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Auslanco - GBP/JPY and GBP/USD (newstrade)

  • #229,401
  • Jul 21, 2010 12:04am Jul 21, 2010 12:04am
Quoting Piters
Welcome to

LONDON
a 1 min 100 pip drop is not characteristic...
  • #229,402
  • Jul 21, 2010 12:07am Jul 21, 2010 12:07am
Took 50% of my profits off the table from the earlier 133.7 short. Have no clue yet why a 100 pip flash dip minutes before FTSE open, but look how beautifully it landed on the fib of yesterday's rise, 132.33.

Someone knows something about sterling ... can't believe this is profit taking here, neither close to a high nor low. Can't wait to find out what happened.

EDIT: Reading on forexlive that a Dutch institution dumped a whack of cable.
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  • #229,403
  • Jul 21, 2010 12:09am Jul 21, 2010 12:09am
Quoting honeybhi
Can anybody tell me why did it drop ?I guess there was no news also .I bought more on the dip.
"miss hit" trade from deutch bank (Oanda)
Trade with the momentum
  • #229,404
  • Jul 21, 2010 12:11am Jul 21, 2010 12:11am
Quoting Beljevina
Took 50% of my profits off the table from the earlier 133.7 short. Have no clue yet why a 100 pip flash dip minutes before FTSE open, but look how beautifully it landed on the fib of yesterday's rise, 132.33.

Someone knows something about sterling ... can't believe this is profit taking here, neither close to a high nor low. Can't wait to find out what happened.
Do you still short dragon ? i close my short at 132,40, looking for a new setup but im still bear
Trade with the momentum
  • #229,405
  • Jul 21, 2010 12:17am Jul 21, 2010 12:17am
Quoting sailor68
"miss hit" trade from deutch bank (Oanda)
From where did u get this news from ?Already 100 up ,back to where we started .
  • #229,406
  • Jul 21, 2010 12:23am Jul 21, 2010 12:23am
Quoting sailor68
Do you still short dragon ? i close my short at 132,40, looking for a new setup but im still bear
I still have some shorts from 133.7. We've retraced 100% of the drop now; PA looking like it will head up - still expecting a drop on the MPC minutes. Man, that flash dip must have taken out a whack of longs! Reading elsewhere that it was a fat fingered dutch trader ... ! Let's judge it after MPC!
  • #229,407
  • Jul 21, 2010 12:32am Jul 21, 2010 12:32am
Quoting honeybhi
From where did u get this news from ?Already 100 up ,back to where we started .
From FX news Oanda its why we had this spike down.
Trade with the momentum
  • #229,408
  • Jul 21, 2010 12:38am Jul 21, 2010 12:38am
Quoting Beljevina
I still have some shorts from 133.7. We've retraced 100% of the drop now; PA looking like it will head up - still expecting a drop on the MPC minutes. Man, that flash dip must have taken out a whack of longs! Reading elsewhere that it was a fat fingered dutch trader ... ! Let's judge it after MPC!
Right, for this moment im flat, now we are back to the ascending TL (5M) will short dragon on the break of this TL or long on the break of area 133,80.
Trade with the momentum
  • #229,409
  • Jul 21, 2010 12:40am Jul 21, 2010 12:40am
Anyone consider the possibility that this might just be one long pump and dump?

Correction: One in a series of government sanctioned pump and dumps, this latest saga to do with the unemployment insurance extensions.
  • #229,410
  • Jul 21, 2010 12:49am Jul 21, 2010 12:49am
Quoting Eulogy
Anyone consider the possibility that this might just be one long pump and dump?
Yep.

I'm not seeing this as genuine bullishness, but i'll play it anyway.
  • #229,411
  • Jul 21, 2010 12:49am Jul 21, 2010 12:49am
Quoting Eulogy
Anyone consider the possibility that this might just be one long pump and dump?

Correction: One in a series of government sanctioned pump and dumps, this latest saga to do with the unemployment insurance extensions.
I vouch for dump and pump .Dump over now pump
  • #229,412
  • Jul 21, 2010 12:50am Jul 21, 2010 12:50am
Quoting Eulogy
Anyone consider the possibility that this might just be one long pump and dump?
Yes one possibility, also before the news i didnt use hard stop (this spike take out a lot of SL) but usually when im in front of my computer i use mental SL for this kind of spike.
Trade with the momentum
  • #229,413
  • Jul 21, 2010 1:02am Jul 21, 2010 1:02am
Speculation abounds as to the cause. Dutch trader? Hmm, maybe. Other possibilities include rash move by bank based on foreknowledge of MPC meeting. Has the board been told to tow the line and return a 0-0-8 figure? I think they are a member down, at present, and so no 0-0-9. Alternatively, is the figure now going to be 2-0-6? Fact is, none of us retailers know. Of course, we will know soon enough.

Other conjecture suggests a wipe out of stops. Well, the buggers didn’t get me – was still staring into my tea leaves this morning in order to predict market direction when the drop happened – and glad, too, as I favour the long side up to the high 1.54 region. No, I’m telling you, the leaves never lie.

I’m looking for a break of the high from the overlap of Frankfurt and London, a retest back to this breakout, and then will take a long.
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Author of: For Pip's Sake! (Available at Amazon... :-) )
  • #229,414
  • Jul 21, 2010 1:04am Jul 21, 2010 1:04am
I dont believe in fat fingers as i believe there a must moves on the charts.
My 1st target that i share yesterday was about continusley long without retrace
look @ my thread EU daily correction and see first picture it will help u understand a side of the wierd moves
im out of trading until market get clear maybe this fall preparing for a new direction. Who knows!
Maybe im mistaken but this what I believe.
  • #229,415
  • Jul 21, 2010 1:08am Jul 21, 2010 1:08am
And of course, anyone wanting to play the break north or south of the range the past hour, has to consider the moves needed for such breakouts. The spike today has made the range rather large.
Author of: For Pip's Sake! (Available at Amazon... :-) )
  • #229,416
  • Jul 21, 2010 1:15am Jul 21, 2010 1:15am
From my point of view we are still heading down ,..

We have tested 200 Simple MA 3x but on the other hand we are still "sitting" on monthly pivot ,... so it is stupid range between these two functions.
Actualy im still bearish , ... on the picture there is 1H graph ,...

Thanks for comments ,...
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  • #229,417
  • Jul 21, 2010 1:17am Jul 21, 2010 1:17am
Quoting Fusion
Where do you believe it stops?
Sorry, only just seen this.
The Monthly bullish divergence has a play-out area for me of 1.90 ish. This is very long term, maybe years away, but we'll get there.

I will begin to add tiny longs once I think Sterling has bottomed, (or near enough). We're not that far away in the whole scheme of things.
  • #229,418
  • Jul 21, 2010 1:21am Jul 21, 2010 1:21am
Which would support the assertion of Gucc.

Quoting ukdaytrader
Sorry, only just seen this.
The Monthly bullish divergence has a play-out area for me of 1.90 ish. This is very long term, maybe years away, but we'll get there.

I will begin to add tiny longs once I think Sterling has bottomed, (or near enough). We're not that far away in the whole scheme of things.
Author of: For Pip's Sake! (Available at Amazon... :-) )
  • #229,419
  • Jul 21, 2010 1:25am Jul 21, 2010 1:25am
Am posting a M1 chart with the 100 flash drop still on it, to show that it appears the market is selling sterling, along with UJ, which is crashing fairly hard for this time of day.

Were the dutch onto something, or is there truth to the repo rumours, or, will MPC regress things? 5 minutes to go ... !
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  • #229,420
  • Jul 21, 2010 1:45am Jul 21, 2010 1:45am
Quoting ukdaytrader
Sorry, only just seen this.
The Monthly bullish divergence has a play-out area for me of 1.90 ish. This is very long term, maybe years away, but we'll get there.

I will begin to add tiny longs once I think Sterling has bottomed, (or near enough). We're not that far away in the whole scheme of things.
Try small long here, m5 look bull divergence forming. See can play out or not
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