Dislikedfrom what i can see, SM opening in china is 9:30 am, in about 1 hr, 7minIgnored
Bring It...
- #4,703
- May 20, 2007 8:38pm May 20, 2007 8:38pm
- Joined Nov 2006 | Status: Shoot all the clowns.. Shoot'em all | 14,520 Posts
- #4,704
- May 20, 2007 8:51pm May 20, 2007 8:51pm
[01:28 GBP/JPY: Firm Despite GBP/USD Sogginess, 240 Still Heavy] Tokyo, May 21.
GBP/JPY remains relatively firm despite recent sogginess in GBP/USD. USD was
relatively strong for most of last week, and the GBP/USD sogginess is not all
that surprising. Perhaps more so however is GBP/JPY strength. This can only be
attributed to renewed demand from Japanese and other investors for yield. With
the G8 out of the way and latest batch of data out of the US out already, yield
looks to be the best play again. Offers remain around and above 240.00 in the
cross, and look to continue to pose considerable headwind topside. That said,
investment demand remains strong and technicals still look favorable. Support is
seen again towards the Ichimoku tenkan and kijun lines at 238.19 and 237.35.
Both levels have proven time and time again to be profitable buy levels, the
tenkan line almost continuously from mid-March. On those occasions that the
tenkan line has been pierced, the market has without fail bounced from or just
below the kijun line. The 100-day moving average is below both at 234.85 today.
GBP/JPY is indicated at 239.10/17 currently.
GBP/JPY remains relatively firm despite recent sogginess in GBP/USD. USD was
relatively strong for most of last week, and the GBP/USD sogginess is not all
that surprising. Perhaps more so however is GBP/JPY strength. This can only be
attributed to renewed demand from Japanese and other investors for yield. With
the G8 out of the way and latest batch of data out of the US out already, yield
looks to be the best play again. Offers remain around and above 240.00 in the
cross, and look to continue to pose considerable headwind topside. That said,
investment demand remains strong and technicals still look favorable. Support is
seen again towards the Ichimoku tenkan and kijun lines at 238.19 and 237.35.
Both levels have proven time and time again to be profitable buy levels, the
tenkan line almost continuously from mid-March. On those occasions that the
tenkan line has been pierced, the market has without fail bounced from or just
below the kijun line. The 100-day moving average is below both at 234.85 today.
GBP/JPY is indicated at 239.10/17 currently.
No Brain, no Gain.
- #4,705
- May 20, 2007 8:52pm May 20, 2007 8:52pm
- Joined Nov 2006 | Status: Shoot all the clowns.. Shoot'em all | 14,520 Posts
- #4,707
- Edited 10:25pm May 20, 2007 9:48pm | Edited 10:25pm
- | Commercial User | Joined Sep 2006 | 1,007 Posts
- #4,709
- May 20, 2007 10:32pm May 20, 2007 10:32pm
- Joined Mar 2007 | Status: we are stardust, we are golden | 1,364 Posts
Virtue finds and chooses the mean.
Aristotle, Ethica Nichomachea
- #4,710
- May 20, 2007 10:33pm May 20, 2007 10:33pm
- | Joined Aug 2006 | Status: BORED trader | 2,388 Posts
BAM BAM BOOM! -bravado
- #4,711
- May 21, 2007 2:49am May 21, 2007 2:49am
- Joined Nov 2006 | Status: Shoot all the clowns.. Shoot'em all | 14,520 Posts
SSE Composite opened -3% closed +1.04%. All other SSE indexes performed likewise.
If this is "tumble", "selloff", "panic", "bubble explosion", "February-like-armaggedon-don't-wait-for-less-than-that", then I gotta get back to the books
I know I was picky about that, but the "I think it wills" annoy so much.
There is no "IT WILL" in the forex market!!!!! In the Chinese market, whatever the damn market you choose.
When "I think it is likely that" the first thing I do is placing a trade before coming to post. So please, show us your "I think it wills" trades in the same post.
Thank you...
If this is "tumble", "selloff", "panic", "bubble explosion", "February-like-armaggedon-don't-wait-for-less-than-that", then I gotta get back to the books
I know I was picky about that, but the "I think it wills" annoy so much.
There is no "IT WILL" in the forex market!!!!! In the Chinese market, whatever the damn market you choose.
When "I think it is likely that" the first thing I do is placing a trade before coming to post. So please, show us your "I think it wills" trades in the same post.
Thank you...
- #4,713
- May 21, 2007 6:56am May 21, 2007 6:56am
- Joined Nov 2006 | Status: Shoot all the clowns.. Shoot'em all | 14,520 Posts
- #4,715
- May 21, 2007 9:35am May 21, 2007 9:35am
- Joined Mar 2007 | Status: we are stardust, we are golden | 1,364 Posts
I buying G/J now at 239.38. Will they rose?
Long too here.
Virtue finds and chooses the mean.
Aristotle, Ethica Nichomachea
- #4,716
- May 21, 2007 9:41am May 21, 2007 9:41am
- Joined Nov 2006 | Status: Shoot all the clowns.. Shoot'em all | 14,520 Posts
- #4,717
- May 21, 2007 10:37am May 21, 2007 10:37am
Great avatar cesar! I've been following this thread for some time, and I seen some great insights.
I'm always long on this puppy. Everytime I've sorted it I lost a ton of money. Great reason to long it huh... and the negative interst just kills you...
Anyway, with this thing stuck in the 236-240 range for weeks now, I'm flat an looking for a decent correction (down to the 225s?) to load up longs again. If we don't see a breakout either way, I'll lay down a long grid to catch the pips of the range.
- #4,718
- May 21, 2007 10:57am May 21, 2007 10:57am
- Joined Nov 2006 | Status: Shoot all the clowns.. Shoot'em all | 14,520 Posts
I've been following this thread for some time, and I seen some great insights.
I'm always long on this puppy. Everytime I've sorted it I lost a ton of money. Great reason to long it huh... and the negative interst just kills you...
Anyway, with this thing stuck in the 236-240 range for weeks now, I'm flat an looking for a decent correction (down to the 225s?) to load up longs again. If we don't see a breakout either way, I'll lay down a long grid to catch the pips of the range.
- #4,719
- May 21, 2007 12:19pm May 21, 2007 12:19pm
Thank you. But imo, 225 is way to far from here as to stay flat and watching. Not even the Chinese news now caused it to sink. Interest rate differential is at its best with recent BOE hike (+ another hike likely), ECB to raise and Japan printing poor data last week.
With all this carry positivity, it is still not making serious attempts at 240 and the previous high, which is mainly due to sterling slowly sliding back. Agreed, the carry hasn't been greater, but not at any cost. I just can't justify getting in long at this price and expect to be holding for weeks.
But I won't stay out untill 225. I'll take the breakout of this range and if that doesn't happen this week I'll start gridding it.