I think the rumour of BOJ intervention scares the heck out of traders. But they seems can't drive the Geppy up either due to its weakness ..http://www.forexfactory.com/images/icons/icon8.gif
Auslanco - GBP/JPY and GBP/USD (newstrade)
- #197,242
- Sep 14, 2009 2:00pm Sep 14, 2009 2:00pm
- Joined May 2009 | Status: Trader | 4,895 Posts
I think the rumour of BOJ intervention scares the heck out of traders. But they seem can't drive the Geppy up either due to its weakness ..
Anyway, at least for us, we can always switch to other pair..
- #197,243
- Sep 14, 2009 2:03pm Sep 14, 2009 2:03pm
- Joined Dec 2008 | Status: Resident Psychiatrist!!! | 2,600 Posts
If I may, today's range is unique. I've never seen such a small one on Monday morning in my recollection
hidden divergence on the 1 hr chart---
rsx indy
- #197,244
- Sep 14, 2009 2:03pm Sep 14, 2009 2:03pm
- Joined Sep 2006 | Status: Collector | 9,833 Posts
Interesting charts thanks for the infoDo you favor downside breakout?
YEs.. my take is still the same.. another leg is misssng to 146.10 - 147; then Up a bit.. maybe 152.20-153.50and then another series of 5w down to 135.. as an ultimate target.. (but as teh market is very choppy and gold is the other component now.. I prefer to trade level by level, or as Malc has said too.. a bit of drop on Lower TF.. of 5min-15min with Taking profit of every S/R level)
cheers
- #197,247
- Sep 14, 2009 2:06pm Sep 14, 2009 2:06pm
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
Blogging daily now at www.volume.zone
- #197,249
- Sep 14, 2009 2:08pm Sep 14, 2009 2:08pm
it must be a close war between BOJ and traders around the world then..
Smart Yen Policy Coming From DPJ
Yesterday morning, Democratic Party of Japan (DPJ) executives endorsed incoming Prime Minister Yukio Hatoyama’s nomination of mentor and founding party member, Ichiro Ozawa, as Secretary General. Ozawa's appointment knocks out resident DPJ-austerian Katsuya Okada from the position. Okada, who already gets too much press in the Western media for talking about the need to raise Japan's consumption tax to 5% and has been a potential threat to the DPJ’s general growth-positive economics, will become Foreign Minister. For this reason alone, this development is a positive change at the margin.
Ozawa's appointment is also important because it may pave the way for monetary figures, such as Eisuke Sakakibara, to establish a strong yen policy and at the same time steer Tokyo down the path toward an eventual Asian monetary union with the Chinese and the South Koreans.
Sakakibara, of course, is known as "Mr. Yen" for his work between 1997 and 1999, during which time he consistently (and correctly) argued for a weaker yen amidst the painful Japanese deflation. He also suggested the creation of an Asian Monetary Fund during the Asian crisis. He has been a staunch ally of Ozawa and unabashed about the virtues of a stronger yen today. Indeed, most of what Sakakibara says on forex issues is consistent with someone who understands the importance of stable currency values, in real terms -- particularly with respect to gold.
Last November, Sakikabara broke with the devaluationist export-led growth creed, touting the anti-inflationary benefits of a stronger yen, advocating a yen-dollar rate of 80-85/USD. As he said at the time, “a strong yen is in the national interest of Japan, particularly in this situation when raw material prices will increase.” Given current circumstances, where the dollar-gold price has breached the $1,000/oz level and could continue to drift higher, a stronger yen policy would certainly help reduce the inflationary pressures filtering through the yen-based economy.
Even though it is unclear in what actual capacity or cabinet position Sakakibara might serve in the new DPJ government, other potential DPJ financial experts appear to be speaking of a same mind, pronouncing similar strong-yen, anti-export led growth formulations that Sakakibara made last November. For instance, Deputy Finance Spokesperson Kehai Otsuka said last week, "The Democrats have for many years called for a domestic demand-led economy. Generally speaking, a strong yen brings more merits as it helps raise the people's purchasing power." And 77-year old Hirohisa Fujii who is being touted as Japan’s likely next Finance Minister said recently, "There's no need to take policy steps to help the yen rise but it's wrong to try to boost exports by driving the yen low…Basically, a strong yen is good for Japan." He added that a strong yen would help reduce Japan's import costs and boost consumers' purchasing power.
On balance, the yen-dollar rate has strengthened 8% to roughly 92/USD from 100/USD last April. And this without any Bank of Japan forex intervention. The likely reason is that forex markets have been reading the ‘political’ market. It was uncertain whether, when the yen was weak last April, who would lead the DPJ – austerian Okada or the more pro-growth Hatoyama (who is an Ozawa protege) – given that Ozawa would likely depart as DPJ head due to an ongoing aide scandal. In mid-May, Hatoyama won the intra-party election to be party leader, and solidified the party’s pro-growth direction, helping it to soar at the polls. With the DPJ landslide election victory on August 30 and the preferences for a strong yen by the party's financial leaders, we think the yen-dollar rate could continue moving lower, perhaps to 85 by year end.
- #197,250
- Sep 14, 2009 2:11pm Sep 14, 2009 2:11pm
- Joined Sep 2006 | Status: Collector | 9,833 Posts
due to the fact that the current market condition is so tight, I guess it's better to swing than to scalp.
everything is in the style.. AS for today.. we had 2-3 nice small settups.. and each one was a breakout.. They were tradable.. I didnt trade GOLD, as I and my Donkey together are discovering new golden hirizons
[posted a pic with my Donkey] J/K
- #197,251
- Sep 14, 2009 2:16pm Sep 14, 2009 2:16pm
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
there is no RULE.. the trading style is more character related then any.. Ask Malc to trade and hold a position for couple of days when PA swings 300pips Up and DOWN ??? He will kill for EXIT.. or someone else (swinger)to scalp with SL 20p ?? after 3 positions, he will call it a day..
everything is in the style.. AS for today.. we had 2-3 nice small settups.. and each one was a breakout.. They were tradable.. I didnt trade GOLD, as I and my Donkey together are discovering new golden hirizons
[posted a pic with my Donkey] J/K
today GU was my donkey ..lol
I am holding short off 1.6620 for target 1.6450 (wish me luck) lol.
trying this EW BS ..lol ... seem to be getting lucky.
Blogging daily now at www.volume.zone
- #197,252
- Sep 14, 2009 2:17pm Sep 14, 2009 2:17pm
- Joined May 2009 | Status: Trader | 4,895 Posts
there is no RULE.. the trading style is more character related then any.. Ask Malc to trade and hold a position for couple of days when PA swings 300pips Up and DOWN ??? He will kill for EXIT.. or someone else (swinger)to scalp with SL 20p ?? after 3 positions, he will call it a day..
everything is in the style.. AS for today.. we had 2-3 nice small settups.. and each one was a breakout.. They were tradable.. I didnt trade GOLD, as I and my Donkey together are discovering new golden hirizons
[posted a pic with my Donkey] J/K
- #197,254
- Sep 14, 2009 2:20pm Sep 14, 2009 2:20pm
- Joined Apr 2007 | Status: HARD SHYT SCUBA TRADER | 20,886 Posts
gu hold 1.6650 .... 16450 and then 1.6350 wave 5....
here is chart
Blogging daily now at www.volume.zone
- #197,255
- Sep 14, 2009 2:23pm Sep 14, 2009 2:23pm
- Joined Jan 2009 | Status: bye FF | 8,806 Posts
there is no RULE.. the trading style is more character related then any.. Ask Malc to trade and hold a position for couple of days when PA swings 300pips Up and DOWN ??? He will kill for EXIT.. or someone else (swinger)to scalp with SL 20p ?? after 3 positions, he will call it a day..
everything is in the style.. AS for today.. we had 2-3 nice small settups.. and each one was a breakout.. They were tradable.. I didnt trade GOLD, as I and my Donkey together are discovering new golden hirizons
[posted a pic with my Donkey] J/K
bravo...malc is a thief scalper...his broker will get tired of his position taking trade bumper to bumper...lol
MY OPINION NOT FINANCIAL ADVISE
- #197,256
- Sep 14, 2009 2:28pm Sep 14, 2009 2:28pm
- Joined May 2009 | Status: Trading, Not Posting | 2,130 Posts
That is one thing i learn the hard way, never load up during an upmove.. until it confirms going down, then only u can load up.. or else you might end up with a lot of red roses of negativity..
- #197,257
- Sep 14, 2009 3:36pm Sep 14, 2009 3:36pm
- Joined Apr 2007 | Status: Senior Principal Trader | 2,699 Posts
- #197,258
- Edited 5:36pm Sep 14, 2009 4:01pm | Edited 5:36pm
- Joined Aug 2008 | Status: Money never sleeps | 5,878 Posts
Markets are not Random, they are designed!
- #197,260
- Sep 14, 2009 5:37pm Sep 14, 2009 5:37pm
- Joined Oct 2005 | Status: Trader | 3,596 Posts
Tonight at 9:30pm or earlier GJ should breakout...
Monetary Policy Meeting Minutes for AUD
"Australia's Swan says he expects RBA to adjust rates as needed; says Aussie rates are at emergency lows"
Daily bearish channel is still intact..
My swing trade is still 140-141 on 50% level.
Trend is your friend!!
Monetary Policy Meeting Minutes for AUD
"Australia's Swan says he expects RBA to adjust rates as needed; says Aussie rates are at emergency lows"
Daily bearish channel is still intact..
My swing trade is still 140-141 on 50% level.
Trend is your friend!!
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