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Pound didn’t wait to BOE this morning

Posted on October 8, 2009 at 4:37 in Market comments by David Aranzabal

Usually on BOE days, the market is in a tight range until the announcement. But some days the operators make bets before the announcement at the London Open, and that’s what happened this morning. A big rally (100 pips in 1 hour) that showed us the potencial of trading at this time of the day.

See the charts for more explanations:

6 Responses to “Pound didn’t wait to BOE this morning”

on 08 Oct 2009 at 1:08 pm1SasaGreater

David you show what has happened. Should you project the future?

Thank you
on 09 Oct 2009 at 5:56 am2su25

Hi David
I was wondering whether your setups work only at Frankfurt & London open or at any time. For example, based on current price action, I find that MACD is above zero, and price is close to trend line drawn from high of yesterday and today’s hight before Frankfurt open. If price breaks trend line and goes above Asian session low, and 00, would it be a good long trade?
Thanks and regards
su25
on 09 Oct 2009 at 11:46 am3David Aranzabal

Hi SasaGreater,

Thanks for your comments.
Yes, the propose of this blog is educational.
I don’t usually provide neither trade recommendations nor alerts service. My goal is that after watching the reviews (videos and articles) everyday you can learn or improve your trading. I trade almost naked (no indicators). Just following price and focusing in the start of the European and N.Y sessions.
Thanks and keep posting!
on 09 Oct 2009 at 11:53 am4David Aranzabal

Hi su25
welcome back! This kind of price action is more accurate when we get momentum, I mean power and volume, and that happens usually at the European opening, NY opening and at news time. Even, the trendline you are showing, it’s a very powerful one that it’s more reliable at 5 or even 15 min charts, as it’s a very long one.
Wait till tomorrow’s opening, because this trendline may give us a good long signal if we get a move to the upside.
Thanks !!
on 09 Oct 2009 at 12:24 pm5su25

Hi David
Thanks for your inputs re 5 & 15 min charts.
I drew a down trendline off US session price action. Although late in the trading day and week to take any meaningful trades, I would keenly watch price action to try and learn how to use your technique as MACD divergence has also formed.
Thanks again for your posts!
on 09 Oct 2009 at 12:30 pm6David Aranzabal

Hi su25,

Yes, take the rest of the day off (at this time of the day the volume goes down) and go back to the markets on monday!

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