Cable Update (GBPUSD)

sold EU 3132 for 30 pips

I was lying,for 26 pips only

http://www.easyfreesmileys.com/smile...mileys-442.gif

mmmmmmmmmmmmmmmmmm ..wait up ,let me scale out 15 pips

http://www.smileyvault.com/albums/us...13911/0004.gif

whats today self bragging day http://www.easyfreesmileys.com/smile...mileys-192.gif

setup to sell

Interesting article, credits to Michael J. Casey

Central bankers appear to have relocated financial markets to Bizarro World, that comic-book planet where the laws of life and physics are the polar opposite of those on earth.

We saw it in the next-day reaction to Standard & Poor's Rating Services' unexpected two-notch downgrade of Spain's debt rating after the close of trading last Wednesday. In a normal world, investors would have run for the hills. But the following Thursday, they bid the country's bonds higher, even though the S&P move fueled speculation Moody's Investors Service would also announce a downgrade--which in its case would have seen Spain's massive $2 trillion debt load saddled with a "junk" qualification. Much as Jerry Seinfeld explained to Elaine in a popular episode of his eponymous sitcom, it is just like Bizarro World, where "up is down, and down is up."

There was a method to investors' madness. Traders reasoned if Spanish Prime Minister Mariano Rajoy was worried about downgrades, he would stop procrastinating and ask for a politically unpopular bailout from the European Union. This in turn would trigger an influx of promised bond-buying by the European Central Bank.

A week later, Moody's has decided to give the country a reprieve. The market's initial reaction in Asian trading Wednesday was more orthodox: Spanish bonds rallied to their strongest level in six months, while the euro bounced to a one-month high. But look what happened in London hours: the rally stalled as a few analysts warned those more comfortably low yields could prompt Mr. Rajoy to recoil from seeking a bailout to avoid the tough policy conditions that would come with it. After all, he suggested in a Wall Street Journal interview last month Spain would only ask for help if its borrowing costs were too high to sustain.

All red-blooded believers in free markets should be disturbed by this circular logic. Not only are fundamental questions about Spain's capacity to pay its debts being supplanted by bets on the prospect of external intervention, but investors will increase those bets when the fundamentals deteriorate and lower them when they improve.

Sadly, Bizarro logic is nothing new. It was ingrained into markets with the "Greenspan put," named after former Federal Reserve Chairman Alan Greenspan, whose willingness to cut rates when market conditions deteriorated encouraged investors to believe they had a guaranteed floor price, or put option, at which to sell when the going got rough.

But the distorting impact of policy intervention has since become many times more powerful. Under Mr. Greenspan's successor, we have the "Bernanke put," backed up by an unprecedented spree of bond buying now at $2.35 trillion and counting. With the ECB's pledge, Europe now has its own "Draghi put." Other countries have adopted different guarantees: The Swiss National Bank tells currency traders it will always pay at least CHF1.20 for their unwanted euros and the Japanese Ministry of Finance leads Japanese exporters to believe it will intervene to weaken the yen whenever quarter-end accounting rules require them to repatriate foreign earnings.

But it is the potentially unlimited bond-buying promises, also known as "quantitative easing," that have the biggest impact on investor psychology. The real cost of QE may not be that it will inevitably lead to uncontrollable inflation--as many critics contend--but that it has irreparably damaged the functioning of financial markets. It may have institutionalized "moral hazard," the notion investors will take undue risks because they know policy makers will come to their rescue.

Moral hazard was at the heart of the financial crisis. It lurked in the implicit bailout promise that encouraged too-big-to-fail banks to drive leverage through the roof and was imbedded in the crazy idea that "risk-free" sovereign bonds required no capital buffer, which led European banks to stock up on Greece's debt after that country joined the euro zone.

Once those flawed policies came to a head in 2008, central banks had to take drastic action to avert financial collapse. But quantitative easing was only ever going to be viable as a bridging policy, to buy time while governments constructed a more stable economic and market framework. And on that they have failed dismally. The global financial system remains unstable, the euro zone is far from the fiscal integration it needs, and nothing has been done to reduce the long-term liabilities of the U.S. and Japan while too much has been done across the industrialized world to kill growth with short-term austerity.

With governments doing so much harm on their side, the policy solution has fallen, asymmetrically on the shoulders of central banks as they have been pushed further into open-ended promises of potentially unlimited monetary stimulus.

GBP a piece of rotten shit. can't cross 75 can't go below 50.

let's see 6120 by the end of the day and I can sleep better

c'mon,start loading shorts

if we see 6145 again in max 1 1/2 h we go 6120 and we either bounce there or even better 1.6100

bro u saying this since 8 hrs now. it is purely bullshit in my view.

WOW! Not nice ...

bullshit the calculations or what the market does ?

Oct 17, 2012 1:54pm (3 hr ago) that was the only call with 6145 for 25 min timespan to reach it from my call (first one was from 6175 to 6145 in max 2 hours )

so....it did reach 6145 in that timespan.8 hours ago I was not even talking about that level

now,acc to calculations if we do not see 6145 again as stated,in the next 1 1/2 h we won't see any 6120 by the end of the day....or maybe we will but what do I know? I'd rather go for a better signal than to risk a trade so probably I'll BE on it


If you were talking about the market I agree.it makes nonsense

shorted AUD as we are 10 pips close to my up target 0387 so it's fine

SL just above 0450 and TP somewhre at the bottom 0263 so far for tp1 and TP 2 and 3 I'll update later

probably retesting 0180 again

I have a big heart

is it ? never looked at it my bad

first calculations pointed for 0394 later 0387 so that's fair enough for a sell....I took mine now

I have another call I have another call

maaaaann....I just looked at it now

details on PM,already gave to many things to the bankers

BE on it now we might go to 6200 as per one chart so no need to risk it

BE is free SL costs me

aussie is in breakout area. 1.0382 printed. lets see if it prints 1.0400. china will have to publish a fantastic number say 7.8% to justify the aussie price

lets see if we test 1.6150

AUD stopped me out for 15 pips from 1.0335 to 1.0350. Waiting to re-enter, going to try get as close to 1.4 as possible.

Currently short from 1.3029 on eu and watching....