Cable Update (GBPUSD)

crooky

yes gap

12010 acting as current support. A break below should open up 11970 again

BOOKED..

No gap from our side Moty, likely your broker lagged during that time and hence the gap, happened to me once.

ok.. any way dxy will go up, no other chance.
they can dance, turn, to bent over, jump.
they sign is on the wall.. just need to wait to pick the fruits.

In line with my post earlier, I did short after spike.

I was expecting 2020 to hold but it spiked more.

Never a problem, I shorted the spike and closed all trades.

The result of today is too impressive to me.

I am calling it a trading day.

Do not want to spoil the profits earned by trading more and start fighting with FF members ( and if no one available to fight, here with rest of community in my town...ha..ha.. )

Have you hedged your shorts

PA is currently still bullish in almost all timeframe, but a mean reversal/retracement might happen soon.

this weekly is trustworthy with high probability
notadoubletop.com

Good scalps navk, I used to scalp those moves as well.
Might do it again and do only scalping since holding trades hasn't been profitable for me.

yet, i will take the loss tonight.
if i have to

Good to see you mate.

After the pound-dollar checkout break, I ended up going long. I would like to short but wait until the trend goes down. maybe next week? "Thank you for your hard work this week." Have a nice weekend.

closed@2041 for +25

I closed all my EU longs and earlier also GU longs...wouldn't recommend buying at this price and time of the week. Next week will give better and safer opportunities.

Watching to see if another triangle is forming. Lol..

OK. Back, briefly for non-farm price action.

I'll not trade jobs report, given that erratic prices you probably saw. I just observe.

Now, several keys I'll look at before deciding if market expectations change, or if Fed outlook will change. So far, no indication of any changes.

1/ New jobs added. +311k. A good number, not something out of ordinary. +200k to +300k was the expected range.

2/ Hourly wages. Yes, it declined from +0.3% to +0.2% MoM. Still positive, so growth. No reason to expect wage disinflation to accelerate.

3/ Unemployment. Yes, it did increase to 3.6%. Again, that's expected. Fed expects labour market to soften as effect of rate hike makes it way into the economy.

I don't see how less desirable readings on earnings and unemployment could alter Fed's hike trajectory. Hikes will still continue. Market was now repricing for a slightly more reasonable expectation of +25 bps for Mar '23 (from +50 bps earlier). Now, there're data points that could potentially lead to Fed pausing hikes. We're looking at two here: unemployment hitting 4% (or above core PCE rate), and earnings flatten to 0% MoM. So far, none of these was happening. Earnings annualised still at +4.6%. Compared that to core PCE at +4.7%. A case for further hikes.

If you read into Fed's testimony to Congress, Powell did mention about strong wage growth is good as long as it's not eroded by inflation.

On my Cable shorts, floating P/L now stood at +$1.7k. On my yen long trades, P/L active at -$2.4k.

Have a nice weekend! Take care, and I'll see you next week for US CPI.

Price will take out last week high at 1.21400.
i have placed a contract on it.