Achievable if it breaks through hourly retracement of 50%. 61.8% lies @ 224.35

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

138.2 extension satisfied @ 11.63

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

the current level of support is 38.2 of upward move starting 29th June, 2006

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

Hi Karmo, My trend line was broken @ 1.9911 (below), can you post your chart for comparison? Thanks image

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

Both RSI and STochs. have crossed back on the hourly giving a Buy signal

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

image

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

Next is the trend line @ 225.10, 23.6% of the higher down move @ 225.89 and then the 38.2 of current down move @ 226.46

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

The first resistance at the hourly is the 23.6% @ 224.55

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

Upon confirmed break of 220.00, the next major support level of 61.8% @ 215.00

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

Strong support levels between today's low and 220.00 level including the 100% of last upward wave @ 221.07 and 61.8% of the upward wave @ 220.02 from January 2006 starting @ 200.52

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

The Big Picture perspective: Weekly secondary Support Line broken this week. Primary one has just been briefly breached with retracement but not yet broken which happened to be the 50% Fibo for the bigger upward movement. image

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

Long @ 239.15, TP @ 240.19, SL @ 238.45 Risky but worth the shot since price channel line hit

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

Indeed. I think I will wait for a buy on a second dip.

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

Mine too but I am reluctant to take it with a long legged Doji including a retracement to almost 50 of the move

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

What about the 38.2 of last major uptrend @ 239.46?

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

Lucky me, got 112 of that

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

Why are you using 239.82 as your wave's low? according to my chart it is 238.56 (three 4Hr candles earlier) and hence the 38.2 is 141.97

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

Add to it a 38.2 of upward move @ 244.01 from 237.63 to 247.91 plus 20 SMA coming @ 244.48

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

My view: finding difficulty in breaking above the 23.6 of the major uptrend for the last 2 hours @ 244.00, then if it does the 50 level of the minor downtrend is close @ 244.30

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

Very well said Ash. I have just started following this thread a week back and I believe that it is one of the most active and positive ones in FF for a simple reason that Auslanco, in addition to others particularly Karmostaji, does his best not ...

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