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UK rates up 0.25%

0.25

opened and closed my short pretty quickly..

Short GBP @ 30

Now its calmed down a bit.

this is a tough one to call...but starting to look like a long
in my book...wiht a confirmation over 1.7950

Agreed foale ... it's tough to call now. I think it needs to be left for an hour or two now.

Well damp squib day today

My stop is at 1.8030 I think its short because of the 30day/Hour Chart.

If it breaks long today then I think we could see $2/1 this year.

On another note I could do with some help on my trading style. My problem is sticking with a system/strategy. I keep choping and changing my strategy which is not so much a downfall as limiting my profits. Anyone have any advice on devloping a strategy or some links on helping me with that sort of thing. Any advice or websites would be really apreciated.

Fwiw, I think that Cable is still a short.

Earlier my reasoning was on the basis that it had broken the rising support of the uptrend and it had put a high in place shortly after 7am this morning (this was my short stop loss) which was lower than the 18022 high of yesterday. It's now clear that the 7am "high" wasn't actually a high and the early price action was just background noise on the way to a high.

If it fails before 18022, I'll stick to my guns and maintain that it's still a short. If it breaks to a fresh high, then I'll acknowledge that my system has failed me this once and I'll give it more time for the chart to develop further and see what it looks like then

your thoughts and reasoning are always worth a lot,
however........

i don't profess to have the same degree of technical skills or acumen as
many on this thread possess, and my trading style is more based on swings, sentiment,& news. i often fit into the contrarian mould, and am beggining to think this moment in time is one such case.

cable is cheap in my opinion, and fair value is i estimate 182.00
it is currently 50 pips higher than pre interest rise, and the predicted fall
(by some )on the .25% increase did not materialise. indeed it immediately rose by 50 pips. sometimes 'passion' can work as well as any 'chart', and as i am
well reknowned in this area (!), think i may offer a wager that we shall see
182.00 before we see 177.00. (i can't remember if from our last little bet i owe you, or vice-versa) you on girl ?

Beebs,

One of the things that I like about this thread is that there are only a handful of us trading Cable and actively posting, so it makes it relatively easy to use the thread without much background noise. Likewise I respect each others' views and it serves as a useful check if or when I make a move against the masses. None of us wish to see our trading buddies out of the money.

With regards cheapness of cable and the news, my two observations are that cable has been bid these last few days to 1.80 on the rumour of a 0.25% rate hike. The old adage of "buy the rumour, sell the news" could or should apply. The other relevant point is the absence of the "patience clause" from the FOMC announcement. The tide of sentiment could easily now swing back in favour of a bullish Dollar.

Regarding the chart, I use slow oscillators which have now turned down from an overbought scenario. This indicates to me that this latest high might now be the top. Fingers crossed and good luck.

Really does not seem to have made it mind up
which way is next..Has not given up on 1.8000 yet

1.7980+ favours the upside
1.7880- favours the down

waiting for a clear break of either of these b4 commiting funds

given the movement today
quite pleased with my 100pips overall

LONDON (AFX) - The dollar spiked higher as further evidence emerged that the US economic recovery is yielding solid gains in employment levels.

In the week to May 1, initial claims for state unemployment benefits fell 25,000 to 315,000, their lowest level in three and a half years, raising expectations that tomorrow's US employment report will be another strong one.

Analysts said employment growth may have picked up significantly if jobless claims figures are sustained at these levels over the coming weeks.

Mitul Kotecha, currency strategist at Credit Agricole Indosuez, said the data is slightly positive for the dollar as it points to even more strong monthly payroll reports in the months to come.

'We doubt the dollar will make much headway ahead of payrolls however, with only a strong outcome on Friday likely to give the dollar a more sustainable boost,' he said.

Analysts said a substantially better than expected employment report for April tomorrow could raise the prospect of a US rate hike in June from the current 46-year lows of 1.00 pct.

The dollar's recovery in April, which saw it hit a five-month high against the single currency, started in the wake of the extremely strong payrolls data for March.

Not much made on a couple of shorts pre 12 o'clock. I do try to give them toggle room but am never unhappy locking a small gain that can still run further rather than carrying a still open stoploss
Scalping presumably allowed on an interest rate change day?
18000 (and certainly 18022) survived two possible assaults so I went short again earlier.

Still short from 12:00. Looking for Non Farm to be similar as last month and I will double maybe even treble my short.

Nice way to start the month.. MPC and Non Farm..

Its all go go go in May

really thought we would see 18000 in the last 24 hours
Quess not..

We are now just above a break that if we go under 17880
there is a possibility of a drop back to 17750
this is not going to happen before today figures imo
and another test of the upside/resistance likely b4 then

have a small long in place at 17900 with a tight stop

There is a lot of downward momentum at the moment. I dont think it will stop today. You have seen the high.

Short on any jumps up imo get yourself a nice postion. Bring on the Non-Farm

Tellon...sounds like its pistols at 1:30 :-)

Seriously good luck today

Figures like Non Farm do provide good opportunities
its up to us what we make of them

Staying long atm...but will short the next break under 17895

euro off its lows

Fwiw, I still see this as a sell atm but I see the 17965 level as being critical as an upwards break would probably trigger a lot of the short stops. I wouldn't be surprised to see a fresh round of resistance selling if it starts to approach that level.

edit: Header updated with interest rate change.