Having just started browsing these boards I find lots of mindless comment, abuse and generally very little in the way of market views and news.
Therefore I think what we need is a thread where we can post reactions to spot moves, views on why spot has moved and where we think it is going. No mindless drivel on this thread, pure and simple FX comment which seems to lacking amongst the so called FX boards.
I'll start the ball rolling with my own views on the market. I wil mainly be commenting on GBPUSD. 100% of my trades are in GBPUSD and 90% of these trades have been buys for the past few months!. I feel that concentrating my time on one currency pair is more than enough for a part time trader, investment banks have teams of traders solely trading one pair so why not follow suit?
I have two strategies at the moment; the first one is buying on strong declines in GBPUSD as I believe GBPUSD is always oversold and generally bounces back relatively quickly (my long term view is also that we will break the 2.00 barrier over the coming months). My second strategy is trading just before the release of major news from the States (i.e. initial jobless claims in particular), at this point I both buy and sell with small stop-losses and aim to ride the initial move (obviously this doesn't work too well if the news is as the market expected, but the last few data releases have resulted in considerable 100 pip moves).
So, at the moment I have a small long GBPUSD trade at 1.9330, with a s/l of 40 pips, looking to make 100 pips over the next couple of days - I feel there is strong support at 1.9300. GBP hit a 12 year high of 1.9549 yesterday, UK interest rate rises are back on the agenda following a several strong UK data releases, again GBP fell back for no apparent reason (the commentators cite pre year end position squaring), therefore buying on a dip down to 1.93 seems like a sensible trade - time will tell.
The only data release this afternoon is US November CPI.
Therefore I think what we need is a thread where we can post reactions to spot moves, views on why spot has moved and where we think it is going. No mindless drivel on this thread, pure and simple FX comment which seems to lacking amongst the so called FX boards.
I'll start the ball rolling with my own views on the market. I wil mainly be commenting on GBPUSD. 100% of my trades are in GBPUSD and 90% of these trades have been buys for the past few months!. I feel that concentrating my time on one currency pair is more than enough for a part time trader, investment banks have teams of traders solely trading one pair so why not follow suit?
I have two strategies at the moment; the first one is buying on strong declines in GBPUSD as I believe GBPUSD is always oversold and generally bounces back relatively quickly (my long term view is also that we will break the 2.00 barrier over the coming months). My second strategy is trading just before the release of major news from the States (i.e. initial jobless claims in particular), at this point I both buy and sell with small stop-losses and aim to ride the initial move (obviously this doesn't work too well if the news is as the market expected, but the last few data releases have resulted in considerable 100 pip moves).
So, at the moment I have a small long GBPUSD trade at 1.9330, with a s/l of 40 pips, looking to make 100 pips over the next couple of days - I feel there is strong support at 1.9300. GBP hit a 12 year high of 1.9549 yesterday, UK interest rate rises are back on the agenda following a several strong UK data releases, again GBP fell back for no apparent reason (the commentators cite pre year end position squaring), therefore buying on a dip down to 1.93 seems like a sensible trade - time will tell.
The only data release this afternoon is US November CPI.
