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11-05-2009, 03:16 AM
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7 am EST today is a major event risk. BOE is expected to extend QE about 50 billion pounds. Traders have already priced in this 50 billion pound extension decision due to the bad 3rd quarter GDP. IF BOE decides to pause due to better economic data such as service PMI, expect GBP cross to rally tremendously. If they decide to extend QE, then first knee jerk reaction is probably GBP selling, but for the next days, GBP will recover very well and more based on the history of past several QE announcement.
Assuming if we will range trade between 148.7 - 150.5 for the rest of the day before BOE event, my trade plan is as follows:
Long at 150.5 (today's high), stop loss 148.6 (today's low), target 153.5
This trade is based on the idea that if BOE decides to "pause" APP, Geppy will rally a lot.
Good luck.
Last edited by cmellon; 11-05-2009 at 03:22 AM..
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11-05-2009, 03:25 AM
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Join Date: Nov 2008
Posts: 900
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Quote:
Originally Posted by cmellon
7 am EST today is a major event risk. BOE is expected to extend QE about 50 billion pounds. Traders have already priced in this 50 billion pound extension decision due to the bad 3rd quarter GDP. IF BOE decides to pause due to better economic data such as service PMI, expect GBP cross to rally tremendously. If they decide to extend QE, then first knee jerk reaction is probably GBP selling, but for the next days, GBP will recover very well and more based on the history of past several QE announcement.
Assuming if we will range trade between 148.7 - 150.5 for the rest of the day before BOE event, my trade plan is as follows:
Long at 150.5 (today's high), stop loss 148.6 (today's low), target 153.5
This trade is based on the idea that if BOE decides to "pause" APP, Geppy will rally a lot.
Good luck.
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i agree. im myself gonna be out in few hrs. and wait for the big moves. |
11-05-2009, 03:50 AM
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Join Date: Nov 2008
Posts: 900
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Quote:
Originally Posted by cool_fx
i feel its gonna weaken dollar more. they dnt plan to keep rates high. but ............... they also said economy will likely remain for time. tats enough worries for me.
so risk aversion can happen and USDJPY can go down.
the max is 153.50 i think.
my shorts 151.40 stops 153.50 target 147.10
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wuhoooo im out for a sweet 260 pips profit. :-). already 400+ this week. lol just cant stop boasting. he he
i cant concentrate anymore. will enter after the news.
there is other news also being released at 3:30 am EST. i dnt wanna take anymore risks and lock in the profits.
goodluck everyone. |
11-05-2009, 03:52 AM
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Join Date: Nov 2008
Posts: 210
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Quote:
Originally Posted by cool_fx
i agree. im myself gonna be out in few hrs. and wait for the big moves.
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Out as well. Hence would trade only at breakouts. At 150.5 for long and 148.5 for shorts. Target of 100 pips preferably.
Add: Not really a man of my words I would say for myself HAHA...entered long instead. >__<
Last edited by kcooperj; 11-05-2009 at 04:19 AM..
Reason: -_-
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11-05-2009, 04:02 AM
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i entered LONGs at 148.75 very few lots. i strongly discourage anyone else doing that if u r trading with ur money. im trading with my profits. so im just taking a small risk.
my bet is that this has to retrace back atleast 150.
my stops are below 146 and target is 151-151.40
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11-05-2009, 04:10 AM
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Join Date: Nov 2008
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Quote:
Originally Posted by cool_fx
i entered LONGs at 148.75 very few lots. i strongly discourage anyone else doing that if u r trading with ur money. im trading with my profits. so im just taking a small risk.
my bet is that this has to retrace back atleast 150.
my stops are below 146 and target is 151-151.40
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Yo u know what everytime I enter a trade I would see you entering too!!! it's just so funny hahaha guess we would enter at the same timing, but I would be the one who would chicken out and close the trade before anyone else, afraid to lose. Guess I should learn on how to close at the right time (and am working on it). How do you decide on when you want to close if I may know
Currently am long from 147.8 targeting 150 (before BOE and EU news). SL at 148.45. |
11-05-2009, 05:24 AM
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Join Date: Oct 2009
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hey guys, can i hear your thoughts on the BOE interest rate? where are the resistance and support where is your pending orders and what you guys are doing if it goes up or down?
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11-05-2009, 06:19 AM
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Out
Already Out from my long, 35 pip gain and I'm happy, cuz entered with lots of lots. Now will sit out until breakout. If long, target will be 150.5-151. If short, it would be 147.1.
today's scalping yielded 240 pips. Kinda tired honestly, but it's been fun... Trade with care everyone!
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11-05-2009, 06:46 AM
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Join Date: Nov 2008
Posts: 900
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Quote:
Originally Posted by kcooperj
Already Out from my long, 35 pip gain and I'm happy, cuz entered with lots of lots. Now will sit out until breakout. If long, target will be 150.5-151. If short, it would be 147.1.
today's scalping yielded 240 pips. Kinda tired honestly, but it's been fun... Trade with care everyone!
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same here bro. im also out. will wait for BOE decision and jump in,. |
11-05-2009, 06:50 AM
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Join Date: Nov 2008
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guys plz wait 5 mins and dnt underestimate. we cud see bounce till 151 area or 150. keep wide margin stops.
goodluck
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11-05-2009, 06:51 AM
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Join Date: Oct 2009
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Quote:
Originally Posted by cool_fx
same here bro. im also out. will wait for BOE decision and jump in,.
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are you jumping in after 100 pips move? or u already have a pending order? |
11-05-2009, 06:53 AM
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Join Date: Nov 2008
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Quote:
Originally Posted by kcooperj
Already Out from my long, 35 pip gain and I'm happy, cuz entered with lots of lots. Now will sit out until breakout. If long, target will be 150.5-151. If short, it would be 147.1.
today's scalping yielded 240 pips. Kinda tired honestly, but it's been fun... Trade with care everyone!
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bro i longed 3 lots just for the volatility. target is 151
after GBP news. we hve the ADP and other stuff.
vry volatile next 3 hrs. |
11-05-2009, 06:54 AM
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Join Date: Nov 2008
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Quote:
Originally Posted by JoeyChee
are you jumping in after 100 pips move? or u already have a pending order?
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well it depends on the news. wat is the content. then only can decide.
if its not spectacular then yep 150.30 is my lucky number. ha ha |
11-05-2009, 06:56 AM
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Join Date: Nov 2008
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Quote:
Originally Posted by cool_fx
bro i longed 3 lots just for the volatility. target is 151
after GBP news. we hve the ADP and other stuff.
vry volatile next 3 hrs.
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I'll enter long and short trades at breakout at 6.59am hehe. Good luck. Yes we have news after that. I haven't slept since yesterday. Gotta be so tired today in the day  |
11-05-2009, 07:03 AM
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i entered long@ 149.60. fingers crossed again.
i keep having the impulse to chicken out T.T
Last edited by JoeyChee; 11-05-2009 at 07:06 AM..
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