DislikedNote: My longs for cable at 1.48924 are still intact. Price came within around 6 pips of hitting hard SL, though. Also, max TP zone for gbp/usd moved to 1.5000. Potential manual closing still applies, however. Update 2: hard SL now moved to 1.49210. 29 pips locked in as profit.Ignored
Dudley's hawkish outburst just hours prior to the FOMC minutes news couldn't breach my hard SL at 1.49210. Hitting 1.5000/1.49900 is still possible, however. I'll have to watch the price action more diligently from now, though. My hard SLs should only be a last resort.
Based on current correlation...by the time eur/usd hits 1.8700-ish again, we should get the cable to around the optimal TP area mentioned before. This assumes upward intraday trend is still intact.
All bets are off for the FOMC, however. Need more data & market reaction.
Note: I was wondering why I wasn't trading the eur/usd much this week, and now i remember why. It's too volatile in terms of sudden price spikes. Thank you, Dudley, for reminding yet again WHY I'm trading the cable and not the eur/usd.
Update: Eur/usd just hit 1.08100/1.0800. I am currently very thankful that I decided to long the cable instead, but this pretty much makes hitting 1.5000/1.49900 unlikely for now, unless things change in the next hour or so. I have my finger on the close button for my long.