It is going to be interesting to see how markets behave after a couple of days of a cool down period, since the bailout was passed. The mechanics of the process are still vague, and nothing really is going to happen for some time. We know it will not be implemented overnight but rather some kind of procedure will be establish to start taking over “toxic loan portfolios”.  Availability of funds for this operation is also murky at the moment. Will there will be an increased number of treasury auctions, or will they be dipping into social security funds or what? Expect significant market jitters every few days as these details are revealed. People will be changing, adjusting their opinions and trading as this unfolds. However, the one big news, the bailout itself, is out of the way, so let’s get busy.
I maintain position in GBP-CHF but I’m also taking a stab at GBP-USD.

If the price goes down, I want to buy it at 1.7625. This entry would have very attractive stop loss , just under most recent lows. Even than, however, I’ll be looking for possible reentry in that area, if a reversal pattern forms on 30m-1h charts. Should the price move up after open, I have a buy order at 1.7880, looking for 1.8000-1.8050. Incidentally, Pound looks good in other crosses also. For example, EUR-GBP looks great to go short on daily charts, even though is a little over done on hourly. But I don’t see much point in getting in too many Pound pairs. Besides, I already have a trade in GBP-CHF.
I also want to get in AUD-JPY.

Unless there is a huge gap, I plan to simply buy it at the market, probably around 81.60, with target of 82.70 or so. Just like the previous trade, the risk here is small and, at this writing, immediate reentry, if stopped out, looks possible.
I expect busy week for me. Should these markets indeed turn here, I might just chip at them all week long to the upside. It all depends on how the price action develops.

Mike K.