A cluster of stops all the way to 1.6218 on GBPUSD

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Paul
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SHORT GBPUSD @ 1.6400 and above, TP 1.6317

Postby Paul » Wed Jun 17, 2009 11:50 pm

SHORT GBPUSD @ 1.6400 and above, TP 1.6317
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Paul
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SHORT EURUSD @ 1.3963 and above, TP 1.3877

Postby Paul » Wed Jun 17, 2009 11:55 pm

SHORT EURUSD @ 1.3963 and above, TP 1.3877
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Paul
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SHORT GBPUSD @ 1.6400 closed on TP 1.6317 (+83pips)

Postby Paul » Thu Jun 18, 2009 9:32 am

SHORT GBPUSD @ 1.6400 closed on TP 1.6317 (+83pips).
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Paul
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SHORT EURUSD @ 1.3963 closed at 1.3845 (+18pips)

Postby Paul » Thu Jun 18, 2009 9:35 am

SHORT EURUSD @ 1.3963 closed at 1.3845 (+18pips)

Paul
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the map of GBPUSD today

Postby Paul » Thu Jun 18, 2009 10:49 am

GBPUSD fell to 1.6350 (76.4%) where BUY LIMIT ORDERS were kept, their stops seen around 1.6317. Next GBPUSD moved higher to 1.6466 where profits were taken, stops hit and LIMIT SELL ORDERS activated above and around 1.6427. Long positions shifted their stops to 1.6350, they felt so sure. Fresh but late buyers came into the market at around 1.6365, stops at and below 1.6350. The market exhausted all the limit entry buy orders and price was pushed lower (momentum strongly down). It means that the new and late buyers entered the market in a most foolish way. Eventuallly GBPUSD plummeted through all stop levels hitting old and fresh long positions. Many traders got caught long in this slump. Professional players did not place or removed their limit entry buy orders. Most profit taking was at around 1.6300.
All actions look clear on an M5 chart.
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jefe
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Postby jefe » Thu Jun 18, 2009 11:22 pm

Hi Paul,

I was looking at chart--trying to learn what you see from it... from my own charts-- I didn't see any significant volume all day the represented Pro's selling (or buying).

Any perspective on Friday's moves? I don't start trading til about noon London time ( I always miss the big cable move of the day) and just grab crumbs til the end of eur session... I still can't determine if the past couple of days are just bank stop hunts or true market moves... I was biased towards it going down-- but now i'm not so sure- the quick drop and rise during US session looked like a stop hunt to me-- but now thta one indicates to me going higher...

Paul
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To Jefe

Postby Paul » Fri Jun 19, 2009 12:04 am

There was a lot of fundemental trading yesterday but I do not care much about the news. Yet I notice that each time the US data comes good the dollar suffers. My general impression about Fridays is that the market often pushes ways too high or too low, traders do not risk keeping their positions till Monday but on Monday we get a handsome corrective move. Thursday's main surprise was EURCHF and USDCHF failed as a hedge to EURUSD. Friday has begun with different momentum on GBPUSD (up) and EURUSD (down). If that is to correlate properly we will probably see only one pair volatile and the other may behave like a dead cat. Both seem to have potential to break from this consolidation area. Please notice what happened to SHORT EURUSD @ 1.3963 and above, TP 1.3877. It touched my TP but the market reacted swiftly
and formed a support area. It means that area is full of fresh limit entry buy orders hit and no sign of stops around 1.3877, perhaps ready for another leg higher. For shorts stops are easy to identify. Momentum suggests eurusd will retest some new lows at 1.3803. This is what I read just now.

Paul
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EURUSD tested 1.3877 third time

Postby Paul » Fri Jun 19, 2009 11:02 am

EURUSD barely touched the 1.3877 support area. It means that area is full of fresh limit entry buy orders hit and no sign of stops till 1.3877, perhaps ready for another leg higher. Momentum is gaining higher. It needs closes well above 1.3845 for more bullish picture. Is the situation that simple? Then who is going to chase the market should it break today from this consolidation? Nobody is going to get hurt today?
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Paul
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SHORT GBPUSD @ 1.6440 and above, TP 1.6371

Postby Paul » Fri Jun 19, 2009 11:05 am

SHORT GBPUSD @ 1.6440 and above, TP 1.6371
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Paul
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SHORT GBPUSD @ 1.6440 closed at 1.6396 (+44pips)

Postby Paul » Fri Jun 19, 2009 2:28 pm

SHORT GBPUSD @ 1.6440 closed at 1.6396 (+44pips).

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