Comments on: Cable: Why its headed back toward 2.10

By: robbyy

robbyy — Fri, 05 Jul 2013 14:42:31 +0000

Sean you are going to be a very rich man if you really believe that Cable is going to 2.10 and eurgbp to 75, or maybe you are just mad !!!

Think you need to adjust your targets !!!

By: jack1

jack1 — Fri, 05 Jul 2013 02:35:10 +0000

yesterday，fast drop of cable，broke up channel support line，kick out a new impulse down leg，now，have to find good level to short it。UK expectation of GDP，inflation，money supply，unemployment，etc，are disppointed in next 6 months。

Carney action are waited。？？？

By: Sean Lee

Sean Lee — Fri, 05 Jul 2013 02:26:04 +0000

Timing is always the most important element Gus. Lot depends on what happens to EUR/USD, if it breaks lower on heavy cross selling then cable will likely test 14830

By: gus

gus — Fri, 05 Jul 2013 01:29:49 +0000

Sorry to hear about it, Sean, I know firsthand how bad it feels to get stopped out of a position that I patiently built over time 🙁
Went long cable myself at 1.5130 and still holding it.
Kinda hoping that NFP will bail me out, a dangerous notion, I know but it’s either that or a longer wait until cable goes up again.
Do you think that thin markets got something to do with it? Just the other day there was a very bullish engulfing candle.
I know you are still licking your wounds but what’s your view on cable for the next 2-3 days?

By: James

James — Fri, 05 Jul 2013 01:02:01 +0000

No need to apologise, Sean as I went in with my eyes wide open. Also was short EURAUD, long gold and AUD so overall it was a flat day – but I am keen to clock up a plus day soon!!

Seems to me the real agenda around the CBs of the world at the moment is trying to weaken domestic currencies – those who do are succeeding, those who do not are in the queue waiting their turn (so on that front, RBA’s Stevens has only recently got the nod.)

In such an environment, bondholders are quietly being bled to death. It is building for a cathartic move in a number of financial markets if this is the truth.

By: Sean Lee

Sean Lee — Thu, 04 Jul 2013 23:37:50 +0000

Apologies for the mis-guidance there James; timing is all that matters as we know. I also got stopped and will sit it out for a while, only running very small core AUD/USD longs now

By: Droidbean

Droidbean — Thu, 04 Jul 2013 14:31:16 +0000

Hold it tight….S/L on an eventful day is a bad strategy according to me… stick to technicals….Cable will be back all guns blazing )))

By: Lio

Lio — Thu, 04 Jul 2013 12:53:20 +0000

I’m hanging a bit … Plan to buy at 5030 and SL around 4965 …

By: Kirill

Kirill — Thu, 04 Jul 2013 12:36:09 +0000

With current rate of ascend cable might as well stop around parity on the way to 2.10)))) cheers

By: James

James — Thu, 04 Jul 2013 11:26:12 +0000

Stopped out below the 1.51 level on dovish MPC statement. Proving a difficult knife to catch this one!

By: george

george — Thu, 04 Jul 2013 11:17:17 +0000

Sorry Sean, But your stop s taken out. This is rout after the BOE statement. Crazy!! Now I think we are back to norm.

By: Sean Lee

Sean Lee — Thu, 04 Jul 2013 07:00:02 +0000

Sorry Milan, I’m away from Sydney for few days and out of loop. I’m guessing you are correct and the stops were trailed or sellers went to mkt already.

By: Milan

Milan — Thu, 04 Jul 2013 06:56:56 +0000

Hi Sean,

Are there still notable stops below 8460? My guess those who were long trailed them already up as we rallied to 8590. Any order info on EUR/GBP? Thanks

By: matt

matt — Thu, 04 Jul 2013 06:56:27 +0000

Can’t forget GBP/cad and GBP/chf.

By: Sean Lee

Sean Lee — Thu, 04 Jul 2013 06:55:53 +0000

Yes Lio, forgot to mention that one 🙂

I’m exaggerating Jason but the crosses will play a big part in the next FX mkt moves and if we look at historics then we get a sense of what is possible

By: JasonJ

JasonJ — Thu, 04 Jul 2013 06:32:00 +0000

Sean, this is definitely very interesting view and given the Fed begins to wind back and the other parts of the world still lags these are very bold calls. Unless we are not trading interest rate expectations anymore?

By: Lio

Lio — Thu, 04 Jul 2013 06:30:29 +0000

Btw, cable trading at 38.2 now (5304~5130) and shouldn’t go below 5200 or our longs are again in a bad shape …

By: Lio

Lio — Thu, 04 Jul 2013 06:28:49 +0000

Of course, all depends if TRY/MXN will go back to 7.0 🙂