My view of the current market

I got stopped out on my Cable short which cost me 200 pips.

But I have entered a short once again at 1.4990 with stop at today's high - 1.5015. entered 2L.

1st Target 1.4880 and second target is at 1.4650.

Currently I am seeing a Head & Shoulder forming on EURUSD 4H chart with neckline at 1.2250. A clean break and close below 1.2250 will see us move back towards 1.2100-1.2050.

charts and levels attached.

I am shorting Cable at 1.4990.

Stop at 1.5025

Target 1.4885

Target reached. 2 * 105 pips = 210 pips. so I am now nett 10 pips in profit in cable.

Hey Puks - how you doing? Thought I'd drop by and post the SSI for you. Tomorrow should be interesting. E/U has only done 65% of AWR, Cable only 42% yet A/U has been smacking arse and has done 165% with Loonie at 108%. Looks like more losses to me on USDX anyway. Let's see if E/U can power up and smack some serious retail butt.

SSI: Retail Traders Try to Fade the Dollar Best Performance with a 29% Increase in USDJPY Shorts
Thursday, 08 Jul 2010 17:08 GMT
Written by John Kicklighter

FXCM Speculative Sentiment Index (SSI) Statistics:



Intraday Highlight:

USDJPY - The ratio of long to short positions in the USDJPY stands at 2.98 as nearly 75% of traders are long. Yesterday, the ratio was at 4.37 as 81% of open positions were long. In detail, long positions are 12.1% lower than yesterday and 17.9% weaker since last week. Short positions are 28.9% higher than yesterday and 44.8% stronger since last week. Open interest is 4.4% weaker than yesterday and 1.5% above its monthly average. The SSI is a contrarian indicator and signals more USDJPY losses.

SSI Details:

EURUSD - The ratio of long to short positions in the EURUSD stands at -1.54 as nearly 61% of traders are short. Yesterday, the ratio was at -1.49 as 60% of open positions were short. In detail, long positions are 2.1% higher than yesterday and 15.8% stronger since last week. Short positions are 5.5% higher than yesterday and 8.4% stronger since last week. Open interest is 4.1% stronger than yesterday and 15.3% above its monthly average. The SSI is a contrarian indicator and signals more EURUSD gains.

GBPUSD - The ratio of long to short positions in the GBPUSD stands at -1.11 as nearly 53% of traders are short. Yesterday, the ratio was at -1.53 as 60% of open positions were short. In detail, long positions are 22.7% higher than yesterday and 50.6% stronger since last week. Short positions are 10.8% lower than yesterday and 11.6% weaker since last week. Open interest is 2.5% stronger than yesterday and 5.6% above its monthly average. The SSI is a contrarian indicator and signals more GBPUSD gains.

GBPJPY - The ratio of long to short positions in the GBPJPY stands at 1.01 as nearly 50% of traders are long. Yesterday, the ratio was at 1.11 as 53% of open positions were long. In detail, long positions are 5.1% lower than yesterday and 5.4% weaker since last week. Short positions are 4.2% higher than yesterday and 19.7% stronger since last week. Open interest is 0.7% weaker than yesterday and 0.7% above its monthly average. The SSI is a contrarian indicator and signals more GBPJPY losses.

USDCHF - The ratio of long to short positions in the USDCHF stands at 2.91 as nearly 74% of traders are long. Yesterday, the ratio was at 2.63 as 72% of open positions were long. In detail, long positions are 2.6% higher than yesterday and 28.3% stronger since last week. Short positions are 7.3% lower than yesterday and 32.0% stronger since last week. Open interest is 0.2% weaker than yesterday and 26.2% above its monthly average. The SSI is a contrarian indicator and signals more USDCHF losses.

USDCAD - The ratio of long to short positions in the USDCAD stands at 1.33 as nearly 57% of traders are long. Yesterday, the ratio was at 1.34 as 57% of open positions were long. In detail, long positions are 0.8% lower than yesterday and 11.5% stronger since last week. Short positions are 0.3% higher than yesterday and 14.1% weaker since last week. Open interest is 0.3% weaker than yesterday and 9.0% below its monthly average. The SSI is a contrarian indicator and signals more USDCAD losses.

AUDUSD - The ratio of long to short positions in the AUDUSD stands at -1.55 as nearly 61% of traders are short. Yesterday, the ratio was at -1.30 as 57% of open positions were short. In detail, long positions are 5.4% lower than yesterday and 22.6% weaker since last week. Short positions are 12.8% higher than yesterday and 65.5% stronger since last week. Open interest is 4.9% stronger than yesterday and 0.6% above its monthly average. The SSI is a contrarian indicator and signals more AUDUSD gains.

NZDUSD - The ratio of long to short positions in the NZDUSD stands at -1.78 as nearly 64% of traders are short. Yesterday, the ratio was at -1.73 as 63% of open positions were short. In detail, long positions are 6.1% lower than yesterday and 22.4% weaker since last week. Short positions are 3.5% lower than yesterday and 9.4% stronger since last week. Open interest is 4.4% weaker than yesterday and 1.5% below its monthly average. The SSI is a contrarian indicator and signals more NZDUSD gains.