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Nice one SC :)
Not being funnny - but walk away this week and keep the smile on your face.

Me, I'm still trading short - goes against the grain at the moment, but I had to change in the face of the obvious a couple of weeks ago. Short term, that down slopey line from the recent cable highs is a huge obstacle - had a sell order kick in this morning at 1.97 and I'm going to leave it for now. The daily's been turning up, but the hourly's doing the opposite. More data to come over the next few days. For starters today the market swallowed the bad US manufacturing figures, (and talk about the news fitting the chart after our CPI stuff!) so I'll hang in a bit.

Still a bull at heart :)

Hi Choccy, I was thinking that was quite enough for one week anyway. This last trade was a fairly obvious one from a fundamental point of view; can't see anything too obvious now apart from your downtrend on the hourlies which I had spotted.

Well yesterday I agreed that this was a no-brainer short down from 1.97. This morning, I'm not so convinced and have closed my short ahead of being stopped.

I'm reluctant to go long again though (basically because I got up a bit late and feel that I had missed the best opportunity between 6am and 7am) so I'm sidelined for now. The attempt at 1.97 was very feeble, so I wouldn't be surprised to see it have another shot at it today. If it goes, 1.9770 or thereabouts has got to be a first target imo.

looking for 1.9700 or if lucky 1.9750 later today....

There she blows!! 1.9708 how far do you reconn?

Well, it went and poked its head up to 1.9717, but it didn't seem to like it up there . . .

staying long here...

Yup, that's more convincing . . . onwards to 1.9750?

Nope, now back down banging around 1.9700, although it looks like having another run at it.

patience....

actually I am more concerned as to where to take profits.. in the 1.9750 area
than is it going to retrace...as I feel it may push the upper boundaries a bit today..

hmmm..reduced the size at 9752 but generally still bullish...

Flat now..at 66
lots of resistance here...
will be harder work pushing on from here in the very short term...

Wondering whether to go long from here at 1.9711, Will the cpi rebound us back to 9750+?

The poor old thing just doesn't seem to have the va va voom (technical expression) to stay up there. The consensus of the outpourings from the FX desks seems to be to treat the pullbacks as buying opportunities ready for the surge to 1.9750. After base camp is established there, it's onwards and upwards to Hil's $2 by crimbo.

Prepare for a bumpy ride.

"The consensus of the outpourings from the FX desks seems to be to treat the pullbacks as buying opportunities".......

What do they know? I'm shorting the pants off it atm.

:o)

I see my exit was an excellent short entry... 1.9600 next


every knows the proximity of $2...and the professionals are playing that for all its worth.

It used to be about $2....now its about.....which Crimbo... lol

I'll add shorting the pants off it to my lexicon of FX technical expressions.

But $2 still on the cards -- perhaps a bit before Merv the Swerve's next announcement??

I thought a lexicon was a posh Toyota.

:o)

1.9642 small long