C,O,T GBP/USD

OK This Is my attempt at the C.O.T reading is for information only and not trade recommendation
is a private streamed data from http://www.cot4metatrader.com/

so number may differ from C.O.T report

Net Position for Non Commercials (Smart Money)

Non-Commercials on the 13/12/2011 : -39509
Non -Commercials on the  29/12/2011: -13525

Non- Commercials have decreased there net shorts by 25984

Summary smart Money are positioning to go long £

watch this space for alert of for this C.O.T Movement

http://www.cftc.gov/MarketReports/CommitmentsofTraders/index.htm

BRITISH POUND STERLING - CHICAGO MERCANTILE EXCHANGE                 Code-096742
FUTURES ONLY POSITIONS AS OF 12/27/11                         |
--------------------------------------------------------------| NONREPORTABLE
      NON-COMMERCIAL      |   COMMERCIAL    |      TOTAL      |   POSITIONS
--------------------------|-----------------|-----------------|-----------------
  LONG  | SHORT  |SPREADS |  LONG  | SHORT  |  LONG  | SHORT  |  LONG  | SHORT
--------------------------------------------------------------------------------
(CONTRACTS OF GBP 62,500)                            OPEN INTEREST:      183,119
COMMITMENTS
  25,465   54,637       51  143,533  102,195  169,049  156,883   14,070   26,236

CHANGES FROM 12/20/11 (CHANGE IN OPEN INTEREST:       -853)
  -1,068    2,165      -65       61   -1,813   -1,072      287      219   -1,140

PERCENT OF OPEN INTEREST FOR EACH CATEGORY OF TRADERS
    13.9     29.8      0.0     78.4     55.8     92.3     85.7      7.7     14.3

NUMBER OF TRADERS IN EACH CATEGORY (TOTAL TRADERS:       85)
      19       26        1       25       23       44       50
 

..........................................................................

FINANCIALS

CME 3-month Eurodollars combined open interest increased 4.6 percent in November. Commercial participants, who accounted for 48.9 percent of open interest, held net long positions; their long exposure was increased by 6.1 percent and their short exposure was increased by 2.8 percent. Non-commercial participants, who accounted for 44.0 percent of open interest, held net short positions. Their long exposure was increased by 2.3 percent and their short exposure was increased by 3.9 percent. Non-reportable participants, who accounted for 7.1 percent of total open interest, held net short positions; their long exposure was increased by 9.1 percent and their short exposure was increased by 21.5 percent.

CME Euro-FX combined open interest increased 18.0 percent in November. Commercial participants, who accounted for 48.5 percent of open interest, held net long positions; their long exposure was increased by 19.4 percent and their short exposure was increased by 8.4 percent. Non-commercial participants, who accounted for 35.5 percent of open interest, held net short positions. Their long exposure was increased by 28.3 percent and their short exposure was increased by 32.6 percent. Non-reportable participants, who accounted for 15.9 percent of total open interest, held net short positions; their long exposure was decreased by 4.6 percent and their short exposure was increased by 3.4 percent.

CBOT 10-year Treasury Notes combined open interest increased 1.5 percent in November. Commercial participants, who accounted for 62.4 percent of open interest, held net short positions; their long exposure was decreased by 1.3 percent and their short exposure was increased by 10.5 percent. Non-commercial participants, who accounted for 20.1 percent of open interest, held net long positions. Their long exposure was increased by 10.3 percent and their short exposure was decreased by 12.6 percent. Non-reportable participants, who accounted for 17.4 percent of total open interest, held net short positions; their long exposure was increased by 2.4 percent and their short exposure was decreased by 8.2 percent.

CME S&P 500 combined open interest fell 1.9 percent in November. Commercial participants, who accounted for 67.6 percent of open interest, held net short positions; their long exposure was increased by 0.9 percent and their short exposure was increased by 6.8 percent. Non-commercial participants, who accounted for 13.3 percent of open interest, held net long positions. Their long exposure was decreased by 22.8 percent and their short exposure was decreased by 14.2 percent. Non-reportable participants, who accounted for 19.1 percent of total open interest,held net long positions; their long exposure was increased by 8.3 percent and their short exposure was decreased by 19.8 percent.

Gbp/usd 60min  Bearish Butterfly

The Stochastics Hook up

NZDUSD 19/12/2011 2.00pm to 00.00 hrs

Ring!! Ring! Ring! Ring

Daily (Stochastics) : Yo!! Anchor (4hr Stochastics ) what’s up!! You good?

Anchor:  Yea man I’m Bless

Daily: Listen Charley boy here’s the play for the next 12 hours. I just came in to some information and got the go ahead to past through 30’s strip.

What you on!!

Anchor: Yes!!! Yes!! rude boy I’m flying high uptown in the 80s club. Was gonna ring you cause I was thinking of coming down.

Daily: Kool geezer  come meet me and we will buck up on the 30 strip or one of the  fib bars probably the 100% fib bar, I like there drinks in there cause they are pure. Oh don’t forget to call RSI and bring him along with you. You know there’s no play with out him on side.

Anchor: Nice 1 Daily I’m on my way.

So the Anchor (4hr Stochastics) Gets ready to leave the 80s club in the uptown district. And he then decides to call his home boy Hrly(Stochastics) before he leaves.

Anchor: Hrly what’s good in the game

Hrly: Yea man I’m feeling merry, I’m with 30mins and where hanging out together you know dis!! she’s my partner in crime she always meets me half way. And when were are apart every thing seems to stand still and I get a bit frustrated and confused with out her. Still its all good!!.

Anchor: Kool !! I Just got a call from the Boss (daily) and he wants us to hook up so we can discuss a few things where you at;

Hrly: I’m uptown

Anchor: So am I

Hrly: Where

Anchor: 80’s Club

Hrly: cool ! I’m just round the corner

Anchor: ok will hook up around the back @ 2.00pm at the American Open and we will head down to the 50’s street and see if we can get clearance to pass and meet daily on the 30 strip he was telling me he’s on the way up.

Hrly: is Volume Coming

Anchor: Will have to Waite and see if the the King (Price) Allows Him. .

Price is king and i heard the Aussies are less doveish than expected

Anchor: cool Geezer Noted 

NZDUSD Butterfly 2nd wing forming @0.7610 a break below

NZDUSD Butterfly 2nd wing forming down

Fundermentals

The Australian economy is the 13th largest in the world, with a GDP of $1.2 trillion. The country has a population of 22.6 million, and a labor force of 11.6 million. GDP per capita comes out to $39,700 which was good for about 10th place in the world. The economy grew 3.3% in 2010.
The economy is dominated by its services sector, which makes up about 68% of GDP. Agriculture and mining amount for another 10% of GDP, and make up around 57% of the nations exports. The country is rich in natural resources, and its mining sector has seen a once-in-a-century boom as a result of surging prices for commodities. Its mining sector not accounts for 8% of GDP, up from 4% in 1994. Manufacturing accounts for another 12% of GDP.

GDP: $1.2 trillion (13th)
Population: 22.6 million
GDP per capita: $39,700 (10th)
The economy grew 3.3% in 2010. The economy is dominated by its services sector, which makes up about 68% of GDP. Agriculture and mining amount for another 10% of GDP, and make up around 57% of the nations exports. The country is rich in natural resources, and its mining sector has seen a once-in-a-century boom as a result of surging prices for commodities. Its mining sector not accounts for 8% of GDP, up from 4% in 1994. Manufacturing accounts for another 12

growth, output

GDP (Annualized) WMI Leading Index CB Leading Index Services PMI Manufacturing PMI Trade Balance demand Retail Sales New MotorVehicles Sales Private Sector Credit NAB Business Confidence

1.2% (2Q), pr.-0.9% (1Q) 0.5% m/m (Jul), 0.1% (Jun) 0.4% m/m (Mar), 0.8% (Feb) 52.1 (Aug), 48.8 (Jul) 43.3 (Aug), 43.4 (Jul) 1.83B (Jul), 1.82 (Jun) 0.5% (Jul), -0.1% (Jun) 3.3% (Jul), 9.0% (Jun) 0.2% (Jul), -0.1% (Jun) -8 (Aug), 2 (Jul)

employment and confidence

Employment Change Unemployment Rate Wage Price Index q/q WMI Consumer Sentiment inflation RBA Interest Rate Consumer Prices q/q Producer Prices q/q TDMI Inflation Gauge m/m

-9.7K (Aug), -4.1K (Jul) 5.3% (Aug), 5.1% (Jul) 0.9% (2Q), 0.8% (1Q) 8.1% m/m (Sep), -3.5% (Aug) 4.75% 0.9% (2Q), 1.6% (1Q) 0.8% (2Q), 1.2% (1Q) -0.1% (Aug), 0.3% (Jul more: http://www.fxtimes.com/country-profiles/australia/

Timeless Trading: THE LAW OF BURNING DESIRE

Timeless Trading: THE LAW OF BURNING DESIRE: THE LAW OF BURNING DESIRE The motivation to acquire wealth must be accompanied ...

THE LAW OF BURNING DESIRE

                                                           THE LAW OF BURNING DESIRE

The motivation to acquire wealth must be accompanied by a burning for wealth creation. A burning desire protects your mind in moments of discouragement. It helps you to face the challenges and obstacles which present themselves on day to day bases. Desire links us to the proof and results we desire.

Wilfred Peterson said “Success is focusing the full power of all you are on what you have a burning desire to receive. Without such a passion, success becomes impossible".

Need is what births desire and desire is what gives you energy and the will to want to win. It is not possible to turn anything around if there is no strong burning desire. Every time we speak about wealth creation. We achieve the exact confession we make. We have a strong passion a strong burning desire to be able to see results.

Money is power and you ought to be reasonably ambitious to have it. You ought to because you can do more good with it that you could do with out it. Money printed your bible, money builds your churches, and money sends you missionaries. I say then you ought to have money and lots of it. Dishonest money Dwindles away, but he who gathers money little by little makes it grow. Proverbs 13:11

 A burning desire makes you impossible to be convinced that your vision cannot come to pass It is what keeps you fired up when everything around you seems to take on a negative indication. The proof of a burning desire is expressed in the action you carry out. A man who has a burning desire to achieve will give it all takes. He/she will work in season and out of season. In other words, your action must be consistent with your desire. Your action end up reinforcing your desire.

Robert Collier said “ The first principle of success is desire- Knowing what you want desire is the planning of your seed” Whatever you desire is easily believed and worked for. It makes pursuit possible. It gives the energy for running until there are results. One of the greatest tragedies of life is to lose your desire to achieve anything or to make something happen. Desire is definiteness of purpose. It is a quality you must possess in order to win. Desire is what births the knowledge the knowledge of what you want. Desire is what makes you reach forth until you possess it. It is very hard to get what you do not want badly. It is very hard to achieve what you have not focussed on and given a singleness of purpose to it. Napoleon hill said” the starting point of all achievement is desire” Paul J. Meyer said “Whatever you vividly imagine, ardently desire, sincerely believe and enthusiastically act upon must inevitably come pass. To achieve anything and to strength your burning desire, the wealth you want to create must first be seen in your mind.

A: See it The Lord said to Abram after Lot had parted from him. Lift up your eyes from where you are and look north and south, east and west. All the land that you see i will give to you and your offspring. Genesis 13:14-15 Desire aids your perception. It increases your capacity. Once you see it in your mind you can make it a reality.

 B. Say it By faith we understand that the universe was formed at God’s command so that what is seen was not made out of what was visible: Hebrews 11.3 God say’s ever thing he wants to do. Once you confess it commit yourself to the fulfilment. You engage your mind to make it a reality. “I tell you the truth if anyone says to this mountain togo throw yourself into the sea’ and does not doubt in his heart but believes that what he says will happen, it will be done for him. Therefore I tell you whatever you ask for in prayer, believe that you have received it and it will be yours. Mark 11:23:24. Your burning desire must be accompanied by a third action

C: sow it You must sow an action, money, talent or ability that will result in wealth creation. Give and it will be given to you. A good measure pressed down shaken all together and running over will be poured into your lap. For with the measure you use. It will be measured to you. Luke 6.38

Cast your bread upon the water for after many days you will find it again. Ecclesiastes 11.1

Lastly  Sow your seed in the morning and in the evening let not your hands be idle for you do not know which will succeed whether this or that, or whether both will do equally well. Ecclesiastes 11:6

By Matthew Ashimolowo
rewritten by Kasim Ijelu

Timeless Thoughts

Follow the Yellow Brick Road

Can we Follow where the Big Big Big Boyz are putting there money. Click on the Archive to get A C.O.T explanation Quick explanation 1.Comment of Traders is a report that allow us to see where traders have placed there orders The is broken into 3 section Commercials: who are the producers of your goods. the food you eat ,l pigs cows Wheat, corn,gold etc Non-commercial : who are the hedge fund banks and institution .i.e Tesco where you pick up you grocery's Non- re-portable: Under-cleared Now the Commercial obviously are the first 1st to know because they are the farmers and handle the physical product and know the future out come of there crops. Now they sell to the non-commercials who to bring the goods to the market and sell it to the retailers So these two power houses buy and sell from each other. What i'm trying to do is decipher when this transaction changes hands To read more http://www.investopedia.com/articles/forex/05/COTreport.asp#axzz1gmr7RpQz Extreme Positioning Extreme positioning in the currency futures market has historically also been accurate in identifying important market reversals. As indicated in Figure 3 below, abnormally large positions in futures for GBP/USD by noncommercial traders has coincided with tops in price action. (In this example, the left axis of the chart is reversed compared to Figure 2 because the GBP is the base currency.) The reason why these extreme positions are applicable is that they are points at which there are so many speculators weighted in one direction that there is no one left to buy or sell. In the cases of extreme positions illustrated by Figure 3, every one who wants to be long is already long. As a result, exhaustion ensues and prices begin reversing. Figure 3: Net noncommercial positions in GBP futures on IMM (corresponding axis is on the left-hand side) and price action of GBP/USD (corresponding axis is on the right-hand side) from May 2004 to April 2005. Each bar represents one week. Source: Daily FX. Read more: http://www.investopedia.com/articles/forex/05/COTreport.asp#ixzz1gmz6MDoy http://www.investopedia.com/articles/forex/05/COTreport.asp#axzz1gmr7RpQz

Bullish Gartley turned into a Butterfly

Gbp/usd Apply 4ps

tell me what you think? Practice Pure Patience Produce Pure Profit Bullish Gartley Turned into a butterfly

Dollar Currency Forecast

Expecting Some Consoldation in the Cad to the short term upside, However i'm be aware of the double Top at the 200 Day Moving average 1.05874 an the 50 DMA @ 0.9939 And Mr Price is in the middle @ 1.01668 so the bias is split. we will be slightly bearish below 1.1120 to the base of the poseidon line @ 0.9942 a break from there The harmonic count says the next leg is down to D @ 0.95690 which is the 127.0 Fib ABC the Low at 0.9405 this also coincide with the weekly trend dwn. Below B 0.99110 We will be strongly bearish above 1.0207 nadd hold we will be strongly Bullish USDCAD

USD CHF NOT Sure Still At the moment with the Chf the bias is on the bid side still i'm Expecting some consoildation b/4 the next push up

USDJPY Strong bullish above 84.16 bearish below 75.52 At the moment The alligators month is close MA 13,8,5, Not sure what to expect from the USDJPY So stand aside and waite for a clear signal

Audusd Count Adjusted

Aussie overall Market structure has held @ 0.97084. However Mr Price is below weekly Pivot @ 1.0224/0240. So a break above and hold above 1.0240 will strength our bias for the test of the top @ 1.1075 then the 2nd target of D @ 1.1881 or 200 fib Expansion @ 1.2417. Otherwise it is possible for market to trickle down to 0.98/97 area Poseidon Base line and support area. Depending on what happens in Europe, Aussie has had not so great news of late so sideways action is possible with the down ward sloping trend line and a trickle down to support area @ 0.9383 and if this is broken then. which will cause break out of the poseidon pathway and market stuctute 0.8071 will be in sight. I suggest standing aside and waiting for a clear signal. Break out of the Poseidon line down or a continuation within the trend up. Still There is loads of pips to make. Practice Pure Patience Produces Pure Profit

Euro/usd Wkly Harmonic Count

Euro in a bearish dwn trend @ 1.3692 wkly pivot Must Hold to continue slid to Strong support target D @ 1.3170/1.2851 it can extend to 100% expansion from the AC high, however strong support may not allow this between 1.3148 and 1.2888 plus Mr price is sliding along the Poseidon Medium Line suggesting a pull back at any time. else Meaning we could see a strong rally in the euro soon So keep your wits about you, keep tight stops and manage risk, more over watch for the organised confusion in the news. ;-) Add Daily Triangle

4Hrs Count initial Bullish surge then a Fall from sell zone D in pink

GBPUSD alt Bullish weekly harmonic Count

1.5792 Will have to stay intact along with the 50 Day moving average Light blue line a break below RR 1.5431 will further extend our bias to 1.618 target of 1.5030/40 area. Must admit markets have been wild, and difficult to read at times, but will stick to the plan and see what happens. Keep risk tight and manageable and. don’t do anything stupid! :-0 More to follow p.s this is a weekly chart i'VE ADDED A DAILY POSEIDON LINE TO SHOW ALTERNATIVE POSEIDON PATH WAY BELOW ALT COUNT

Slight adjustment .. I believe the £ and the euro has it in them to rally against the usd Simple becasue of the austerity measure taken here in the uk and 4 the euro they can't afford 4 it to fail and thats that. If it does then thats a world war.. the message is we are 1 or it will cause a domino effect. and were all done for. pLEASE ADD COMMENTS TELL WHAT YOU THINK.. CHEERS :-)

S&P Warns on 15 Euro-Zone Nations

ning (This story has been posted on The Wall Street Journal Online's Euro Crisis blog at http://blogs/wsj.com/eurocrisis) Standard and Poor's Ratings Services, criticized for laxity during the financial crisis, has put Germany, France and 13 other countries in the euro zone on a downgrade warning. This includes six triple-A sovereigns. That typically means there is at least a 50% chance of a downgrade within 90 days, but the firm has said it expects to announce any rating changes "as soon as possible" following this week's European Union summit, where policy makers are expected to lay out plans to enforce stricter budget rules. S&P said the long-term ratings on Germany, Belgium, Austria, Finland, Luxembourg and the Netherlands aren't likely to fall by more than one notch, if at all. But it flagged a potential two-notch downgrade for France and other euro-zone nations. It comes after the French President Nicolas Sarkozy and German Chancellor Angela Merkel Monday told members of the 27-nation European Union bloc that they must decide by the end of the week whether they want to be part of a more fiscally integrated ensemble. The move by S&P reinforces the belief that Friday's summit will be a "make or break" moment for Europe. TODAY'S HEADLINES - S&P Warns on 15 Euro-Zone Nations - Sarkozy, Merkel Issue Ultimatum - European Stocks Dip - Greek Politician Expects Recession Will Linger Longer 10:14 a.m. Euro Edges Lower, Equities Slip After S&P Warns on EFSF by Peter Nurse The euro drifted lower and European equity markets continued to trade with a negative slant Tuesday following the decision by the Standard & Poor's ratings agency to place the long-term credit rating of the European Financial Stability Facility on credit watch negative. While the decision to place the EFSF's long-term rating on negative watch is hardly a surprise given the warnings on the ratings of the sovereign nations that guarantee the EFSF, the move added to the negative tone surrounding the markets Tuesday. At 1500 GMT, the euro traded at $1.3395, down from $1.3400 in late New York trade Monday. The currency was also at Y104.15, down from Y104.28. Turning to equities, the benchmark Stoxx Europe 600 index was down 0.2% at 242.32. Paris's CAC-40 index was 0.3% lower at 3191.39, and Frankfurt's DAX was 0.9% lower at 6050.96. London's FTSE 100, outside the euro zone, was up 0.1% at 5576.35. This variance was also noted in the sovereign debt market, with the benchmark December bund contract down 0.26 at 134.56, but the March gilt contract up 0.52 at 113.85, aided by robust demand at a sale of 30-year paper earlier Tuesday. 9:59 a.m. ECB Balance Sheet Hits Another Record High by William Launder The euro zone's balance sheet reached another record high in the week ended Dec. 2, as the central bank continued buying euro-zone government bonds and lending massive sums to cash-strapped banks. The balance sheet of the Eurosystem, which comprises the Frankfurt-based European Central Bank and the 17 euro-zone national central banks, grew by EUR16.14 billion compared with the previous week, settling at EUR2.436 trillion. This was EUR512 billion larger than a year earlier. The ECB has been criticized for increasing the volume of its balance sheet due to the purchases of government bonds and other so-called nonstandard measures. But the ECB has repeatedly warned its balance sheet isn't at risk from its added size. Net lending to credit institutions decreased by EUR60.9 billion to EUR128.8 billion. Last Wednesday a main refinancing operation of EUR247.2 billion matured and a new one of EUR265.5 billion was settled. Earlier Tuesday, the ECB said it allotted EUR252.100 billion at its weekly main refinancing operation, down from EUR265.456 billion allotted last week. 9:38 a.m. Standard & Poor's Put EFSF Triple-A Rating on Watch Negative by Serena Ruffoni Standard & Poor's Tuesday said it placed the long-term credit rating of the European Financial Stability Facility, or EFSF, on credit watch negative. This follows the placement on watch negative of the six European sovereigns that guarantee its financial obligations. The six sovereigns are triple-A rated Austria, Finland, France, Germany, Luxembourg and the Netherlands. Standard & Poor's could downgrade the EFSF by one or two notches depending on the outcome of its review on the EFSF member sovereigns. The rating likely will be the same as the lowest issuer rating, unless further credit enhancements are put in place. If this is the case, Standard & Poor's could affirm EFSF triple-A rating on the basis that these compensate the reduced creditworthiness of its guarantors. The move to credit watch negative implies that there is at least a one-in-two probability of a downgrade in the short term. Standard & Poor's expects to reach a decision within 90 days, after it completes the review on its guarantor members. 9:17 a.m. French PM Breaking Headlines by WSJ Staff - French PM: No European Country Is Safe From Crisis Impact - French PM: Germany Won't Be Spared If Crisis Worsens - French PM: Europe Must Reduce Debt - French PM: Remains Committed to Fiscal Plan - French PM: S&P View Calls for Stronger European Economic Governance - French PM: Calls Italy's Monti Fiscal Plan "Ambitious" - French PM: Deal With Germany on Euro Zone Economic Governance Is "Strong" - French PM: We're Determined to Defend the Euro Zone - French PM: Greek Support Plan Was a One-Off 9:03 a.m. S&P Statement on EFSF by WSJ Staff The following is a press release from Standard & Poor's: "On Dec. 5, 2011, Standard & Poor's placed its ratings on the 'AAA' rated sovereigns which guarantee the financial obligations of the European Financial Stability Facility (EFSF). "As a result, we are also placing the 'AAA' long-term credit rating on EFSF on CreditWatch negative and affirming the 'A-1+' short-term rating. "Depending on the outcome of our review of the ratings on EFSF member governments, we could lower the long-term rating on the EFSF by one or two notches, if any. "The issuer and issue ratings we will assign to EFSF following our CreditWatch review will likely be the same as the lowest issuer rating we assign to the rated EFSF members we currently rate 'AAA', unless there are offsetting credit enhancements in place." 9:01 a.m. S&P Shakes Downgrade Stick at EFSF Bonds by Mark Gongloff Standard & Poor's has fired a warning shot about a potential downgrade of the euro-zone bailout fund, the EFSF. This wasn't exactly unexpected, given that S&P on Monday night shook the "Downgrade Stick" at every single member nation in the euro zone, including Germany and France, the AAA-rated countries that mainly backstop the EFSF. Still, it's having a mildly negative effect on risk appetite this morning, pushing the euro below $1.34 and pushing U.S. stock futures lower. 8:57 a.m. S&P Puts EFSF Triple-A on Watch by WSJ Staff Statement from S&P. "Standard & Poor's Ratings Services today placed the 'AAA' long-term credit rating on the European Financial Stability Facility on CreditWatch with negative implications. 8:48 a.m. S&P EFSF Headline by WSJ Staff - DJ S&P Places EFSF Long-Term 'AAA' Ratings On Watch Neg 8:27 a.m. More on Noyer's Criticism of S&P Move by William Horobin European Central Bank governing council member Christian Noyer attacked Standard & Poor's Investors Service's move to place 15 euro-zone countries on credit watch negative, saying the rating agency's methodology had clearly become political and the euro-zone economy can quickly bounce back. "It's a political judgment much more than one on economic fundamentals," Noyer said at a conference on the outskirts of Paris a day after S&P put the rating of 15 euro-zone nations on credit watch negative, citing deepening political, financial and monetary problems in Europe. "It's a change in universe." Noyer also criticized comments from S&P for not taking into account an agreement announced earlier Monday between France and Germany to pursue treaty change in Europe to strengthen fiscal discipline and integration. "These observations are totally out of step because as they come the same night that France and Germany agreed on big decisions to resolve the crisis...that seem extremely powerful to me," said Mr. Noyer, who is also governor of the Bank of France. 8:13 a.m. U.K. Dog in the EU Manger by David Cottle There's always been a dark little rumor in circulation about why, precisely, the U.K. is in the European Union at all given the apathy if not hostility of its people towards anything that starts with 'Eur:' to make sure the whole project misfires. It was put succinctly in the classic British BBC 1980s comedy Yes Minister, in which a cynical public-service mandarin outlines the country's game plan thus: "Minister, Britain has had the same foreign-policy objective for at least the last 500 years: to create a disunited Europe. "In that cause we have fought with the Dutch against the Spanish, with the Germans against the French, with the French and Italians against the Germans, and with the French against the Germans and Italians. "Divide and rule, you see. Why should we change now when it's worked so well?" 7:53 a.m. Danish PM Favors Swift EU Treaty Tweaks With EU-27 Backing by Flemming Emil Hansen Denmark prefers only small, swift treaty changes that have the support of all EU countries, not just euro-zone nations, Prime Minister Helle Thorning-Schmidt said Tuesday. Denmark's position on an emerging plan to amend the European Union's governing treaty to avoid a repeat of the euro zone debt crisis is particularly important because the country assumes the rotating European presidency on Jan. 1, meaning the Danes will have the task of steering any treaty changes during the first six months of next year. Thorning-Schmidt said it's too early to say whether the changes would have to be approved by a national referendum in Denmark. (MORE TO FOLLOW) Dow Jones Newswires December 06, 2011 10:23 ET (15:23 GMT)

The Australian dollar declined slightly Tuesday

Rates At 0530 GMT Latest Change AUD/USD 1.0170 -0.44% AUD/JPY 79.12 -0.68% 6.50% May, 2013 3.1678% -0.1284 4.50% Mar, 2020 3.7992% -0.0682 10-Yr Spread To U.S. +194 bps -2 bps SFE Dec 3-Year Futures 96.88 +0.13 SFE Dec 10-Year Futures 96.05 +0.05 SYDNEY (Dow Jones)-- The Australian dollar declined slightly Tuesday, hurt in part by a decision from the country's central bank to lower its key cash rate target. The move by the Reserve Bank of Australia, or RBA, which lowered its benchmark rate to 4.25% from 4.50% in an afternoon decision, will weigh on yield-hungry investors that have piled into the Australian dollar for the past 18 months. The RBA's decision also highlights how concerned the nation's leaders are about potential contagion from Europe's debt crisis. "European developments were pretty high on their reasons to cut rates and is the main reason more rate cuts may come," said Besa Deda, chief economist at St. George Bank. "The deeper the crisis in Europe, the greater the downside risk to the global economy, and more likely the RBA may tap on the accelerator further." At 0530 GMT, the Australian dollar was trading at US$1.0170, down from US$1.0215 late Monday. Against the yen, it changed hands at Y79.12, down from Y79.64. John Horner, head of foreign exchange strategy for Deutsche Bank in Sydney, said the Australian dollar could weaken further once London trading kicks. He said that could present a buying opportunity for the currency against the U.S. dollar. More sustained losses for the Australian dollar are likely against the Canadian and New Zealand dollars "given the contrast in what the RBA is doing this week in cutting rates and given the Bank of Canada and (Reserve Bank of New Zealand), where they are very likely to be on hold." While the currency slid, Australian bond futures gained, especially at the short end of the curve. The three-year bond futures contract recently added 13 ticks to 96.88. Such a move is consistent with an expectation, held among others by Westpac's chief economist, Bill Evans, that the December rate cut may be a prelude to more next year. "We would expect the next move to be February, being a 25 (basis point) cut to be followed by a further reduction in May," Evans said. --By Geoffrey Rogow, Dow Jones Newswires; +61-2-8272-4686; geoffrey.rogow@dowjones.com (Data provided by Reuters) (END) Dow Jones Newswires

Uk Service PMI

The Services Purchasing Managers' Index (PMI) measures the activity level of purchasing managers in the services sector. A reading above 50 indicates expansion in the sector; a reading below 50 indicates contraction. F:50.5 P:51.3 A:.... Buy GBP/USD 53 SellGBP/USD 49 Spoted a Bullish Butter Fly onthe Hrly Time Frame

After 8.05 before uk service PMI Tagert Reached

Ebb & Flow

A wise man once said to me never forget the teaching of an ever flowing stream. The Market has been described in this fashion for many decades. and as traders, speculators or surfers we try to ride the waves and counter waves, Impulses, correction, The Rise and fall, zig and zag of theses movements. So I told myself try to understand the flow, Make sense of the rhythm of the seas the mild and turbulent, rough and smooth movement of the waters and stay calm like a fisher man does. The weather forecast will be the economic news that sets the tone for the day or week so stay alert. cause there could be some lighting The question is can you sail through the seas, see through the Matrix, and begin to understand the true nature of cause and effect. I believe that the Big Big Big boys are not that fussed, My Rich dad once told me that they are not even that smart, all the big boys want really is for you to keep it nice and simple. So i went once step further and i "Keep it KISS" (Keep It Stupidly Simple) Keep It Stupidly Simple and you will be fine. Leave the smart stuff for the wiz kidz for the other guy, Remember you're in the business of making Money and that’s it period. Still it’s taken a while to get over the devil, the anti not making money, ego in me. We as people find it so hard to keep it simple and unknowingly make life so difficult for ourselves. May be we like it, maybe we get off on it, may its one of those Freudism?, Still as usual the ego takes over and say's Na!!!! It can't be that easy that simple to make it happen got no patients for that and then it gets in the way of You’re positive thinking and convinces you to affirm it, say it believe it and then Universe turns and says "You're wish is my command" So plan affirm positively act confidently and so it will be. Make your Luck

Brains or Heart

Technicals Say Go With the Money and Not the Brains Key monthly employment report to be digested in North American session Markets have lain dormant since Wednesday’s coordinated central bank action, and traders are still befuddled as to why. On one hand, the move opens the door to cheaper money and should theoretically help stimulate the global economy. However, the move also underscores a bleak outlook – the global economy wouldn’t need aggressive blood transfusion if it wasn’t in terrible shape.Also, will the banks even let off the money to grow the econmy and issue lending, Could this be liquidity trap which could potentially expose the global economy to danger up the road.

Euro crisis

Accessibility links Skip to articleSkip to navigation Advertisement Monday 12 September 2011 Log in | Register| Subscribe Telegraph.co.uk HomeNewsSportFinanceCommentBlogsCultureTravelLifestyleFashionTechDating Offers Jobs CompaniesCommentPersonal FinanceEconomicsMarketsYour BusinessOlympics BusinessBusiness ClubMoney DealsFinancial Crisis Germany and Greece flirt with mutual assured destruction Bild Zeitung populism has prevailed. Germany is pushing Greece towards a hard default, risking the uncontrollable chain reaction so long feared by markets. Greece can, if provoked, pull the pin on the European banking system and inflict huge damage on Germany itself. Photo: AP By Ambrose Evans-Pritchard, International Business Editor 7:35PM BST 11 Sep 2011 608 Comments First we learn from planted leaks that Germany is activating "Plan B", telling banks and insurance companies to prepare for 50pc haircuts on Greek debt; then that Germany is “studying” options that include Greece's return to the drachma. German finance minister Wolfgang Schauble has chosen to do this at a moment when the global economy is already flirting with double-dip recession, bank shares are crashing, and global credit strains are testing Lehman levels. The recklessness is breath-taking. If it is a pressure tactic to force Greece to submit to EU-IMF demands of yet further austerity, it may instead bring mutual assured destruction. "Whoever thinks that Greece is an easy scapegoat, will find that this eventually turns against them, against the hard core of the eurozone," said Greek finance minister Evangelos Venizelos. Greece can, if provoked, pull the pin on the European banking system and inflict huge damage on Germany itself, and Greece has certainly been provoked. Related Articles Primark margins squeezed 12 Sep 2011 Germany pushes Greece to the brink over bail-out 08 Sep 2011 German court curbs future bail-outs, bans fiscal union 07 Sep 2011 German austerity drive risks Euro-slump 06 Sep 2011 Switzerland abandons floating exchange rate 06 Sep 2011 German endgame for EMU draws ever nearer 04 Sep 2011 Germany’s EU commissioner Günther Oettinger said Europe should send blue helmets to take control of Greek tax collection and liquidate state assets. They had better be well armed. The headlines in the Greek press have been "Unconditional Capitulation", and "Terrorization of Greeks", and even “Fourth Reich”. Mr Schauble said there would be no more money for Athens under the EU-IMF rescue package until the Greeks "do what they agreed to do" and comply with every demand of `Troika' inspectors. Yet to push Greece over the edge risks instant contagion to Portugal, which has higher levels of total debt, and an equally bad current account deficit near 9pc of GDP, and is just as unable to comply with Germany's austerity dictates in the long run. From there the chain-reaction into EMU's soft-core would be fast and furious. Let us be clear, the chief reason why Greece cannot meet its deficit targets is because the EU has imposed the most violent fiscal deflation ever inflicted on a modern developed economy - 16pc of GDP of net tightening in three years - without offsetting monetary stimulus, debt relief, or devaluation. This has sent the economy into a self-feeding downward spiral, crushing tax revenues. The policy is obscurantist, a replay of the Gold Standard in 1931. It has self-evidently failed. As the Greek parliament said, the debt dynamic is "out of control". We all know that Greece behaved badly for a decade. The time for tough love was long ago, when the mistakes were made and all sides were seduced by the allure of EMU. Even if the Papandreou government met every Troika demand at this point, it would not make any material difference. Greek citizens already understand this, and they understand that EU loan packages are merely being recycled to northern banks. Instead of recognizing the collective EU failure at every stage of this debacle, the creditor powers are taking out their fury on what is now a victim. We have never been so close to EMU rupture. Friday's resignation of Jurgen Stark at the European Central Bank is literally a kataklysmos, a German vote of no confidence in EMU management. Dr Stark is not just an ECB board member. He is the keeper of the Bundesbank's monetary flame. The vehemence of his protest against ECB bond purchases confirm what markets suspect: that the ECB cannot shore up Italian and Spanish debt markets for long without losing Germany. "I look at what is happening in EMU and the words that spring to mind are total and utter disaster", said Andrew Roberts, credit chief at RBS. He thinks German Bund yields could break below 1pc in the flight to safety. Citigroup and UBS both issued reports last week on the mechanics of EMU break-up, both concluding with touching faith that EU leaders cannot and will not allow it to happen. "The euro should not exist," said Stephane Deo from UBS. It creates more costs than benefits for the weak. Its "dysfunctional nature" was disguised by a credit bubble. The error is now "painfully obvious". Yet Mr Deo warns that EMU exit would not be as painless as departing the ERM in 1992. Monetary unions do not break up lightly. The denouement usually entails civil disorder, even war. If a debtor such as Greece left, the new drachma would crash by 60pc. Its banks would collapse. Switching sovereign debt into drachma would be a default, shutting the country out of capital markets. Exit would cost 50pc of GDP in the first year. If creditors such as Germany left, the new mark would jump 40pc to 50pc against the rump euro. Banks would face big haircuts on euro debt, and would need recapitalization. Trade would shrink by a fifth. Exit would cost 20pc to 25pc of GDP. UBS concludes that the only course is a "fiscal confederation", a la Suisse. Well, perhaps, but Germany's top court chilled such hopes when it ruled that the Bundestag's budgetary powers may not be alienated to "supra-national bodies". Nor do I believe that German society is willing to undertake such a burden for Greco-Latins in regions equal to six times East Germany. Citigroup's Willem Buiter disputes the "federalism or bust" dichotomy, saying Anglo-Saxon commentators are trapped in the mental world of the Peace of Westaphalia in 1648, which established the sovereign state as pillar of international order. "There is no recent, close analogue to the EU," he says. As a blend of national and supra-national, the EU resembles the Holy Roman Empire, which united central Europe from the 10th Century until Luther (technically until 1806). Dr Buiter says the two "canonical models" for EMU break-up - that debtors walk out, or the German-led core walks out - are both are fraught with perils. The weak would sell their souls for a mess of potage, discovering that devaluation can be an "uncontrollable process" with little lasting gain for exports. If the German bloc left to create a "Thaler", the costs would be less. However, the rump euro would fall apart, with massive dislocations. "It would not be pretty," he says. Ultimately, political investment in the EU project is by now too great to entertain such thoughts. The eurozone will muddle through along a third way, with spasms of debt restructuring kept within the euro-family. It will fall short of a transfer union or a debt pool, he said. Each of these reports is a terrific read, but as an unreconstructed Westpahlian - and having covered a lot of NO votes to EU referendums - I don't accept that Europe has a teleological destiny towards closer union. It has already pushed its ambitions beyond the tolerance of Europe's historic states and cannot be made democratically accountable. The new fact of recent months is that German society has begun to discern a clash between its own democracy and the fiscal drift of EMU. The two are seen to be in conflict for the first time. Germans may be forced to choose. The outcome to that is far from clear. Nor do I accept the headline figures of UBS. Every Treasury official and every voice of orthodoxy warned in 1931 that British exit from the Gold Standard would unleash the seven plagues. It proved a liberation. The UK, the Empire, and allied states broke free from a system that had become an engine of deflationary Hell. It cleared the way for monetary stimulus and recovery. There is a close parallel between 1930s Gold and EMU, both in destructive effect and totemic sanctity. The Gold Standard was more than a currency system. It was the anchor of an international order and way of life. My solution - like that of Hans-Olaf Henkel, the ex-head of Germany's industry federation (BDI) - is to split EMU into two blocs, with France leading a Latin Union that keeps the euro. This bloc would devalue but not by 60pc, yet uphold its euro debts intact. The risk of default and banking crises would decrease, not increase. The German bloc could launch their Thaler, recapitalizing banks to cover losses from rump euro debt. Disruptions could be contained by capital controls at first. None of this is beyond the wit of man. My bet is that aggregate losses would be lower than the status quo, and the long term outcome much healthier. The EU might even carry on, unruffled. The status quo, however, is not acceptable. EMU's debt-deflation strategy has trapped half of Europe in depression, with youth unemployment reaching 46pc in Spain and no way out for years.

Bullish 4hr Gartley above 1.6360

Got my ticket placed in for the ride

Remeber the morning star posted on the 12/8/2011 well!!!

Well!!!

Master Trader you have been Promoted

Master traders

You have been promoted to CEO/Executive Director of your life and business as a Master trader

1st task that you have been given is the Job of being Firm, fair and friendly with yourself.

2nd Task You have been set is that you are now responsible for how feel and the range of experiences you will have as a master trader CEO/Executive Director.

3rd Physically we are all energy and everything within and around us is made of energy see the energy in your charts.

4th Your task is to understand that you control and create your energy be it positive or negative you can change the frequency at any time. For instance imagine driving when your tired angry or upset this impacts the quality of your driving. Now imagine trading under similar conditions......get my point..... you will take it into your trading be it negative, poor or self destructive.Believe me this is more difficult to control than it sounds. You have a choice of when to trade, how to trade and most importantly when not to trade.

5. You must see yourself like a sniper waiting hidden and out of sight in-between the ridges or beneath the undergrowth. Ultimately, patiently, calmly setting up the trade for the sniper head shot. And that my friend is a skill within itself.

Kasim Ijelu
Timeless Thoughts

Currency Harmonics, EUR,AUD,CAD, CHF Awaiting News

Pair: EURUSD
Date :18/08/2011
Time:13.30pm
News: USD
The Initial Jobless Claims is a seasonally adjusted measure of the number of people who file for unemployment benefits for the first time during the given week. This data is collected by the Department of Labor, and published as a weekly report.
Initial Jobless Claims
Time:1:30pm
Actual -
Forecast 400.00K
Previous 395.00K
The Continuing Jobless Claims measures the amount of people filing for unemployment benefits after the initial filing. It is usually release one week after the Initial Jobless Claims.
Continuing Jobless Claims
Time:1:30pm
Actual -
Forecast 3700.00K
Previous 3690.00K
The Consumer Price Index (CPI) measures the changes in the price of goods and services.
The CPI measures price change from the perspective of the consumer.
It is a key way to measure changes in purchasing trends and inflation in the US. A higher than expected reading should be taken as positive/bullish for the USD (as the common way to fight inflation is raising rates, which may attract foreign investment), while a lower than expected reading should be taken as negative/bearish for the USD.
CPI
Time 3.00pm GMT
Actual -
Forecast 0.20%
Previous -0.20%

The Existing Home Sales measures the annualized number of existing residential buildings that were sold during the previous month.
This report helps to analyze the strength of the US housing market, which helps to analysis the economy as a whole.
Existing Home Sales
Actual -
Forecast 4.90M
Previous 4.77M
Technical’s: Eur Hold support at 1.4374 Resistance @ 1.4514
Breach of the Poseidon line
Strategies
Sell on high 15min Stochastic 1.4393 or 1.4310 or a nice rally to sell
Success %: 88%
Concerns: News rally that takes out 1.4411
Date:
News:
Strategies Update
Synchronize:
Success%:
Short-term Expectation:
Trade:
Concerns

Pair: AUDUSD
Date :18/08/2011
Time:13.30pm
News: USD
The Initial Jobless Claims is a seasonally adjusted measure of the number of people who file for unemployment benefits for the first time during the given week. This data is collected by the Department of Labor, and published as a weekly report.
Initial Jobless Claims
Time:1:30pm
Actual -
Forecast 400.00K
Previous 395.00K

The Continuing Jobless Claims measures the amount of people filing for unemployment benefits after the initial filing. It is usually release one week after the Initial Jobless Claims.
Continuing Jobless Claims
Time:1:30pm
Actual -
Forecast 3700.00K
Previous 3690.00K
The Consumer Price Index (CPI) measures the changes in the price of goods and services.
The CPI measures price change from the perspective of the consumer.
It is a key way to measure changes in purchasing trends and inflation in the US. A higher than expected reading should be taken as positive/bullish for the USD (as the common way to fight inflation is raising rates, which may attract foreign investment), while a lower than expected reading should be taken as negative/bearish for the USD.
CPI
Time 3.00pm GMT
Actual -
Forecast 0.20%
Previous -0.20%

The Existing Home Sales measures the annualized number of existing residential buildings that were sold during the previous month.
This report helps to analyze the strength of the US housing market, which helps to analysis the economy as a whole.
Existing Home Sales
Actual -
Forecast 4.90M
Previous 4.77M
Technical’s: Bearish Gartley evening Star
Strategies
Sell Rallies @ 1.0470 or 1.0491
Success%: 64%
Date:
News:
Strategies Update
------------------------------------------------

Pair:USDCAD
Date :18/08/2011
Time:13.30pm
News: The Leading Indicators Index measures the percentage change in the index from previous month.
Leading Indicators
Actual -
Forecast 0.50%
Previous 0.20%



The Wholesale Sales measures the change in the worth of sales by wholesalers.
It's a leading indicator of consumer spending.
Wholesale Sales
Actual -
Forecast 1.50%
Previous 1.90%



Technical’s:
USDCAD is within a Triangle Flag Pattern awaiting A break out
According to our 4hr anchor Strategy we are presently Bullish on this pair above 0.9818
Strategies
Wait for a breakout then a retracement to enter with good news to support Movement
Success%: 88%

Date:
News:
Strategies Update
Synchronize:
Success%:
Short-term Expectation:
Trade:
Concerns
-------------------------------------------------
USDCHF

Technical’s: Bullish Gartley Daily Morning Star
Strategies:
Buy dips 0.7942 or 0.7929 zone
Success%: 84%
Date:
News:
Strategies Update

Nabil Abdul Rashid Responds to David Starkey "Whites Have become Black"

know your enemies and know yourself

If you know your enemies and know yourself, you will win a hundred times
in a hundred battles.

If you only know yourself, but not your opponent, you will win one and lose the next.

If you do not know yourself or know your enemy you will always lose.

Sun tzu 512BC

The Magical Number 8

The magical number 8

This article is about the Magical number 8 why I’m so fascinated by this number that never ends. I use the number 8 as my fast line moving average on my charts How to use it just email me and I’ll tell you!!

Evolution of the glyph

Ref: http://en.wikipedia.org/wiki/File:Evo8glyph.svg

The Europeans rounding the glyph that led to our modern eight.

The Cycles teaches us of the wholeness of life the lower cycle represents the lower world of thought like materialism and physical pleasure the upper cycle represents the higher realm of thought like spiritualism and the metaphysical. My mental vision is to have thoughts that flow from man lower to God higher and try to interpret the lesson from God higher to man lower. The number 8 denotes the law of cyclical evolution, the breaking back of the natural to the spiritual, the infinite merging from the higher to the lower realms heaven and earth, the Reaction, revolution, Inspiration following respiration, of the lungs, genius and eccentricity,


I find the number eight to be so sexy and has so many meaning in physics, science, Math and Culture. They say the number 8 represents wisdom, and learning through experience, stability, patience and responsibility. The number 8 is also a number of financial security, caution, restriction, self-discipline, and self-control.

And may I remind traders that number 8 is a Fibonacci number, being 3 plus 5. The next Fibonacci number is 8 is the only positive Fibonacci number, aside from 1, that is a perfect cube. The number 8 is involved with a number of other interesting mathematical phenomena related to the notion of Bott periodicity. For example if is the direct limit of the inclusions of real orthogonal groups then .

Ref: http://www.answers.com/topic/bott-periodicity-theorem

Way over my head………….~~@##~*”#£*%+_)*(&%^%***%$£”~@:~

The number 8 plays it role in nuclear physics and also the eightfold way to classify sub-atomic particles, in other words the number 8 is directly responsible for the building blocks of life its self. Still i’m in enthralled to find out that the number 8 also stands for oxygen and also the number 8 has been important in many cultures throughout history, but particularly in Asia. The Chinese believe it to be lucky because it sounds similar to their word for ‘wealth’ or ‘prosper’, Chinese businessmen are known to request hotel rooms with 8 in the room number. There are 8 immortal deities celebrated by Taoists and these frequently appear in Chinese art and popular culture. In ancient Japan the number 8 was regarded as holy, and Buddhists follow the Eightfold path to enlightenment believing this to be the way to achieve self-awakening.

Most interesting for us traders we are constantly learning and looking for a reason, and explanation or confirmation that the market is gonna sway one way or another in the cyber jungle of charts. Still Instinctual we know that over time words and symbols carry power and the magical number eight is that number, the number that symbolises destiny. It suggests that the direction of growth in your lifetime will be a move up the ladder of attainment in the material world, to achieve financial security, and status amongst your peers. The positive number eight points to the word destiny and guides the individual that realises it powers to plan, to complete what you started; and move towards becoming dependable and determined, ambitious and goal-oriented.

I must admit when I first think of the elegant and enchanting number eight my first thought is that this number never ends, as it swerves in and out like a belly dancers, so enticing and hypnotising you can get lost in its eternity. Then at the same time it is so calm and fluid as it moves across the waves of your chart right next to the King acting as its personal adviser. I often wonder what would happen if I was to push the number 8 on its side will it give me infinite balance? Yes it will.

In trading the number 8 tells me there is a change in direction it puts its arm around me and shows me support, or covers me in resistance and finally gives me confirmation. This number leads me to opportunity through repetition and experience as long as I can perceive and respect it correctly. From the beginning to the end it will enable one to transcend and evolve like a child with no structure, the seeking balance in structure. They say if you can harness the number 8 you can expect to receive the financial and material rewards once you can understand its powers with good judgment and risk reward management then you will understand how to build and accumulate material wealth. Much of your success must come due to your ability to judge the character of a particular pair as every animal is different in the financial world. With the number 8 calling on destiny along the yellow brick road, you will be well on you’re way in your affairs; Still be realistic and practical in your approach to business matters. While the magical number 8 symbol deals helps you deal with balance, time, and more interestingly, the recycling path of energy.

by Kasim Ijelu

Is this a Morning Star i see on the daily UsdChf ?????????????????????? Help!!

GBPUSD HRLY BULLISH Butterfly

Pair: GBPUSD
Date : 11/08/2011
Technical’s: Bullish Butterfly
Strategies: Buy on a Support 1.6174

News:

The Pound declined against the Euro and the U.S Dollar this morning, while the UK currency also fell to yet another record low versus the Swiss Franc.　

"The Bank of England’s quarterly inflation report showed that the economic outlook is worsening in the UK and the governor Mervyn King gave an indication that policy makers can expand monetary stimulus at any time if growth deteriorates further," says Adam Solomon, an exchange rate analyst at UK money transfer company Tor Fx.　

It is beginning to looking increasingly likely that the economy will slip into negative growth in the third quarter and that may prompt the BoE to begin bond-purchasing again through a means of quantitative easing.　

A level of stability has returned to the market following a volatile few days, as global risk appetite improved following the rise in global equity markets.　

The higher-yielding currencies subsequently gained ground versus the majors but the Swiss Franc continues to rally, despite attempts from the Swiss Central Bank to weaken the currency.


 

It may have potential

Be smart

Pair: GBPUSD
Date : 12/08/2011
Technical’s: Bullish Butterfly
Strategies: Buy on a Support 1.6174
Trade: Entry 1.6185 stop 1.6130

Short-term Expectation: 1.6238

News:
U.K. stocks climbed the most since May 2010, with the benchmark FTSE 100 Index rebounding from a 13-month low, as mining companies advanced. BHP Billiton Ltd., the world’s largest mining company,climbed 5.4 percent. Aquarius Platinum Ltd. gained 8.6 percent after earnings beat analysts’ estimates. Hays Plc, the U.K.’s biggest recruitment company, rose 3.9 percent as UBS AG advised buying the shares.The FTSE 100 gained 3.1 percent to 5,162.83 at the 4:30 p.m. close in London, having earlier fallen as much as 1.3 percent. The FTSE All-Share Index advanced 3 percent, while Ireland’s ISEQ Index climbed 1.7 percent.The FTSE 100 had declined 16 percent from the beginning of July through yesterday, wiping more than $566 billion from the value of U.K. shares, on speculation that Europe will fail to contain its sovereign-debt crisis and that the U.S. economic recovery is faltering. The slump has pushed down the gauge’s price-to-earnings ratio to 9.1 times the estimated earnings of its constituent companies, below the average multiple of 11.5 over the last five years, according to data compiled by Bloomberg. "I’ve been putting money to work, gently," said Piers Hillier, chief investment officer at Liverpool Victoria Asset Management Ltd., which manages 8 billion pounds ($13 billion) "Incrementally adding here is a sensible thing," he said in a Bloomberg Television interview. He is "overweight" in developed-market equities.
Newws by forexpros

Conclusions:

Worked out nicely

 

Concerns:
It fails Bad news  whip sawed out!!