Jack o'Clubs
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FWIW, still long the cable position I entered last week with a view to it breaking through the December highs. Have effectively hedged out the dollar element this morning by going short JPYUSD, so now long by proxy GBPJPY. GBPJPY chart is interesting - 10 year highs.
Morning everyone
Well at least we are getting some movement today.
Cable now approaching the offers in the 9840/50 area. still holding short from Friday and added again this morning @ 9824. BOE minutes tomorrow will either give us the push to 2.0 or if it indicates they may hold off another hike until March-April then we could pullback. EUR/GBP getting a bit of a bounce tthis morning.
Holding the 9850 call option so some protection if it does break higher.
Still holding GBP/JPY short and added another yesterday, that looks like it wants to try for the 1998 previous high of 241.06 so am prepared to hold current shorts and look at adding again if we get to that level.
GBP/CHF still holding shorts and added yesterday,
The GBP/JPY and GBP/CHF trades are longer term.
Current open positions below :
Well at least we are getting some movement today.
Cable now approaching the offers in the 9840/50 area. still holding short from Friday and added again this morning @ 9824. BOE minutes tomorrow will either give us the push to 2.0 or if it indicates they may hold off another hike until March-April then we could pullback. EUR/GBP getting a bit of a bounce tthis morning.
Holding the 9850 call option so some protection if it does break higher.
Still holding GBP/JPY short and added another yesterday, that looks like it wants to try for the 1998 previous high of 241.06 so am prepared to hold current shorts and look at adding again if we get to that level.
GBP/CHF still holding shorts and added yesterday,
The GBP/JPY and GBP/CHF trades are longer term.
Current open positions below :
Attachments
Was feeling a bit naked on the GBP/CHF shorts, just bought a 1 week call with a 2.4900 strike for 14 pips, just in case :|
Edit :
EUR/GBP looking very stretched on the downside. daily forming a nice hammer if we end up the day at current levels, cable o/b on the daily and a nice divergence on the 4hr.
USD coming off this morning as people beginning to realise that even though the recent data has been good there is no more upside potential on the USD with the FED on hold into Q3/4 this year.
USD correction might help the beleagured YEN and assist in a bit of a carry unwind.
same story on GBP in that the hike and recent strong data has pushed it up but I think it's getting close to it's limit before a pullback.
EUR/USD still has a lot of upside potential, one analyst on Bloomberg this morning was calling for 1.46 this year,
Happy with my current positions.
How's everyone else playing it ?
Edit :
EUR/GBP looking very stretched on the downside. daily forming a nice hammer if we end up the day at current levels, cable o/b on the daily and a nice divergence on the 4hr.
USD coming off this morning as people beginning to realise that even though the recent data has been good there is no more upside potential on the USD with the FED on hold into Q3/4 this year.
USD correction might help the beleagured YEN and assist in a bit of a carry unwind.
same story on GBP in that the hike and recent strong data has pushed it up but I think it's getting close to it's limit before a pullback.
EUR/USD still has a lot of upside potential, one analyst on Bloomberg this morning was calling for 1.46 this year,
Happy with my current positions.
How's everyone else playing it ?
Attachments
Last edited:
Crap Buddist
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Stopped out, every time those 15 minutes turned down , they reversed. waiting for a turn down but i'll roll short to long if it happens again.
Marwan2010
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JohnG FX said:
JOHN - which broker do you use for options?
Priceman
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City Bound
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I wonder how long it'll be before Fleet street starts dusting off the "we're going to see $2!!!!!" headlines. It could be tomorrow if we stay here.
Offshore Trader
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I'd be happy with a "$2 to the £" headline as reporting today's activity but I'm sure we will see a dip to take out my longs first
City Bound
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Indeed. That is, as Confucius once said, the law of Sod.
Phil Mibbutz
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JohnG, what's your take on USD/JPY now? Had a couple of (profitable) shorts earlier this morning, but it seems to be going nowhere. Any theories appreciated!
Phil Mibbutz said:
Hi
Anything to do with the Yen is difficult right now, all the majors are in extreme long positions against it.
Since USD/JPY broke that 9 year TL it's been headed for the 121.40 high from 2005 and broke it last week but like all the others its getting stretched on the daily and there's been minimum follow through
USD weakening today but the 121.30 bids holding so far on USD/JPY
I wouldn't like to say we definatley have a short term top, but a close today below 121.40 or a break below 121.10 would suggest we are going to get a pullback, the daily chart is trying to rollover.
Just my own views though - and I could be very wrong.
