Cable Update (GBPUSD)

Afer Bernanke said,that inflation is still to high and with the reversal formation head and shoulders I think,that tomorrow we will til 1.32 by eur/usd and til 1.95 by the cable.
I have long usd/chf @ 1.2150 and long usd/jpy at 116.80
target points are open
GL GT

What H&S?

4 hour

Iranian Foreign Minister: Britian Must Accept Sailor Were Arrestedin Iranian Waters

Melancholic Dusk

short uj @ 116.93 sl=117.30

wish i had gotten in the cable action today but i had other things i had to take care of.

read through some of the newer posts on this thread but got really frustrated cause there were too many posts.

now i'm tired, frustrated, and pissed off.

Short on cable @ 23 stop @ 43 looking for 10 pips

Another ordinary Wed in bravado's life.

Is forex the cause of frustration? This is no therapy forum, I know. But if you don't mind sharing....

This was a great day to trade....

For those on the carries... sorry for the off-topic

[DLR/YEN] y/day did 1 way trip to south from 118.00 in our time to 116.38 in NY. Yen buying on FY-end repatriation and Eur bonds redemption, and Dlr sales on geopolitical risk, Bernanke's testimony (mostly consistent with FOMC statement) led US stocks/bonds weakness under stagflation worries and weak Feb US DGO, and some carry trade unwinding under risk reduction operations, etc are the drivers.

From tdy FX spot value enters into the new FY, so general expectations are Yen sales resumes from private and institutional investors via carry trade, Toshin set-up, foreign allocation, etc would gradually pick up. From the low to the 116.70 area is bottomish in terms of price actions. The 117.00 NY reactionary high would be the immediate interests. Basically rebound through 117.10-20 would soften downside risk.

BERNANKE TESTIMONY: SUMMARY OF ANALYST COMMENTARY
- Bill Gross, chief investment officer at Pacific Investment Management: Bernanke is "reflecting the importance of the global economy and the potential influence of non-U.S. growth on our exports and therefore its ability to support a 'typical' business downturn. We monitor this as well, but while it is a diversifier, it carries risks as well should global growth turn down due to overinvestment."
- Mark Zandi, chief economist of Moody's Economy.com: "I think I would do the same exact same thing Bernanke is doing," acknowledging that economic growth is moderating but that inflation risks remain predominant. "He's relying heavily on his sanguine forecast but at the same time has indicated that if economic growth weakens considerably due to problems in the housing and mortgage markets or a major financial accident, he will show a great deal of flexibility."
- "Bernanke is still vigilant on inflation, and this is giving the dollar a short-term boost. Longer-term, the dollar is still under pressure." (Scott Schultz at Brown Brothers Harriman)
- Tom Sowanick, chief investment officer at Clearbrook Financial: "Bernanke is more of traditional economist that understands the lags of monetary policy and the effect on the economy. Bernanke will also be somewhat more patient, however, than what equities want before easing if necessary."
- Nathalie Dezeure, economist at IXIS Corporate and Investment Bank: "Bernanke's testimony did not remove the ambiguity of the last FOMC statement indicating that there are risks on both sides, to growth and inflation. However, by and large, his testimony is still consistent with our scenario of a monetary easing by the end of the second quarter"
- CMC Markets analyst Ashraf Laidi: "The market deems Fed chairman Bernanke's inflation vigilance to be gratuitous relative to the emerging deterioration in subprime defaults."
- Action Economics: "Bernanke stuck to his guns on the economy and inflation and in his written testimony does not appear to have deviated from last week's policy statement, leaving yields to float back up to 4.60% on the 10-year."
- Doug Roberts, chief investment officer of Channel Capital Research: "He is trying to reassure people that the 'Bernanke put' is in effect. But he wants people to know that the 'Bernanke put' is different than the 'Greenspan put.' The 'Greenspan put' was to reassure people that if the market got out of control, the Fed would inject liquidity. But Bernanke wants people to know that in a crisis, he may or may not inject liquidity. If the crisis can be handled with some pain, but without liquidity, he may not inject"

out of uj. b/e.

News is 5... I'm adding long at breach of 117.00/20, buying dips 116.75, 116.50, although I don't believe in a 50 pips move now...

What do you think about GBPJPY on retail sales release?

just read this after i closed the uj trade.

good deal then.

this is not a bad plan.

i'll act accordingly to price action.

Reaction was like it never existed...

I can't afford a sleepless night to wait for those conditions to happen... spreading some buy limits and stops around 117.00 just in case scenario.

Back by London.

i am going to short uj if it reaches 117.10

depending on the price action, i might not make the trade.

shorted uj @ 117.11
shorted audusd @8059

manual close.