Sounds reasonable to me , 9897 stop got hit but just went long again at 9902 - have a 9940 and a 9880 put, spot long is half the combined option size so it has to be done

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John G

Short dated puts? This volatility's gotta be lovely - You must b trading the spot like a bandit! Nice position.

Relatively short, expiry is next week for the 9940 and 9880.

If I can forward plan and get the options on at a decent price then as you say you can trade spot in between like a bandit.

I had a nice june futures on gold which I closed out about an hour ago. but I'm getting hammered on the Dow. My open positions are on the attachment, still a lot of red though especialy on the GBPJPY puts but hopefully they will come into play further down the road.

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John G

John G , your game has come along ways, Great work well done

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"perception is the measure of evolution"
"chance favors the prepared mind"

Thanks Jac.

It's taken a long time but finaly getting the hang of it

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John G

Strong work@JohnG. BTW Where's True Orange?

I'm looking for a 1.9845 test in GBP.USD

Hi all - looks like you've had a busy day today. I've been out but my EUR/USD and Cable shorts both cashed in today

My targets were modest for both because I wouldn't like to be calling a top in either of these pairs - maybe it is, maybe it isn't, but the dollar was overdue at least one good day which was all I wanted.

I think its murky territory atm - could consolidate, could drop, or could push higher next week, especially if people try to position themselves for a BoE hike - maybe a buy the rumour, sell the fact scenario. Think I'll watch from the sidelines.

Japanese data doesn't look too good - there could be a 'technical bear' vs 'fundamental bull' fight in geppy looming....

BTW JonhG - thats an impressive array of options/trades you're juggling. Strong stuff.

(Can you pat your head and rub your stomach at the same time too!)

Hi Andy, I'm not very good at that

Morning all,

Well I'm not sure where we are going from here, US GDP seems to be the number everyone is waiting for to give the clue as to the next USD leg up or down,

I'm currently spot long on cable @ 9884 but not a lot of conviction on the direction, If I'm honest it's more of a punt but my thinking is the 50 fib will hold at least until the numbers,

How's everyone else playing it ?

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John G

Same way, similar level, same sort of reasoning.
I like the 1:1 ratio on my chart yesterday, it is a v good harmonic. There is a nice 5 count for the "C" down, so again, the correction could be now complete. The 50% fib gives extra support to the case....
1.9835 is the 1.272 extension, and is my next level on the down, then it wud be yur 0.618...
Haven't decided if I'm going to run the numbers......

Just covered the long @ 9939, will wait now for the numbers.

Taken a long on gold futures @676.10 if the USD does weaken today then would expect that to go up again, Also the Asian/Indian marriage season so there is allways additional phyisical demand this time of year, (It's amazing what you learn in the pub)

Edit : I don't normaly trade Euro, but EURUSD 1 week strikes are at crazy prices, just bought a strangle with a 1.37 call for 20 pips and a 1.3550 put for 23, expiry on both is the 4th May, that just has to be easy money

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John G

GDP

everybody seems to be looking for 1.8% or lower, but US data this year has been OK and I think we might come in higher around the 2.0%.

That could cause some more USD shorts to cover and seeing as it's Friday I think once we start moving we could get another 100+ pip move (that could be up or down at this point), I'm planning on being flat coming into the numbers on cable, I already hold a GBPJPY short but have taken a GBPCHF long @2.4067 as a sort of hedge.

Any other views people ?

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John G

Looks like only me..... :-)
Still long at mom.. a nice 5 count up from the low has us currently in 5. Just now trading above the pivot, so looking for another 20 pips maybe wud be nice!
985 wud be the 0.618 retrace of the "C" down, so I'll sq away there if we see it ahead of figs. Otherwise, I'll close back below the pivot.

After numbers, will be looking to go long again. Still looking for new highs on cable..... watching the $ index chart I posted b4, for targets for $ base scenario.

Pretty quiet on here, isn't it?
:-)

Pound may have a hard time making new highs unless US data is recessionary. The markets appeared to have settled on only one BoE rate hike.

Maybe so. But I would therefore expect to see signs of a $ base appearing.
None on my charts yet!