QE3 Rally: Get Excited at Your Peril .

"In the fourth quarter of this year we could head towards the fiscal cliff, have a country coming to the ESM and China slowing, you want to get excited, go ahead but you could get crushed," says David Bloom, global head of foreign exchange strategy at HSBC. Direct Link Here

I did enjoy David's Comments : "QE3 at infinitum" :0)

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Comment by James Rolain on October 11, 2012 at 10:50am: My guess: . . range resistance between the fibs - have a good day all

Comment by Peter jcp on October 11, 2012 at 12:18pm: Hi James - yes resistances here at 33-35 ( fib) and your 2951 as well. If we keep to the LH game then we should stay under 2990 - which I think is too far for today - but as we know anything might happen

Supports at 2912-18 - 2900 and 2891 areas for now

Comment by Peter jcp on October 11, 2012 at 1:46pm

Comment by Peter jcp on October 11, 2012 at 2:06pm: A bit of bear baiting - now more bull baiting ;-)

Comment by Peter jcp on October 11, 2012 at 9:09pm: Evening Keith - re scalping - interesting you saying that - as I was out for a couple of hrs and therefore missed the final rise of London session to 2951. I had scalped sold initially under 45 and took just 11 pips before i had to go out. Over the next 90 minutes it actually just rose 6 pips in total before peaking.

However the real interesting part for any experienced scalper - it actually moved in 4 waves to go up those 6 pips - and those moves added up to just over 60 pips ;-)) Ten times what a 4 hr or daily chart would show.

Unless you had a super HFT bot etc you would not to grab 90% of those 60+ pips - but a really good scalper would get 60%+ of them - ie 36 pips and even just a fairly decent scalper would grab 40% - ie 20-25 pips

The downside though is the majority of scalpers would lose 2 out of 4 scalps and might end up only up a few pips or break even.

If you are going to do it - you have got to do it well- and that takes lots of studying, training and concentration / focus etc. That's go to be a year plus for most newer traders but with your existing high level of experience and knowledge in the market - a couple of months max ;-)))

Comment by Peter jcp on October 12, 2012 at 12:59pm: EU - now above 2970 and 78 still a scalp buy but need 88 to go for attempt over 2993( LH before) and then the 3000 area.

Failing to go higher and 70 support breaking - it then depends on 2960 and 2958 holding

Have a great Friday US session ;-))

Comment by Peter jcp on October 12, 2012 at 1:30pm

Comment by Keith Shaw on October 12, 2012 at 2:46pm: I'm looking for ~ 2926, if it reverses and pushes past my bear at 2993 then ill be stopped out for - 20 .

Comment by Peter jcp on October 12, 2012 at 3:10pm: Hi Keith 2958 and 60 are still acting as supports for scalp buys. Would need price to go back over 71 - 76 and 80 - for it to be trying up again - so hoping I can scalp sell again under those levels.

The GU and AU have been easier pairs to trade today - as the EU as just been so slow- I am thinking I am in an Asian session rather than peak time on a Friday lol