Cable Update (GBPUSD)

Market is really slow due to wait of CPI. I prefer getting out of market until after CPI announced. Yesterday my one sell from 1.21160 was heading back to my breakeven today. These days, inflations in US and Europe are really messed up so markets rely on these kind of news to make a big move. And due to the such economic conditions, institutional traders refused to enter the market and push the price to go further.

1.21300-121500 remains the resistance.
1.20600-120800 remains the support.

Institutional traders are watching we (Retail Traders) battle each other within this range.

Goodness, I was so bored the whole day, gave up and went out to get some air thinking of coming back and closing my trades but guess what

Crooky mf

US CPI outlook (IMO)

Consensus:

CPI YoY: 8.8-8.9% [from 9.1%]

Core YoY: 6.1% [from 5.9%]

Inflation MoM: 0.2-0.3% [from 1.3%]

Core Inflation MoM: 0.5% [from 0.7%]

ISM Prices Index:
Service- from 80.1 to 72.3
Manufacturing- from 78.5 to 60.0

Price Pressure are being reduced, however the Core CPI YoY remain elevated due to rent prices!

Effects:

If CPI YoY > 8.9%- Bullish for DXY, but how many pips we don't really know cause a portion of SEPT FOMC 75bpsHike might have already been priced in on NFP report last Friday.

If CPI YoY 8.7-8.9%, may be bearish for DXY, cause FED may Hike by Only 50bps Next meeting; therefore, 75bps hike Priced Out!

CPI YoY< 8.7%, even more bearish, may lead to only 25bps Hike, 50bps and 75bps hike priced out.

My forecast is the second one where rate will be between the range of 8.7-8.9%

As for the next FOMC meeting, I vouch for a 50bps hike.
But, as we all know, rate decision isn't a pre determined one, but it is based on data report. We'll know tomorrow.

AUDUSD SHORT maximum risk 20 pips

Take a loss man it is not going in your way

Partial taken rest protected

Sorry, seeing your question just now. It's a combination of different stuff. I saw the 4hr bar (bearish engulfing of Monday) and from the rule I knew it was not done. Bearish engulfing candles yield a certain number or pips, especially when it is in the direction of the main trend, but it just bounced up today. The Asia low of Monday is still untouched by both London and NY. It is almost impossible for price to rise without taking it out, as Asia doesn't set tops or bottoms for anybody. Thirdly, my fibs are doing the work for me. Fourthly, tomorrow is Wedneaday, a triple swap day. Who sells dollar on a Wenesday?

Tomorrow this will touch 1.2000 I surmise.

Dx broke up
Took short Aussie

But you were long

1.20600 where I long gbpusd

+ 40 pips so far gu

Eurjpy I have just shorted at 137.950

you will lose

If the level does not hold then I go short

EURGBP LONG
SL: 13 PIPS
TP: 50 pips from entry

LEGENDARY!!!

TUJ