Aug 15, 2007
We must be careful. If it retraces up would be only temporary and not a whole lot of pips. May not be worth to try .. watch out .. image
Auslanco - GBP/JPY and GBP/USD (newstrade)