AUTOREFRESH 
Adding to my GBP/JPY shorts, establishing fresh cable shorts
By Sean Lee || October 27, 2009 at 22:07 GMT
|| 6 comments || Add comment
I think sterling is soon due for another major down move and I’m trying to set myself accordingly.
I took a loss on 1/2 of my EUR/GBP position overnight and I now have a small long position with a terrible average. I am trying to build a short GBP/JPY position and I will continue to do this until we get a daily close above 153.00. I have also sold cable at 1.6380 this morning as I heard yesterday of some significant offers between 1.6425/45 yesterday which managed to limit further gains. This is more of an intraday position which I will actively trade.
Nothing like having all your egss in one basket!!
also short cable from similar place, so i hope you are right. Think needs a close below 1.6300 then we might be good to go.
Thanks DC, let’s hope it falls far and fast
I think it would have dropped like a rock already but for the eur being so weak that eurgbp has dropped like a rock instead and probably held cable up. Had to watch in amazement for 2 days as it went flying up above 6400 despite the amazingly bad GDP.
Think the only sure thing you can say about cable is that it’s never a a sure thing!
Of course our GDP is amazingly bad – worse, if anything.
Doesn’t mean that it still won’t get talked up from various quarters to suit the plot though.
Right now cable’s still mucking about with the 100 DMA, and it’s so far managed to find support on the 38.2 fibbie retracement of the recent 1000 pip rise.
Currently flat, cos that way I usually sleep more soundly – and good luck chaps
I agree Lilac, the previous was bad as well, on the news it droppd like a rock and after that it recovered like there was nothing bad.
That’s true, but I think we were doing ok in the markets then, but over the last few days there has definitely been a turn around in sentiment. I think we are on for a drop into the 1.59 range in the next few sessions! Here’s hoping anyway!