Anyone trading GBPJPY?

[torero]

Yes, it has been challenging last few days to say the least, nothing was sticking on my end. I was doing well and still ahead and I expected today would be the day hell breaks loose somewhat from the Fed news hangover, but afraid everyone knew it was going to happen or something. The range was unbelievably small. I'll have to keep that in mind at the end of the month weirdness. Thanks, Art.

[milliard]

I was quite surprised how stellar most of the daily range averages held up today to be honest. The popular pairs were ticking at circa 78-82% for the most part into the London fix.

Last couple book balancing sessions they've been contained in the low 60's, which merely confirms Krantzy's earlier comment re; the flip flop risk calls out there.

Yen pairs especially, have honored their intraday range averages so far into the new year, with Cable & Swiss slight underperformers. But then the climate has dictated those prints to a certain extent.

I guess as (if ?) range contraction ensues, it becomes ever more important for you intraday players to quickly compute your (adequate) risk to position exposure parameters on the hoof as the day unfolds. Particularly as some of these big levels from the higher timeframes come into view.

[cowpip]

Yep, Torero... this week was a washout for me too. The two best ops I had to enter this week were washed out by internet outages (thank you, Murphy). So I ended up being essentially flat for the whole week. I never would have thought... Oh well... it's all part of being patient, I guess.

I don't suppose you folks at the big desks have any technical issues like unexpected outages, do you? ... given the cash you guys are pushing through the system, you probably have multiple layers of backup. I'll tell ya... being left in limbo on executed trades with no easily accessible control due to an ISP blackout is an "interesting" psychological test (which emphasizes the importance of NOT running stopless).

[torero]

Looking, I was think it was wise to stay away from trading this week, so cowpip, you should thank your lucky stars, unless you didn't trade using my strategy. But next week is a new month and new week, let the games begin again!

[cowpip]

	Quote:	torero
	Looking, I was think it was wise to stay away from trading this week, so cowpip, you should thank your lucky stars, unless you didn't trade using my strategy. But next week is a new month and new week, let the games begin again!

Torero... I'm not sure what your strat is... but last week wasn't bad for me. Made a tidy little profit, but nothing really to "write home about." Yep, this is a new week and a new month. I've made more storage space available in the coffers for the greenback... just have to wait for the delivery trucks.

[torero]

I'm weak on the range play so I prefer the breakouts. Fighting for teenies is not my style at all. Last week was caught in a tight range so tight even I didn't feel had enough room to maneuver my profits. Oh well.

Hopefully this week, the condition goes in my favor and move this badass.

[cowpip]

There should be some pre-ECB / MPC positioning over the next day or two which should influence this cross pair (and eur/jpy), if it hasn't already happened. But generally, I wouldn't expect any serious breakout activity having stronger momentum until after the rate decisions come out. I'm therefore still happily playing the range. A good sign is the contracting range. Eur/jpy has a nice triangle formation on the daily charts that should be playable in the not-too-distant future.

Happy hunting, Torero!

[Art Krantz]

A non-event today, with little or no interest in this, or any of the popular pairs. It’s drifted in light New York trade & the low risk shorts still hold the upper hand into Tokyo.

Sentiment remains mildly bearish, with COT flows flattening. It’s pretty much neutral regards main drivers on this one with all the talk of BOE rates & (on/off) risk aversion on the front burner.

The supply has churned over remarkably well considering, but if you’re short this pair (which has remained the clever play), you might want to use the near term techs to re-adjust your weighting again into this week action, as was the case lower down off the 205.0 dble bottom print.

One of the tech fella's here reports Fib interest at current levels from the kick off 205 to the recent heights up at 214.0 for those of you who follow that stuff.

Apparently, it bounced a 50% on Friday at 209.30 & presently resides at the 38% here at 210.50.

Anyhow, clear upper-lower markers are very visible & tradeable.

[cowpip]

Slightly off-topic, but since this seems to be where the chit-chat currently is... eur/jpy has broken the triangle that formed over the last week with today's dismal ISM non-manufacturing number. Wish I would have been privy to the leaked news, but I wasn't watching their web site like a hawk. I hope you're able to catch a ride on the next pull-back, Torero... I'll certainly be watching closely.

[torero]

Missed the move earlier this afternoon (went out to lunch, thinking nothing was going to happen since it's been dead all monring, doh!!!). Yeah, watching for the train to slow down so I can get down wit dit. Nice little flag forming right now. Hope that's the train!