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  • #1,781
  • Feb 18, 2007 8:19pm Feb 18, 2007 8:19pm
I am seeing the same thing on my charts however the day is still young! I am waiting for the European open to see where this pair goes.
Show me the PIPS!
  • #1,782
  • Feb 19, 2007 1:38am Feb 19, 2007 1:38am
15 and 30 min charts showing that a SHORT position is forming. Once I have conformation on my 1 HR chart it's looking to be a nice SHORT day! I have no open positions at the moment but would consider LONG if it drops to 1.9490 area. Note "consider"! Good trading all!
Show me the PIPS!
  • #1,783
  • Feb 19, 2007 5:35am Feb 19, 2007 5:35am
I am not asking this question I am answering it.

The moves was caused due to the MPC report released by the BoE

Here is the culprit http://www.publications.parliament.u...99/299weii.pdf

The actual comments that caused the bearish move are "GBP depreciation will probably be necessary"

It is very important to know about these things before they come.
  • #1,784
  • Feb 19, 2007 6:00am Feb 19, 2007 6:00am
lol! what's up with this forum the '5min strategy' post gets replies and something that is actually important doesn't?

Guys stop looking for the holy grail system and concentrate on something that actually works day in day out.

That is the problem with Forex today people add a few indicators together and think they have unlocked the secret to trading. Systems found on forums do not work long-term.
  • #1,785
  • Feb 19, 2007 6:05am Feb 19, 2007 6:05am
Nothing except one's luck will work in case of these unexpected news releases.
  • #1,786
  • Feb 19, 2007 6:07am Feb 19, 2007 6:07am
Well no I disagree people knew this report was coming it is a matter of getting it and reading it.

The report usually does not cause a move like this but if you have the dedication you could have read it and traded accordingly.
  • #1,787
  • Feb 19, 2007 6:08am Feb 19, 2007 6:08am
  •  Trader#0000
  • | Status: Unregistered Trader
This wasn't scheduled right?
  • #1,788
  • Feb 19, 2007 6:10am Feb 19, 2007 6:10am
It was not on the FF calendar if that's what you are asking but people knew about it. Not everybody did but I got word a few hours early.
  • #1,789
  • Feb 19, 2007 6:12am Feb 19, 2007 6:12am
Hey Groovenator, I can't access that link from here in China. Any chance of attaching it as a download?
  • #1,790
  • Feb 19, 2007 6:18am Feb 19, 2007 6:18am
The problem is that Fundamental Analysis is no longer or rarely used by daytraders.

Read your charts and trade them. That's all.

Oh, and make sure you have your SL's and TP's just in case.

Quoting Groovenator
lol! what's up with this forum the '5min strategy' post gets replies and something that is actually important doesn't?

Guys stop looking for the holy grail system and concentrate on something that actually works day in day out.

That is the problem with Forex today people add a few indicators together and think they have unlocked the secret to trading. Systems found on forums do not work long-term.
  • #1,791
  • Feb 19, 2007 6:23am Feb 19, 2007 6:23am
but something as simple as learning what a CPI is and how it links to other reports can help a lot with day trading. You can predict beforehand what direction a report will come out and it helps predict the trends direction.
  • #1,792
  • Feb 19, 2007 6:31am Feb 19, 2007 6:31am
You're absolutely right. Sometimes. For every report that comes out with a favorable trend, you'll find one that doesn't.

Furthermore, those who lean toward fundies a bit too strongly commonly lose the power of the retracement - an awesome tool rarely used and/or talked about on these Forums.

Quoting Groovenator
but something as simple as learning what a CPI is and how it links to other reports can help a lot with day trading. You can predict beforehand what direction a report will come out and it helps predict the trends direction.
  • #1,793
  • Feb 19, 2007 6:31am Feb 19, 2007 6:31am
Quoting mindschaft
Hey Groovenator, I can't access that link from here in China. Any chance of attaching it as a download?
Sure man private message me your email address and I will send it through email.
  • #1,794
  • Feb 19, 2007 6:33am Feb 19, 2007 6:33am
Quoting Groovenator
lol! what's up with this forum the '5min strategy' post gets replies and something that is actually important doesn't?

Guys stop looking for the holy grail system and concentrate on something that actually works day in day out.

That is the problem with Forex today people add a few indicators together and think they have unlocked the secret to trading. Systems found on forums do not work long-term.
Beautifully spoken... but of course no one is listening... everybody is clamoring on the "98% accurate - moving average system". Good catch on the release.

MM
  • #1,795
  • Feb 19, 2007 6:33am Feb 19, 2007 6:33am
Quoting ktrade
You're absolutely right.

However, those who lean toward fundies a bit too strongly commonly lose the power of the retracement - an awesome tool rarely used and/or talked about on these Forums.
Hordes of people are so misinformed chasing the dream of a perfect system. Systems are just systems you can spend your life adding indicator to indicator and you will never get anywhere.

Countries are run by economies it is beyond me why people do no take note of economic news.
  • #1,796
  • Feb 19, 2007 6:37am Feb 19, 2007 6:37am
True, but remember prices react to those reacting to the news and not always the news itself.

Quoting Groovenator
Hordes of people are so misinformed chasing the dream of a perfect system. Systems are just systems you can spend your life adding indicator to indicator and you will never get anywhere.

Countries are run by economies it is beyond me why people do no take not of economic news.
  • #1,797
  • Feb 19, 2007 6:39am Feb 19, 2007 6:39am
Well of course but when somebody says inflation is out of control you pretty much know what the reaction will be.
  • #1,798
  • Feb 19, 2007 6:43am Feb 19, 2007 6:43am
I was at the right side when the move came. But actually it was a good reminder for why stop losses exist
  • #1,799
  • Feb 19, 2007 7:06am Feb 19, 2007 7:06am
Nice call on this one tathlynq

Here are todays daily levels. Stay short below 9549. I would cover into 9303 if we do continue to move down. I will post the 60M River levels below to get a better look.

I am still flat on this one.

http://home.comcast.net/~downrivertr..._2-19-2007.PNG

Here is the 60 minute chart. The magenta levels change every 60M and the current key level is around 1.9429. Looks like the low. If this area holds, we may move back up near the 9534 area. Below here looks like a move down to the 9303 area.

http://home.comcast.net/~downrivertr..._2-19-2007.PNG
  • #1,800
  • Feb 19, 2007 8:02am Feb 19, 2007 8:02am
I have wanted to learn about the fundamentals and how all the reports link together and how to trade based on these reports (NOT NEWS SPIKE TRADING) but dont know where to start...

Does anyone have some recommendations for some good reading in this area... something that will give me a good basis...

I am a technical trader but believe that understanding where the longer term fundamental trend is going will make me much more consistent and profitable
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