FXWW News/Trade Ideas

Cable: Reducing my position ahead of the Fed

This pair can now rally 300 pips straight north as I’m booking 1/2 my profit at 1.5910. I simply don’t want to have any type of a large position heading into the Fed. I’m still running an intraday short position in USD/JPY but I have a very tight stop on that and will certainly cut it before the event. My only other trade is short EUR/GBP, but that’s a longer-term play which shouldn’t be affected by the Fed decision.

  1. Hi, Sean,
    I heard you said cable was not in right level for bearish when cable was in around 1.5000 level. Which level is ideal level for bearish action on cable in your mind in today lookout?

  2. Morning Sean, (its 6am here, Australia to Canada you know how it is), if it wasnt for the Fed decision today I would have so taken a short out at 99.28 around 6 hours ago just for some quick pips as you suggested earlier, Lucky Man you 🙂 Sean I wanted to ask after the decision, how long will the Market stay in the “Willy Wonka Phase” ( bet you havent heard it called that before) and start to relax so Ican begin to trade again?

  3. U will b pleasantly surprised(?) this morning….

    Question:
    Wht happens on a spike like this: – Take profits and close the position?
    – Does the trend carries on ad keep the position? If so.. tip when? -Will the spike reverse so sell or buy out? – Reverse the position ? When?

    I never know what next?
    :)R

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