Here is a good article for Pound trading strategies ahead of the Scottish independence referendum outcome:
Now that’s sound advice; but don’t forget the institutional money has access to the same info, (probably a lot more) that they’ll be using to help us poor retail traders lose our money.
A fairly mild Monday closing down to 1.62353. My 1.62827 stop is still chilling and in the first few hours of the Tuesday session we are lower still and less than 30 pips from breaking a fresh three-day low to the downside. If we do, I take my second unit and hope to break south further past the 9/10 low of 1.60506.
We could be currently bouncing off of new resistance at the 2/5 support level. dailyfx.com reports that last week closed net long for retail traders in GBP/USD. If this week’s possible volatility produces a cascade of long stops triggered just below that 9/10 1.60506 low level, then we have a chance to make a run toward the 11/12/2013 low of 1.58533 (a likely place for some heavy support). If we can hit that range by month’s end, we can close this very bearish month around 830 pips below the 200 day moving average (a seemingly easy target). That level also happens to be the current 12 month low.
I think the article is telling retail traders information that most of us already know, like usual we have to look beyond a simple vote (in this case) and try and figure out what the institutional money ( I can’t stand the term "Smart Money, it applies the rest of us are dumb) is up to.
Gp
I agree, and you are absolutely right… I think that this is a bit of an unknown… it has been nearly forty years since Scotland faced a referendum… But, yes, the article is not giving us anything new 
I got in with a second unit only to get stopped out in Tuesday’s rise in volatility without any new direction. So I took my profit on the first unit and gave some back booking 277 pips on the first unit and losing 81 pips on the second with a net profit of 196 pips. Very possible we will see big volatility and no direction tomorrow. That said, I have a sell order at 1.6159 with a stop at 1.6314. So I will risk 155 pips on a bet toward a move lower in the coming 24 hours.
The British Pound is rallying as the counting of Scotland independence votes began at 10.30 (GMT+1) tonight…Has the ‘No’ vote already been given for granted?
It could be 1am (BST / GMT+1) before the first results come through…Counting officers are confident that by 3am they could have all of the votes counted…
About 95%, over 4.5 million voters in Scotland cast their vote…
With the climb through this vote, I have been sitting out. Waiting for the next break of a 3-day low. We have bounced over 430 pips from the recent low. We are just 220 pips below the 200-day moving average.
For those also keeping a close watch on the exit poll results, here’s a site that shows live updates: Scottish independence referendum: latest results in full | Politics | The Guardian
Looks like the Nays have it so far, hence the relief rally for the pound. Let’s see if it’ll keep up…
[B]Scotland says no!
Pound and FTSE100 due to rally:
Pound rallies after Scotland rejects independence - business live | Business | theguardian.com
[/B]
Where exactly is the Pound rally after the No vote? Since 8am, at the London Stock Exchange open, this is the GBP/USD outlook:
Frustrating day!
All my Pound longs, entered at the London open this morning, have struggled all day and seem to be failing… Will the retail market have more appetite for Pound buying on Monday after digesting the Scottish referendum news over the weekend, or has the Pound rally already been spent in the last twenty-four hours (giving us a textbook example of what 'Buy the rumour; sell the news" means)?
Hmmm
I hear yea… It is one of those days! I had a set buy on GU at 1.6550 but that didn’t trigger. I would suggest to wait it out next week. Well, you can’t do anything now since it Friday :)…there is always a next time.
Here is some Monday morning quater-backing. I think after the no vote , the better play might have been in and out, in and out. I stayed up for London Open but didn’t trade but it was the same with NY Open.
For me personally I don’t trade for 20 minutes after NY open, I like to see first hand what any announcements do when announced, rather than trying to analyze what may happen before. So if I were trading London I would wait for at least 20 minutes after Draghi’s speech to see the effec.
Having said that. Monday there are no announcements with any pound pairs except US and Euro, so for me I’m see where where we are at Friday NY close, then wait for Sunday and see what happens in the Sydney/Tokyo over lap, then see where the pound stands in relation to accumulation, markup, distribution and markdown. Personally I don’t think there would be serious volatility, so should be relatively easy to see what phase pair is in.
Is short I think we have to take are cue like always around what institutional traders are doing. I think we’re lucky to be able to see what Jason is doing. I think he’s as close to the institutional money as we can get. But I could be wrong, which is why the trading gods invented money management.
Gp
Agreed, PipNRoll and GP…
I am sort of a type of trader who must get into a pair with a trade, however small, in order to be
interested in what it does…
So I bought the Pound a few times over and I am going to sit it out because Spring 2015, in
forward-looking market mentality, is only round the corner (that’s the BoE proposed rate hike)…
If the Scotland independence could have been the catalyst to bring the FTSE100 down, well it missed a trick,
and it also did so with the Pound; I think profit has been booked on the Pound longs and there is a natural correction across the Pound pairs, although it can continue down if it wants to and we cannot but watch to see… In my analysis of a multi-year head-and-shoulders pattern (a few pages back, on this thread) I was seeing a massive move down, but there may yet be one more push up before that…
It is all about getting the timing right… So simple, is it not
Have a great weekend!
From me, still in the United Kingdom (by a few votes)!
I used to be like this… I have to get in into the action thinking that I will be more productive however more than likely, I will get burn so now I’ve learn how to wait. Though you can still get in into this trade but like GP mention, you get in and get out… You do not need to catch all the pips that it moved. In between, you could get between 20-50 pips… Then out…I did this last week then I’m done.
Not sure how to apply that if you are looking at holding long term trades…And spring 2015 is still far away (I think)…
Yep, I guess you don’t have any other choice but stayed in UK
You speak wisely I will update you in a few months, to see if my plans work out
Ps: John Kicklighter, Chief Strategist at DailyFX.com, has just published this video on the British Pound post-referendum:
Strategy Video: Where Do GBPUSD and the Pound Go …: Strategy Video: Where Do GBPUSD and the Pound Go Post Referendum? - YouTube