Cable Update (GBPUSD)

i would say the target is more like 2200

These are your trading rules.
I don't know where the Pivot line is....(because I don't know how to use it)
I think you should notice it by now.

maybe it's want to go up
took long

cool almost inverted

got to ask the beast swells... enjoy the pc cakes...i prefer crepes...pick play with your own dressing...siruptsius...

Still waiting to hit buy limit

Buy trade on at 1.20865.
Cheers.

Update;

Check out the reaction on the mentioned prices.

I'm not trading today. I'm observing the moves.

Just trade a day for another day.

I'm still learning and hope to get lucky with this trades and trying to recover from my underwater position by averaging up.
As for Moty, she's is sharp traders, as I remember once he strike continuously 10 win in a row.

May be her short is wise choice than mine.

I don't trade actively on Mondays. Likewise on Fridays. Sometimes on Tuesdays too.

Now, here're three things I think have the potential to realise. Fed gets their soft landing, US avoids recession in 2023, and rates peak out at 6%.

I know it's a tall order to even come up with these statements.

Non-farm, CPI, what else do we have? Retail sales, claims and GDP figures. Its job is to hype up investors, pushing bullish narratives, before selling off so fear, risk-off and uncertainties resurface. It was +519k NFP. OK. It could've been +159k, or +195k, or +591k, still I wouldn't trade that trade.

Prior to NFP, market was so sure that Fed would stop hiking after May '23, when rates hit 5.25%. After NFP and Michigan, market slowly changes their mind, thinking July '23 might warrant another 25 bps hike, thus peaking out at 5.5% eventually. That ZQN3 contract on Fed funds seeing increase from 29% up to now 40% validates this view.

Now, why don't we just say 6%? Round number. Easier, right?

Market has already priced in through May '23, so there's really no significant gain in USD possible over this projection. Market repricing for July '23 should see dollar appreciate by another 1%, inching closer to 104. My view is, that as market realises Fed won't cut rates in '23, and hold rates instead of cuts in '24, further repricing should continue into May '23 FOMC meeting. ZQZ3 points to a cut in 2023, but I think that'll get repriced in summer '23.

I'm more inclined to see a hike in Jun '23, than it's for Jul '23. But with everything being equal, I see hikes on both. Reason being, I feel Fed's cautiously hawkish remarks will continue into Jackson Hole in Aug '23, before Powell switches tone. That should give rise to a 2% to 2.5% gain in USD from where we're now, so on DXY revisiting 105 level, between now and May '23. That said, we may not get 6%, but it'll be close to 5.75%, than it is to 5.25% for the remaining of 2023.

So, what's the deal here? Disinflation, or reinflation? Either one, you choose, the outcome will be the same.

Hey Chiko, there was no judgement in my comment. it was just interesting to see that there are good arguments for both sides, as is often the case.
As you probably know well it is not unusual to trade one direction intraday and opposite direction mid or long term. Each TF has its own logic...

happy trading!

Seems to be struggling with 1.21, despite a lot of money residing around 1.212, 1.213 and 1.214

1214 was the ceiling on Friday a break above it could be take us the Thursday resistance area which was my initial are for a TP

So far great. Scenario is playing out as intended for higher CPI tommorow.

Longs should hold until NYO tommorow in my opinion.

well done , somay wait breaks up 2130/39 for 72 to correct !

GU

Closed position.
She may want to revisit lower for more LQ. Imbalance on H1 yet to get filled.

Going for smoke and wait for next scalping set up.

Attached Image (click to enlarge)

Manually closed out. My TP was 1.213 but after spending an 1.5 hours watching it go against me, I wanted to relax a bit.

Bear in mind fed speakers lately commented that there will be no landing instead of soft landing because of the latest job results and surely that will still boost the dollar