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Closed 1/3 of my position at 1.9465 , trailing stop loss on rest now moved to 1.9540.

Evening.
First missive of the week to Miss M.
I can't be bothered with Oil at the moment. When it breaks the range
I've been showing, or if we get a significant news item, then we'll
comment on it.

Being weighing stuff up, and if the data releases this week don't change
anything, I'm looking to get a long / position (as near to 0.6700 as possible),
for a longer term hold for 2007.
I'm looking for the interest rate differential to close and Sterling to weaken generally
against crosses other than the Dollar (don't know which way to call the Dollar).
Anyone else got a view on this cross?

Mel,

Sorry a bit too busy to post in detail or give detailed reasons, but:

a) Chunnel's like watching paint dry. I'd give it a wide berth personally. Cable & Sterling/Yen are where the parties are at.
b) There's a tasty falling resistance line on your Dollar Index chart passing down through the highs since mid-October. I would've thought that the World, his wife and their pet poodle are going to be spraying the damn thing all over the shop as soon as it gets within touching distance of it. That could also coincide with a break of US Crude to the topside of the range at $64.

Thanks for the reply, Hilary.
The Sterling/ Yen cross sounds interesting, especially with the sentiment
leaning towards a BOJ interest rate rise circa February and my leanings
towards Sterling topping out against crosses other than the Dollar.

I'll check it out.

I have now moved stop loss to 1.9515

Cable and fiber combine to comprise nearly 70% of the USD Index. They've both bounced heavily since yesterday afternoon and here's the USD Index chart showing the resistance line that I mentioned last night.

Note the moving average line is still pointing firmly down on that daily chart.

Thin markets, great if you are on right side of it.
GBP/Yen new recent high or to roll over?
Tight "gain locks" best philosophy

Stopped out , 1/3 100 pips gain 2/3 50 pips gain.

Have to wait for next signal now .

Dilbert,

Not sure what signals you're using and it's all too easy to be a smart Alec after the event, but when it broke through the topside of the Asian range at about 7:30am it was only ever going to go one way. In terms of oscillators, both stochs and MACD on the 1-hour charts turned up around 1am or 2am.

My $2 by Crimbo looks a bit more likely now.

Where's MM on this foggy morning?

:o)

MightyMicro - 02 Aug 2006 14:31 - 12 of 53
Hil:

Oh, and you are a harbinger of doom and gloom -- but you might be right. Except about the $2/GBP. That's been threatened several times in the last 15 years.......

Hil: Not often you see a currency ramped . . .

Maybe I should have won a prize for Ramper of the Year, instead. Eh, MM?

:o)

Hilary; I think you have won that award too often!

Errrrrrrrrrmm. I wonder who might have stood on a stage in front of a couple of hundred people and said:

"Let's take a look at a chart for Bioprogress. You should all fillyerboats. I certainly have done already."

It wasn't me on that stage. Why do the words pot, kettle and black spring to mind there, Doris?

:o)

Hils , just using some moving averages for entry and a stop loss strategy . Only time will tell if it works but posted entry / exits and stop losses for all to see as soon as I could.

Glad I didn't listen to that BPRG ramper , who was it ?

:-)

Oh and if I had an opinion on GBP/USD it would be that its going to $2.00+ but I will only trade when preset requirements kick in.

Sorry to be so vague but you'll all be paying me for this system this time next year :-)

Dilbert,

MA crossovers are good for direction, but you also, imo, need some oscillators too. Chocopop's Magic MACDTM settings are good as are stochastics. It's then a case of getting direction from a slow chart and timing your entries and exits from a fast chart.

And the BPRG ramper. Not sure of his name, but he was speaking in the Bugle Club at the time. Have you heard of it?

I try and keep it simple Hils , don't understand most oscillators.

The Bugle club may not be as imaginary as some people think but me being a member is :-)

UBS Technical Analysis Team on Cable this morning said:

"Facing increasing risks of further downside towards next support at $1.9342, 50 percent retracement of the $1.8835-1.9849 rise. At this point, a break above the Dec. 13 high of $1.9730 is needed to mark an end to the recent decline"

Are they perhaps members of the Bugle Club too? Does that mean $2 by Crimbo?

Daisy: Think it might have been that fiver you paid me to say those words:-)