AUTOREFRESH 
Fed unchanged; gotta buy cable…
By Jamie Coleman || March 16, 2010 at 18:32 GMT
|| 9 comments || Add comment
What do you do when nothing changes from one minute to the next? Why buy cable, that’s what.. The Fed was easy before 2:15 and they are still easy at 2:16…buy the pound!
The FOMC revealed nothing new in its statement, mildly upgrading their economic outlook as they have meeting after meeting but laying out significant roadblocks that still confront the US economy. Why anyone would use that statement as a reason to buy cable is one of life’s little mysteries. Hunting for stops is the most likely answer in thin markets, and a successful hunt it was. We reached 1.5243 after triggering stops in the 1.5220/25 area.
I wouldn’t fall in love with the pound up here…
Whaddya mean … it’s only just warming up
BoE’s Mr. Bean speaks in 20 min @ 17:00 GMT … what could he say to drive sterling up?
The move has certainly broken my count on cable:
http://www.pict.com/view/3123823/0/screenhunter01mar
My positions are still in place as my stops are higher but Im tempted to bring some closer now.
Haven’t reached level of fx grand wizard like you yet lilac.
It’s warming up, alright. Cable bears are going to come in, sell this weak rally and pound it down to 1.30. Where it belongs. Hell, 1.30′s, overpriced.
look at the trend line chart for gbp on a daily basis.
You hate trading the Cable??
Hsbc. Don’t let that weak trend resistance breach, fool you. The pair was heavily over-sold and was due for a correction. I’ll give the pair 1.53/1.53.50 tops and then it’s “off with it’s head!” Whacked. I’ll place a million virtual bucks on it.
You’ll have to count them out first