FX Trading May 14 - 18

[jacinto]

Just move one way and keep going please. No more spikes....

I assume you are short from 35, right?

 

[Offshore Trader]

I was rather hoping for bullish figures but anyway short at 39. Not very happy about this breakout position because the dollar looks weak to me. Very frustrating market this week.........

 

[jacinto]

well, 9710 is a channel base from april 27. has bounced from there, my guess is it will touch it again. the overall dollar picture is rather positive (price wise). lets see.

 

[The Pearl Fisher]

Sold GBP/USD at 1.9750

SL 1.9785

Exit:

GBP/USD at 1.9713 +37

Reversed Bought GBP/USD at 1.9713

SL 1.9685

 

[The Pearl Fisher]

Exit:

GBP/USD at 1.9713 +37

Reversed Bought GBP/USD at 1.9713

SL 1.9685

Exit:

GBP/USD at 1.9725 +13

 

[The Pearl Fisher]

I think we will see a sideways pattern now until the US open. Where we should see an initial fall 20 - 30 points and then a rebound to the 1.9770 - 1.9780 levels.

Again My own personal thoughts…..

+50 on todays trading.

 

[zuke]

I think we will see a sideways pattern now until the US open. Where we should see an initial fall 20 - 30 points and then a rebound to the 1.9770 - 1.9780 levels.

Again My own personal thoughts…..

+50 on todays trading.

I agree that it looks like we´ll trade sideway until the US Open, but Im struggling with figuring where it´ll move next.

Think Ill stick a b/o short order at 700 and one at 760

 

[trendie]

whats happenig to EURUSD?

dropping badly.

 

[The Pearl Fisher]

I agree that it looks like we´ll trade sideway until the US Open, but Im struggling with figuring where it´ll move next.

Think Ill stick a b/o short order at 700 and one at 760

I’d be a buyer at the 1.9720 level, with a good stop loss (40) to cover the 20 - 30 points initial move lower (if it comes)


But baring in mind Its Friday, we could see an unexpected, rapid and aggressive move in any direction as profits are taken, stops are triggered and then opportunist and counter trading emerges.

I'm 70% in favour of the move up.

 

[The Pearl Fisher]

whats happenig to EURUSD?

dropping badly.

Note It's not taking Cable with it. It will in all probability be a short lived move.

Another clue that cable’s next move may be upward.

 

[a_gnome]

Note It's not taking Cable with it. It will in all probability be a short lived move.

Another clue that cable’s next move may be upward.

It seems to involve the JPY as well. Have a look at EUR/JPY and USD/JPY. Anyone know of any news that's come out?

 

[The Pearl Fisher]

It seems to involve the JPY as well. Have a look at EUR/JPY and USD/JPY. Anyone know of any news that's come out?

And that shows you how much rubbish I talk.

 

[a_gnome]

And that shows you how much rubbish I talk.

Apparently rumours of China rate hike... Could be good opportunity to buy EUR/JPY cheaply (unless the rumour turns out to be true of course!).

 

[Glenbuck]

Apparently rumours of China rate hike...

not just rumours...they're raising the reserve ratio and widening the usdcny band to 0.5% as well.

 

[jacinto]

whats happenig to EURUSD?

dropping badly.

china and its floating band widened. first victim is euryen.

j

 

[The Pearl Fisher]

Bought GBP/USD at 1.9707

SL 1.9675

Looks like a bargain.

 

[a_gnome]

not just rumours...they're raising the reserve ratio and widening the usdcny band to 0.5% as well.

Thanks for the clarification. If I might ask what feed/news source are you using to discover that?

 

[Glenbuck]

Thanks for the clarification. If I might ask what feed/news source are you using to discover that?

Reuters, but I think MNI (Market News International), who are owned by Xinhua, broke it first.

 

[a_gnome]

Reuters, but I think MNI (Market News International), who are owned by Xinhua, broke it first.

Thanks for letting me know.

Well I took a quick scalp in EURJPY buying at 162.76 and closing at 162.95 though only on small size.

Over the longer term (longer than the 10 minutes I held my trade for anyway) it's possible that there could be another rush for the door to close out all short JPY carry trades again.

 

[Phil Mibbutz]

This is looking dodgy. If cable doesn't bounce off 700, where will it stop? 600?