Trade what you see NOT what you expect

morning guys

Good morning guys. I was able to get in this morning at 6381. I'm still in a long on EJ from last night at 131.98.

morning AL
not much news wiae today so might be slow again....
Tri-nations starting soon, you going to be watching?

So much for my GU seat.

I will definitely be watching

Morning Mate

Good Job

We need EU to get past its pivot once she does these longs will be good, the problem with EU is that she is like an old woman as she moves very slowly

Thanks, I rode EJ up and down yesterday. For a slow day I still made some nice pips.

I made a lot in the morning

That was the quickest pips I made in 2 days.

Hi Mate.
Wouldnt miss it for all the Castle Lagers in Soweto.

OMG, she moved. Come fetch me u slapper!

Daily Report: Dollar and Yen Recover, Sterling Weak

Dollar and yen recover today on concern of geopolitical risk and CIT Group's bankruptcy. The bomb explosions in two major hotels in Jakarta today are the first in several years, causing nine deaths. The incident triggered sharp selloff in Indonesian stocks and Rupiah and safe haven flow lifts the dollar and yen mildly. Also, investors are concerned that CIT group, which may need as much as $6b to avoid bankruptcy, is still struggling to raise enough funds. Though, the strengthen in dollar and yen is rather mild so far and consolidation is more likely today rather than sharp rebound in both currencies.
However, note that Sterling is the weakest among major currencies today and the pull back against dollar and yen are most apparent. Markets seems to be concerned with UK's financial health with ballooning budget deficit. Cross selling is giving sterling some additional pressure, in particular against Euro as EUR/GBP rebound strongly to above 0.86 level today.
Looking at the dollar index, with 4 hours MACD crossed above signal line, some sideway consolidation could now be seen with recovery to 79.63 minor resistance. But after all, outlook remains bearish as recent triangle consolidation could be completing. The overall outlook in financial markets suggest that a marginal low below 78.33 would likely be seen in the dollar index and we'd hold on to this bearish view unless the index could break above 80.89 resistance.

http://www.actionforex.com/images/st...y20090717a.gif

On the data front, main focus in European session is Eurozone trade balance with is expected to turn surplus at 0.8b EUR in May. Canadian inflation data will be released later today. Headline CPI is expected to turn negative to -0.3% yoy in Jun while core CPI is expected to slow to 1.9% yoy. New residential construction data from US will also be released which is expected to show housing starts steady at 530k and building permits rose slightly to 523k.

GBP/USD Daily Outlook

Daily Pivots: (S1) 1.6366; (P) 1.6422; (R1) 1.6491;
GBP/USD's break of 1.6354 minor support indicates that an intraday top is in place and turns outlook neutral for the moment. Nevertheless, based on overall bearish outlook in dollar, we'd still favor more upside in GBP/USD as long as 1.6032 support holds. That is, we're slightly favoring the case that correction from 1.6742 has completed at 1.5983 and another high above 1.6742 would be seen before GBP/USD tops. Above 1.6480 will bring rally resumption to retest 1.6742 high first. However, note that a break of 1.6032 will leave the rebound from 1.5983 in three wave corrective structure which in turn argues that fall from 1.6742 is still in progress. In such case, deeper decline should be seen to medium term trend line support (now at 1.5877).
In the bigger picture, stronger than expected rebound from 1.5983 dampens the view that GBP/USD has topped out at 1.6742. Further rally might still be seen and a break of 1.6742 cannot be ruled out. However, note that even in case of another rise, we'd continue to focus on reversal signal as we'd expect the whole correction from 1.3503 to conclude inside this 1.6428/7332 area (38.2% and 50% retracement of 2.1161 to 1.3503). On the downside, sustained trading below medium term trend line support (now at 1.5838) will confirm that GBP/USD has completed the whole correction from 1.3503 and will bring retest of this low.

http://www.actionforex.com/images/st...d20090717a.gif

Morning, everyone

I am trying to implement EO's "Intraday worksheet" here.

Since 4am GU was in range between 6287 and 6329.
Last 15M candle broke the range and closed at 6280.
Current 15M candle re-tested bottom of the range, upto 6385.

What's now? Short?
Or, long, because this candle is forming a pin on 15M?

I have been watching EU and she looks like she is starting to go up which would favour longs on GU

I am long from 1.6268 I took it off the 15m support off the bottom of the 15m channel

read post 19132

no idea there have been earnings reports out today but they have been pretty good so far

Freaky Friday for sure,,, Protect your cash day..... Trade safe Ken

Nice Forrest Gump on The Mistress.

I got stopped out for 20 but got back in again at 1.6280