Haven't been posting much lately, as the spurts of GY have been tricky to trade - and if you're not at your PC for a 20 minute window, you've missed the bulk of a move! Went short on Wednesday's GY peak as exceptional US news was announced, anticipated a bull trap but got cold feet and got measly profits; didn't realize it would be one of those M5 charts playing out on a H1: as Eulogy said, it'd gone no where for hours, but did finally collapse. Was interesting to see the strength of equities get sold into, and little correlation on risk as equities rocketed on Wednesday, yet many pairs declined. It's worthy to note that (US) equity volume remains exceptionally low, with machines doing most of the trading, and pulling orders milliseconds before the price gets there - what a way to trade and drive prices.
This Thursday NY morning appears to be very rangebound for many pairs, and IMO if you look at the S&P chart, few know where to go next; chances are NFP will disappoint, and if the numbers are bad, the fall could be big.
Congrats to the many great calls that have been posted and hopefully profitable: Killerwhale, Fudomyo, honeybhi, naatha, maanawi. Assuming we are going to be strictly rangebound on GY, I might just consider sells off 130/129.8 and buys about 129.2/129.4.
Still can't get my head around the lasting cable weakness - guess some reality is in order; most experts were calling for that in the euro, yet it seems to be the other way around. Nonetheless, here's Ashraf's view on that dog, and a BNN appearance - towards the end, he makes the case for why it would be futile for BoJ to intervene:
This Thursday NY morning appears to be very rangebound for many pairs, and IMO if you look at the S&P chart, few know where to go next; chances are NFP will disappoint, and if the numbers are bad, the fall could be big.
Congrats to the many great calls that have been posted and hopefully profitable: Killerwhale, Fudomyo, honeybhi, naatha, maanawi. Assuming we are going to be strictly rangebound on GY, I might just consider sells off 130/129.8 and buys about 129.2/129.4.
Still can't get my head around the lasting cable weakness - guess some reality is in order; most experts were calling for that in the euro, yet it seems to be the other way around. Nonetheless, here's Ashraf's view on that dog, and a BNN appearance - towards the end, he makes the case for why it would be futile for BoJ to intervene:
2010.09.02 07:08: STERLING BROADENS WEAKNESS on fresh data disappointment, this time from the slowest monthly rise in Nationwide house price index since Nov 2009 and slower than expected Aug construction PMI (6-month low). GBPUSD drifts around its 200-day MA $1.5427, while attempting to hold above the $1.5390s38% retracement of the rally from the May lows to the Aug highs. EURUSD supported by afresh round of Eurozone data strength, this time from Eurozone Q2 exports surging to their highest since records began in 1995. Awaiting the ECB press conference, EURUSD seen retesting $1.287538% retracement from the $1.3333 high, a break of which will likely target the next key target at $1.2960s.