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  #3556 (permalink)  
Old 06-17-2008, 06:33 AM
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What a busy morning

.9473 looks an interesting long given the O/S readings for Cable. This leaves a SL level of Friday's low @ .9409 + a bit. The fly in ointment is BoE King's assessment of future UK IR's on the UK economy. Given the rate of which CPI is rising perhaps he's thinking more about the fragility of the housing market and how IR an increase would most likely send some home owners into the abyss? As such, will the market be prepared to test Friday's low sooner rather than later?

Long order .9475 SL SL .9390 (no pain, no gain ... as they say)
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  #3557 (permalink)  
Old 06-17-2008, 06:46 AM
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Quote:
Originally Posted by John Rivera View Post
Looks like the Pound may try and retest resistance at 1.9400. BoE Governor King's statement in his letter to Chancellor Darling, that the interest rate path remains uncertain, was not what Sterling bulls were looking for, as expectations were that he would send a clear signal that a rate hike was imminent.
Between where we are now (.9510) and .94~ there's Sunday's spike high base at .9773. I'm thinking that this level might be interesting to trade from? The R/R seems fair but the levels of overhead resistance are starting to stack up ...
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  #3558 (permalink)  
Old 06-17-2008, 06:47 AM
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Quote:
Originally Posted by AmeriTrini View Post
dailyfx.com says buy and then dailyfx plus says sell????
what gives??
The real purpose of the DailyFX articles is to trap the mind into doing its own thinking.
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  #3559 (permalink)  
Old 06-17-2008, 07:18 AM
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Cool
Quote:
Originally Posted by AmeriTrini View Post
dailyfx.com says buy and then dailyfx plus says sell????
what gives??

Yes. Many people thinking that those writers know something more. But reality is that they only write stories. They arent forex traders. Makeing trading decision on this is dangereus. The best way or the safest way to trading is to wait until trend is on the way (event) and than goes with the (short term) trend .... If someone read too much of these stories become confused ... Look into trend in one moment and go with the trend. Only you have to know is how to recognize when trend is on the way ..

everyone of us knows: Market will go up or down from this moment ..

But it is very important to know when to go out of the trade. So long term trading is
dangereus too if you buy to big lots. It is safer to be happy with 20 - 50 pips with the trade
(2x - 4x in the week). This is some kind of scalping but safer than typical scalping.



The best way is never!!! let that trend will go against you. NEVER!!!! So jump in the
trade when trend is on the way (with the force) and dont tolerate (too big) "minus"
Last edited by BH-Eurofighter; 06-17-2008 at 08:10 AM..
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  #3560 (permalink)  
Old 06-17-2008, 08:01 AM
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Rix Rix is offline
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Wow i wish i had woken up earlier to catch this bearish move. Ah well theres always the reversal

EDIT: Just watching the news now. Inflation at 3.3% up 0.3% from last month and said to rise to above 4% before Autumn. Rough times ahead for Brits & £
Last edited by Rix; 06-17-2008 at 08:13 AM..
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  #3561 (permalink)  
Old 06-17-2008, 08:42 AM
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Quote:
Originally Posted by Black.day View Post
Long order .9475 SL SL .9390
SL Moved up to .9458
Last edited by Black.day; 06-17-2008 at 09:21 AM..
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  #3562 (permalink)  
Old 06-17-2008, 08:54 AM
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based on my 4hrs chart cross over to the upside is coming soon..
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  #3563 (permalink)  
Old 06-17-2008, 09:01 AM
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Originally Posted by Black.day View Post
SL Moved up to .9458
I am interested to see this
Last edited by BH-Eurofighter; 06-17-2008 at 09:04 AM..
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  #3564 (permalink)  
Old 06-17-2008, 09:04 AM
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I'm looking to sell rallies yet also looking to take advantage of the O/S and immediate support levels intraday.
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  #3565 (permalink)  
Old 06-17-2008, 09:22 AM
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Originally Posted by Black.day View Post
SL Moved up to .9458
Moving to B/E. On a break lower, limit sell .9450 SL .9550
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  #3566 (permalink)  
Old 06-17-2008, 09:32 AM
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Originally Posted by Black.day View Post
Moving to B/E. On a break lower, limit sell .9450 SL .9550
You mean sell stop ???
By me it is better to do nothing at this moment
Last edited by BH-Eurofighter; 06-17-2008 at 09:53 AM..
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  #3567 (permalink)  
Old 06-17-2008, 09:35 AM
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Yes .. I'll sell a break lower
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  #3568 (permalink)  
Old 06-17-2008, 10:13 AM
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cmellon - Looking at the hourly chart, it's clear how they came about the figure mentioned in the article. If I had been in a short trade at the time, I'd have placed my SL above the t'line.
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  #3569 (permalink)  
Old 06-17-2008, 10:17 AM
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Quote:
Originally Posted by cmellon View Post
I was at a good position initially short ...
What's your take on it now?
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  #3570 (permalink)  
Old 06-17-2008, 10:31 AM
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GBP-USD
Current rise seems to be over near 1.966 or 1.9727 for a retracement towards 1.9593 - 1.9546 area.

Source : FXCM
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