Out of cable long at 90, as the minimum 0.618 retracement target of the 1:1 has been reached.

Look again post the numbers. :-)

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Well rumours are flying around and everybody is talking down this number,

I'm looking for 2.0 or above, so I'm now short on cable,

Edit : Well I was certainly wrong on that one.

Holding cable 1.9996 short, covered gold furtures long, and finaly it looks like my Dow shorts will come back into the black.

But it's Friday and anything can still happen

Edit 2 : US equities will probably come down hard after that, keeping an eye on those Yen pairs

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John G

wow....gdp prints 1.3 in the first quarter....talk about your recessionary data.

anybody hear about a possible resignation by Tony Blair as party leader?

Downing St has denied the rumours he will quit as leader next week

I'm still on the contrarian side.

Despite the low headline GDP the inflation element is still higher, The Fed still have their hands tied and can't yet talk about lowering rates.

Cable currently holding around the .618 fib from the 2.0132 high to this mornings 1.9864 low, and I'm still looking at that divergence on the weekly chart, this weeks candle is going to give us a hanging man.

Also Swissy still respecting that TL.

Will hold short but have put stop at 2.0067 above the stall level earlier in the week.

Anybody else long or short ?

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John G

Stalling growth and firming inflation........ Not the best environment for a currency ;-)

View as b4, looking to go long. Nothing on at current lvls, as we are just shy of falling resist joing the tops on the hrly. Watching for a fib retracement of today's upmove, or a break above 060ish to get on board.

That's me done for the week folks.

Happy with the day, got half the upmove and now holding cable shorts from 9996. GBPCHF long from 2.4067 also shaping up Ok.

GBPJPY shorts not pretty right now but happy to hold for the inevitable correction, ditto my Dow shorts.

If the dollar can't dive anymore after all the bad data we have had this week then there is only one place left to go, and that's up. IMO

Have a good weekend everyone

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John G

I'm outta here also. No posi on cable as of yet. Happy to sit it out a bit.
Think I might try a nibble ard the 0.618 of todays upmove, but that will be 4 next week I think!

Have a good weekend.

G'day all....
Nice return on those shorts....
My perspective is still from the long side. Have taken a couple from the 0.618 fib mentioned friday but haven't held them for much... Too much congestion of my MA, and indicators. But looking for a base area from here down to 1.9900 area. Break of thast trend line, and will start thinking of bigger fib corrections of the move off the 1.96 low

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Morning JD

Yup shorts turned out Ok,

Have just covered and reversed long @ 9922 tight stop @ 9898

Waiting to see if we get a reaction on the Mortgage data out at 08.30gmt.

I'm still not sure if we are going to press higher or down below 9860, just going with the ST charts atm, although the weekly chart still looking very bearish.

Still long on GBPCHF and short on GBPJPY

Edit : it it takes the stop and heads down then will just let the 9880 put run

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John G

Nice trade away from the supp line. And now a 0.382 retracement move in place.
0.382s tend to have great extension tgts, right up to the 4.236 extn(shown as black lines on the chart). Just need to clear through the pivot, and previous highs at the 61 lvl, and it should be an easy ride. ;-)

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Nice 0.382/4.236 move now complete, profits taken... Really well behaved formation!
Wud expect it to trade off a little from these sort of lvls. Looking for fib retracements to get back in, or will re-enter on the break higher...

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Well, not much of a retracement of that 0.382/4.236 at all.... suggest to me that the upside still has the legs in it...... 3 tests on that declining resist line.. Therefore long at 28 on this latest assault....

Stop hit on rejection of the 1:1........ small change.
Looks like this is in a horizontal triangle, 1:1 suggests a "B" is in, and shud expect a "C" to follow....

Anyone at all interested in any of this?

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