AUTOREFRESH 
Cable taking dollar surge in its stride as EUR/GBP tumbles
By Jamie Coleman || November 12, 2009 at 15:43 GMT
|| 17 comments || Add comment
Liquidation of long EUR positions have been seen across the board this morning as the dollar experiences a moderate corrective rebound. Cable is finding support in the 1.6520s in the near-term while EUR/GBP retraces yesterday’s strong rally following the inflation report from the BOE. We’ve taken out the 61.8% retracement of the 0.8942/0.9064 rally and it’s now looking at revisiting the launch pad back at 0.8942.
Phew cable’s finally broken out again
If stocks were even within flat, we’d be in great shape.
Which way up this evening, Mr Miller?
Leading question, your Honour.
Stocks? Down from a technical perspective. Cable? I’m looking at the .6610/00 area for a breakout, or roll over. Breakout, hopefully before bed time! If it gains resistance in that area, i’ll close and look to short euro super early tomorrow morning, if stocks cooperate. I was looking at the Nikkei charts last night and it looks like it’s going to fall off of a cliff, at any given second. Tonight may be a little juicy.
Eeek, well I rather thought cable broke out much earlier.
Been long again since 1.6530. IMO H1 and H4 have been looking a lot more up for it today than yesterday.
I have to laugh a bit guys, nothing serious, but really…The cable is down over 300 pips from its Sunday night/Monday morning (Hawaii Standard Time) high of 1.6842….That is considered ‘taking things in stride”?..Its off more than the Euro guys….We have to trade what we get, not what we want. The days of cable 1.50-2.00 are over boys, might be a tough slide down, but it’s clearly the next phase of this financial environment in which USD is temporarily + purposefully weak (causing what seems to be ‘strength’ in opposing pairs”. Just look at the 2008 chart, and the 2009 recovery. The next 18-24 months should look similar….happy trading!
Heyyy … we have a market
lilac- Do you ‘want’ the cable to go up?
My thoughts were, to buy Cable on yesterday’s dip, thinking U.S. stocks would hold up a little. Not sure if you saw my technical outlook on stocks, but i’m very bearish. I didn’t think today was the day for a dip though. Within the next couple of trading days for sure. Anyways, the more I look at Cable, the more i’m bearish on the pair. There’s also a sloppy head and shoulders in the pair as well. Hourly RSI, has bearish written all over it. Man, it’s hard timing this stuff. I’ve been hitting top after top, (going short) and getting side swiped or catching small gains. Trust me, I want what the market has to offer! Getting and staying on board is my problem.
I couldn’t resist. I closed long and went short at .6598. I think eur/gbp is going to settle in for a while with some consolidation.
Oh ye of little faith!! I must say it’s an excellent trader-quality to be able to trade any market from both bull/bear perspective so best of luck with the shorts- or at least a little luck!!
HawaiiTrader, in answer to your question – yes of course I wanted cable to go up, or I wouldn’t have been long! No psychology required, thank you
Four people with donkeys’ years of experience non-stop busy watching the markets and talking to colleagues try to keep traders informed and ahead of the game around the clock – and you question Jamie’s choice of words?
Any serious cable trader knows that cable will spit out 300 pips in a day, never mind three or four.
“We have to trade what we get, not what we want.” Huh?
I closed yesterday afternoon’s position for 160 guava pips this morning – and my decision had as much to do with nimble Gerry’s note about where big sellers were perched. I got what I traded, nothing more, nothing less. I trade what I see – and no strategies are idiotproof. But as a bloke once said in my almost favourite film – nobody’s perfect
Well, you did say it was nothing serious, so please take my response in the same vein.
Cable’s canter looks to be breaking into a gallop …
Or breaking my account.
It’s a tiger alright so let’s hope it hasn’t seen us!
Oooh I love a tiger hunt.