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Small short in cable...this am

Well good morning :)
I'd like to be long cable, and it's currently bimbling along one of my downslopey thingies around 2.0070s on the 2hr - but it's within 100 points or so of upslopey support on the daily. And CPI beckons.

hi choccy....you up to posting a chart..of your upslopey and down slopey

foale
Another good call - was looking to go long around the 20080 mark - have just tried one @20000

Ok I don't do forex but do stuff on gold which is not going great at the moment so a question for you guys in your area of expertise - is the dollar looking better this week then it was? as this could explain golds lack of oommppphh :>)

2.000 obvious support...but also 1.9950 on the daily...

UK July inflation falls to 1.9%

The UK's rate of inflation slowed to 1.9% in July, well below analysts' forecasts.
The cost of living measured by the Consumer Price Index dropped sharply from June's level of 2.4%, helped by a supermarket price war.

It is the first time UK inflation has fallen below the government's target of 2% since March 2006.

The Retail Price Index, another inflation measure, fell to 3.8% in July from 4.4% the previous month.

Forex - Pound falls as UK inflation dips below BoE target rate UPDATE


(adds analyst comment)
LONDON (Thomson Financial) - The pound fell after news that inflation fell
below the Bank of England's target rate, dipping under the crucial 2 dollar
level briefly.
The data weighs on the chances of further rises in UK interest rates.
"The unexpected drop takes the wind out of the Bank of England's sails,"
said David Brown at Bear Stearns.
"Even though the BoE remains in hawkish mode, it will have a hard time
justifying a further hike in rates especially set against the current troubled
financial market backdrop," he added.
He believes the view that UK rates have peaked at 5.75 pct where it now
stands will keep the pound under the psychologically important 2 dollar figure.
The Office for National Statistics said the annual CPI inflation rate
slumped to 1.9 pct in July from 2.4 pct in June, well below analysts' forecasts
for a decline to 2.2 pct.
This is the lowest CPI rate since March 2006 and is also the first time
since that date that inflation has been below the 2.0 pct level that the Bank of
England is charged with targeting.
At 9.52 am BST the pound was at 2.0008 usd, after dipping to 1.9997 usd
briefly. Ahead of the data the pound was trading at 2.0068 usd.

Hmmmmmm - moved my stop up to entry - it looks to be struggling to stay above 50p after the CPI news.

EDIT - that didn't take long - stopped out @ 20000

stockbunny, from MoneyWeek this morning.

"Gold is a barometer for monetary problems of all sorts. Its price rises whenever there are worries about inflation, bank problems, a credit bubble bursting or whatever, because people opt for the safety of gold. Like a canary in a coal mine, a rising gold price warns of troubles ahead. That's why central banks have been capping the gold price, which explains why gold isn't flying higher as one would expect it should be doing as the monetary troubles mount.

As the subprime woes mounted this past week, gold did finally rise sharply on Friday, but most of this week central bank capping efforts got a helping hand. When banks sell collateral after margin calls are not met, the most liquid and easy to sell assets go first, and gold is always in that category. Its unparalleled liquidity is one of gold's attributes. By selling gold margin clerks were throwing the baby out with the bathwater, but that mentality changed by Friday.

The margin selling was done, and central bank selling was not enough the keep the tidal wave of buying from driving gold higher, that is, at least until after the London pm fix. With the physical market closed, central banks did manage to 'circle the wagons' and keep gold from climbing any higher the rest of Friday. But the following chart indicates that the underlying buying pressure may be too strong for central banks to keep a lid on gold at these prices much longer."

qwento - thanks :>)

I'm about, just had people staying on & off so more social than work. Also had sewer,electic, water and road works spanish style outside house for last 3 weeks.... concreting today so hopefully will be finished by the end of week(fat chance), found it quite hard to concentrate with all the noise.

Interesting because have been trading a bit longer term as cant sit infront of computer as much as normal. Got one trade on eur/usd from last wk @ 1.3810, took some money out of it friday and just watching it go down. Missed getting in on the pound last week. eur & gbp look very negative on the daily charts and chf is also looking weaker against dollar.
Also watching nzd/usd as interesting chart on daily - hitting previous low from may where theres also some major fib levels and also a rising trendline from june 2006. Sorry unable to post chart as unable

I see the Green Fairy's been cracking jokes in my absinth. Which reminds me - Is it true that French women hold their liquor by the ears?

:o)

I've been visiting friends that I don't get to see very often these last few weeks. I now need a holiday, so am off to the South of France for a couple of weeks on Friday. Back at the beginning of September, so la F Verte will have to hold the fort till then.

those figures this am really taking the rug from under Cable...

h - only if they're bald. a couple bottles of absynth turned up at my sons 21st party last year. someone who had toomany shots of it was sick, a week later there was a big dead patch in the lawn!

See gbp & eur still falling nicely

Here you go - just for you foale ;)

Ma che Chocolat, it's really delightful to see your downslopey thingies, not to mention your upslopey support (God, I could do with one of those) in such fine fettle after your recent absinthe.

And you've got Cable to fall below $2.

Talk soon :)

MM (aka la F Verte)

I think it might be helpful if you guys were to pull up a 3 year daily USDX chart to help understand what's going on here. Although cable and fiber pushed to 26 year highs recently, USDX at the time barely breached the low from 31st Dec 2004 so that, imo, can be considered as very strong support. On the other side of the coin, there is a mega downward slopey doodaa from November 2005 which is providing resistance to the Dollar at around 82.2 or 82.3.

Something's going to give over the next few days or weeks. I don't know which way it'll go, but it's my guess that it'll set the tone for the next 12 months or more.

Shorter term, it's my guess that there's more upside to the Dollar and we'll see the downward doodaa tested.

GBP / Yen 229-230 might be a good long entry area for the brave.

f.........especially if you look at the daily candles!