Where it is heading? You don’t see candle this size often. Any tips?
I can see 2 more candles that size in the past four weeks on GU day chart. One of them is even bigger than the one today. 
It seems the bull trend is weakening. Back economy I guess seen that the pound is weak across the board. Up trend line broken and the daily is now making lower lows.
the economists got the GDP figure wrong - the were thinking a return to poistive growth and traders had been pricing that in the past week or so - then BANG the release was still negative, meaning UK still in recession = 100pips in 15seconds, and 200pips in 30minutes, the news will subside and it will probably drop some more and then continue to rise as things are getting better if ever so slightly and slowly
The GBP-JPY was a bummer up a descent amount of pips went I went to sleep. And when I got up in the morning it slammed into my stop. Luckily I was up a considerable amount of pips already.
I don’t think that is what happend yesterday.
The three 1h candles GU PA [B]before[/B] 10:30GMT news release told a different story.
Especially the 8:00GMT candle. Because that one was a draw between Bulls and Bears.
The following candle Bulls pushed GU a couple of pips past R1 and strong S/R. The 10:00GMT candle moved back to the same height where previous Bull candle originally started.
News broke and GU went into free fall hrough a parabolic move way below S3 by the end of the day.
Now where have traders been pricing that in considering PA before 10:30GMT …in the past week…?
And who would have thought the UK GDP would have been anything else than contracting…? The fact alone that the BoE is the only entity in the UK that is issuing credit [B]and [/B]buys it at the same time through QE is a strong indicator for negative GDP numbers.
Because the real UK economy is in free fall except the UK financial sector who is benefiting from QE.
This kind of “numbers game” plays out every Wednesday in the Oilmarket.
It played with GU, yesterday. 
I’m thinking some folks with very deep pockets used the UK GDP announcment to pull off a grand speculative play. Skewed and tweaked GBP for the whole week. (notice how politically correct I worded that and avoided using “manipulated”)
Where did the whisper numbers come from? Who starts the rumors? Why is GPB right back to last week’s closing price?
Look at the triangle, GBP/USD EUR/GBP and EUR/USD. GBP having the thinnest liquidity of the three and how the three played against each other over the last few weeks. The details are too much for my pea brain to fully grasp and explain, but I think the big picture is, [I]this is how the big players play the forex version of musical chairs![/I]
supply and demand my A$$!..
…short term anyway, eventually the fundamentals prevail
PS Trav72, i think you’ve heard about “the big players” same place i did!
just about all economists - find me a one who said otherwise - doesnt matter what you or me think - or anyone here was thinking otherwise - rumours spread fast and that is all the players need to drive price - our orders dont move the market a inch.
the rumour mill started last wednesday/thursday 15th with a 400+pip day and the ‘players’ drove price considerably higher whether or not the fact was going to be true it was a drving force (a reason as good as any for the players to push price up out of the range - and then higher again earlier in the week when the BOE meetings were released was an excuse to drive price higher again) - the preceeding couple of candles you mention were traders waiting, non commital, for the true figure. The proceeding day the retail figures were released (which was a not a good number), but the bears were nowhere to be seen within half an hour, they were still in hiding - the players had manipulated the rumour to create a bullish feel - they did not know if they were right or wrong - didnt cared too. They just used the rumour to get what they wanted and they got what they wanted, actually it probably turns out better when the rumour is wrong provided you are positioned correctly
And who would have thought the UK GDP would have been anything else than contracting…?
[U]10/23/09 02:02 am (EST)[/U]
At 4:30 am ET, UK’s Office for National Statistics is slated to issue GDP data for the third quarter. [B][U]Economists expect the economy to contract 4.6% year-on-year, slower than the 5.5% fall in the preceding quarter.[/U][/B]
[U]On a sequential basis[/U], [U][B]the economy is forecast to expand 0.2%, in contrast to the 0.6% decline in the last quarter.[/B][/U]
NewsEuropean Economics Preview: U.K. GDP Data Due
[U]10:06AM BST 23 Oct 2009[/U]
[B]UK GDP contracts again: analysts’ reaction[/B]
UK GDP contracts again: analysts’ reaction - Telegraph
A parabolic move…like the one we saw on friday with GU…isn’t the result because of some big players had some vested interests.
Ever noticed a parabolic move in USDCHF pair…? That one with GU last friday smells very much like it.
Ever cared to have a look @USDX…?
Cas,
Think Friday’s drop smelled like BoE intervention? That would explain the speed and severity of the drop. But I still think some big players were going into the weekend with bigger bags of cash and big smiles!
In another thread you said [I]“I reckon it’s only a matter of days until we will see a massive co-ordinated intervention similar to last year that propelled the USDX from around .70 back close to .80… [/I]
Maybe BoE has started, a weak dollar must be hurting UK, EUR zone and even Mexican manufacturers and exports.
[I]Man this currency stuff is interesting![/I]
take care!
[B]d-pip[/B]
That USDX got pumped up with that GBP parabolic move on friday. And I agree that some big players made huge amounts of cash…the trading desk who excecuted this BoE intervention because they had prior knowledge.
That would explain the speed and severity of the drop.
[I][B]That move stopped right @S3. Between start…@about 60 pips below R1 and the end @about S3 [U]was nobody who even dared to get in the way[/U].[/B][/I]
In another thread you said [I]“I reckon it’s only a matter of days until we will see a massive co-ordinated intervention similar to last year that propelled the USDX from around .70 back close to .80… [/I]
This is the most important up coming event in the past 12 month…[B]it is sky high impact news[/B]…
+++++++++++++++++++++++++++++++++++++++++++
Event
Title:
G-20 Finance Ministers and Central Bank Governors Meeting
When:
Nov 6, 2009 - Nov 7, 2009
Where:
United Kingdom, London - London
++++++++++++++++++++++++++++++++++++++++++++
[I]Man this currency stuff is interesting![/I]
You bet.
[B]Cas,[/B]
I see LOTS of other big news the first week of Nov too!
Fed BoE & ECB interest rate decision
Think the USD pendulum is about to close out the year swinging back the other way? Not a result of Fed action but of the non US Central Banks stepping in?
I read today on Reuters that Israel attempted an intervention but it was too small and didn’t have much effect.
Going to have to start going long USD!