FXWW News/GBP crosses/Trade Ideas

Cable: Selling a bit more at 1.6410

There has been more positive data out of the UK and this has seen cable move back above 1.6400. There has also been a lot of action in the EUR/GBP options market, all one-way traffic namely GBP buyers.

Nevertheless I have taken the opportunity to sell a bit more cable at 1.6410 and I’ve now unloaded 65% of my position. All the analysts and strategists who were bearish cable at 1.52 are now turning bullish, never a good sign in my view. It’s fast approaching Christmas and you never go broke booking profits, but I’ll keep the balance just in case 🙂

 

  1. Hi Sean, Wise choice with Booking Profits, Truly, money in the Bank never hurts anyone! I had a Question regarding Usd/Jpy, I didnt want to trade, But the Nikkei Futures looked top heavy to me, so I took a short at Very hesitantly 103.3 and just closed them at 102.57 🙂 , as the Nikkei Futures High was 15992 previously and when we reached our top at 15847 I didn’t believe we would go much further and the futures just Dumped down to 15572, But my question is, we just dropped 300 Points, but only Moved 90 pips, usually the drop in the pair would be higher according to the nikkei usd/jpy relation, so I don’t want to lose my interday profits so I closed my positions, But Sean do you think we will dip Lower, or try again to retest 103.7 in you opinion at this time? Personally i am too uncomfortable trading at the current level…

  2. Hi Abdullah. I wish I had more insight into USD/JPY, but I don’t at this stage. If you were in the chatroom last night you would have seen a comment posted indirectly of course from the Morgan Stanley chief dealer. He picked it 100% perfectly that s/t mkt was well overbought and ripe for a pullback. He said it would go back to 10220 and we should buy there. I’m not going to argue 🙂

  3. The One Day I don’t signin I miss the information that is most important to my trading, TYPICAL….LOL…I dont even know why I logout…Well I went long at 102 again…and so far we are back at 102.3,so 90 pips for today is fine by Me!

    Eur/Usd also made it up to 1.36, I guess Thursday’s ECB announcement and Friday’s NFP report will keep the Markets on Edge, and if Fridays Numbers are Good, it might be enough to Break 103.7 as long as we can keep above 102 till Friday!

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