12 February 2013

GBP/USD : Increased Short @ 1.5628

  • Exciting development in cable (now at 1.5610) at long last. 
  • Weekly : First attempt at breaking the big 4 year 4th wave triangle. Lower triangle edge is at 1.5600. Objective is too far away to contemplate meaningfully now.
  • Daily : Double top price action in progress. NL at 1.5825 criss-crossed few times, hopefully shaken out some weak bears. We are now at a new recent move low, indicating a continuation down towards DT objective at 1.5341.
  • Trade : Just added on to short position at 1.5628. This is now the biggest risk on my book. Average-in rate is 1.5691. Has not been easy as I had to contend with poor entry/timing and squeeze here and elsewhere. Hopefully back in sync and the ride will be smoother from here.

4 comments:

Taichiseal said...

G7 Statement via Bank of England :=

"We, the G7 Ministers and Governors, reaffirm our longstanding commitment to market determined exchange rates and to consult closely in regard to actions in foreign exchange markets. We reaffirm that our fiscal and monetary policies have been and will remain oriented towards meeting our respective domestic objectives using domestic instruments, and that we will not target exchange rates. We are agreed that excessive volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability. We will continue to consult closely on exchange markets and cooperate as appropriate."

Taichiseal said...

No condemnation of Japan. EUR/JPY higher.

Taichiseal said...

-1.5569

Taichiseal said...

+1.5513 on 40% of short position.