Cable Update (GBPUSD)

Well, I do think that profit taking would kick in soon .. I might be wrong .. it would higher too http://www.forexfactory.com/images/icons/icon9.gif

I took partials at 0058... Buy limits lifted and buy stops at 0071 for breakout. Running on autopilot for the rest of the day.

11:07 Double top or no?? The euro has traded close enough to the previos high (1.3665 area)to allow this rate to verify a double top. Should we close below this rate today, a line in the sand will have been drawn. Should we fail here and trade precipitously lower, look for technicians to come out of the woodwork, claiming to ahve called this formation weeks ago*. Having said that, we are at a critical juncture. Look for two way action in this zone and an eventual grind up.

*

when will bernanke speak?

damn it, 57 pips daily range on cable, what the hell is this? we love cable because it moves, not like this!

I am trying to research Fx Universal service review, can someone please post a link I can go to.

Thanks

Not the Holy Grail, but IMM is interesting

With GBPUSD fluctuating around 2.0, the GBP is dazzling. If you are lucky enough to have speculated on the rise of the pound, levels above 2 make good opportunities to reverse the exposure, taking some profits. With the high valuation and macroeconomic indicators underscoring the potentially unsustainable preciousness of the pound, we look to another source--international money market positions, or IMM.

What do IMM positions tell us? One thing they show is long or short futures
positions taken by speculative or non-commercial investors in a currency.
Such speculators enter contracts with other speculators and noncommercial
parties, generally hedging positions and not speculating on currency movements. Empirical evidence and trading floor anecdotes indicated
that generally, changes in the levels of IMM positions tend to move
with (although not necessarily lead) market prices. This is logical given that
most futures contracts are for short periods and they reflect the same underlying asset.
IMM data can be especially insightful when net positions are extended. The
basic idea is that if speculative investors are optimistic about a currency,
they enter long positions. When investors' positions are considerable, there
is little appetite for more and a correction could be near. However, high
positions do not indicate when the correction will happen. What they do
indicate is that a correction is likely and that the magnitude could be substantial.
Currently, IMM positions in GBP are lower than levels seen early this year,
but they have recently come back up, showing us two things: First, speculative "ammunition" for further GBP weakening still exists. This means that if some external piece of news were to trigger a drop in the GBP, substantial selling could occur.
Second, the fact that longs are not as high as they were earlier shows that
investors may not be as willing to take risks as they were in February. Decreases in long positions in the GBP have generally corresponded with
drops in GBPUSD, although as explained above, one indicator does not necessarily lead the other.
Does this tell us then that the GBPUSD will drop? Well, not necessarily, but
it does give us some clues. While investors have taken some profits on GBP
highs, there is still more ammunition to move the GBP down, especially if
the pro-carry environment turns. Given the string of good news about the
GBP, specifically the recent Consumer Price Index (CPI) data that nearly cements one more Bank of England hike, any bad news on the pound as a
carry investment currency could quickly move markets.

Now i am try jump............ short 0050............target 0000

Well, I did jump with you too, short @2.0046. Since most indicator are mostly topping out, at least some retracements are under way. Let's see http://www.forexfactory.com/images/icons/icon7.gif

Trading on booze again, notme?

Can't blame you, the trend is up. Thus, am not expecting much, 40-50 pips would be nice http://www.forexfactory.com/images/icons/icon12.gif

booze ? dunno ........

i just try , see there is so hard to up again today . IMO. so i choose short.

target maybe change......
GOOD news is ... i am not drink today.....yet.

How about you cesars............Hail cesars...............

Retracements ?.............. ah that the word i am looking for!..........

see, i forget the word for few hour......amazing...........

dswk great text! Thanks

i couldn't just sit on my hands again, I also went short gbp at 0054 and euro at 3657, but my short term goal is 3630 and 0020, don't forget there's that red or beige book news at 2pm est, markets might be waiting for that before either testing highs again or go for supports.

It's breathing!

wow... I was about to get the Prozac here.

Too bad Cable is an Euro's patsy again... zero personality for the whole day.

I was wondering. And now I have 3 empty pages. Shouldn't rely on connections?

So you don't think GBP should go euro?

So I will answer my own question.

Adrenalin stain remover market. You're worried about it, right?

Nice info...

18:06 NY SUMMARY Historic levels were traded today in both the equity and currency markets alike. EURUSD found New York traders with a healthy appetite to sell Dollars, just as they did yesterday. At 8:30 AM EST durable goods beat the 2.2% consensus by a healthy margin at 3.4%. The minimal Dollar demand saw EURUSD drop a minuscule 10 points on the initial reaction, and then finally another 15 pts into 1.3620 range support. The strong Durable Goods number, however, was not ignored by equity traders as the Dow opened above all-time highs printing a 13,036 top trade before pairing the gains. This was then met by healthy buying into the 10:00 AM New Home Sales release. Considering yesterday’s deplorable housing number, and the market’s serious desire to bash the buck, anything resembling a miss of the expected 890k would surely be met with EURUSD buying. The Market said, I am serious, 858k for March, and don’t call me Shirley”. EURUSD approached the product’s all-time (and debated) high of 1.3667. The high market was approximately 1.3664-67 at 10:15 AM, which brought profit taking and new shorts into the market for a 30 point, choppy move lower. Interestingly, the exact minute EURUSD was contesting the all-time highs, the DJIA was at session lows. Once EURUSD failed at the highs, US Equities immediately began to trade higher. There has been much talk in the recent 48 hours about a weak dollar facilitating the US economy, and this seems to be a bit of contradiction. More likely, the move out of bonds at 10:15 AM, corresponding with a 4.62% 10 yr yield, was the catalyst for a DJIA move back to, and through, the highs to close at 13,089. Finally, at 2:00 PM, the Fed’s Beige Book made mention of softening US real estate, mostly stable consumer pricing levels, and positive retail sales. This was enough to send DJIA through the session highs of 13,036 once and for all to a 13,089 close.

so what is this pound going to do tonight?

I got out of my shorts at 0020, could of had a few more pips, but my limit got hit while i was away from the pc.

now i'm considering going long, with a goal of 0040-0050 tp range, stop in the 9990-9980 range but I haven't pulled the triggered, since my spidy senses are telling me I should be going short not long.

waiting for a little more movement before jumping in.

Today's price action was tricky. 3rd day in a row failing to break 0060s.

Tomorrow no data scheduled. Stop hunting paradise... Breach of 9950s is bad for bulls... But I think Euro is going for another round at 3670 this time to crack it.

Cable will have the chance to make it to 0100s tomorrow with this USD bearish sentiment, 0000/9980 supportive and EURGBP with room to come down.

Or, another lousy tricky day to trades is coming up....

Also watch for EURJPY's out-of-nowhere selloffs during this bond redemption times, to last a few days yet.... It's usually bringing Cable down in an apparent break just to turnaround forcefully in the next candle.