[Anna-Maria]

This zone (600-50) should put up the last real defense Andre. T'was a continuation step back in Feb & no doubt houses Option traffic.

Would prefer a close beneath the round number to be honest, but any weak pop back towards the 680 will attract sellers if it's genuine.

What's a few pips between pirates

[torero]

I have short on for GBPCHF, anyone has any close support other than 1.9620?

Today has been very tight despite the important news coming out. Is there any reason for this action?

[milliard]

Next area of interest we got resides a figure further down the ladder torero.

9510-30 has vibrated (ahead of 1.94) all the way back to early Jan.

Not sure what you mean by 'tight'? It's (Cable) only 30 odd pips shy of it's avg daily range. If you're referring to the general scenario out there, then I guess some of that reluctance will be down to fresh credit-crunch jitters entering the arena again on the back of the State Street conf call earlier.

Players began booking profits on one or two of the crosses, which blanketed the Euro. Yen crosses especially have been impacted. Still, it'll open up when spec & fast money accounts follow thru on any nervy breakout shifts, such as the one unfolding on Cable.

It will be reserved to specific pairs & dependant on levels.

[cowpip]

Originally Posted by torero »

I have short on for GBPCHF, anyone has any close support other than 1.9620?

Today has been very tight despite the important news coming out. Is there any reason for this action?

G'day Torero... support on GBPCHF support below 9620 is pretty sparse given it's multi-year lows. I'd start basing my support levels off of daily ranges and pivot-based levels (daily and weekly pivot S/R levels). Otherwise, you have to go WAAAAY back in time to find charts that will give you references to support zones.

I think the more important news (CPI) coming out tomorrow is containing price action today on the yen crosses. I suspect if CPI increases in accordance with consensus, there may be some yen selling going on (if only temporarily). A response similar to what happened with PPI today wouldn't surprise me. But ultimately, unless the Fed starts to talk up the dollar with stiffer hawkishness, I can't see a dollar rally taking away too much from yen strength.

BTW, I won't trade this idea unless the bigger dogs do so first. Have two plans of action, and follow the one that best matches reality. Profitability in this game is all about being a reasonably good (and aggressive) sheep. You want to be as close to the leader sheep as possible. Too close or too far from the leader, and the wolves will gladly pick you off.

[torero]

Apparently my target didn't even make it to 1.9620 before it went the other way and hit my stop. I had a small position on since I saw GBPUSD was not doing much except going the other way, which I didn't like that too much. Thanks, guys.

[milliard]

Apologies torero, I got my ninety sixes all tangled up

Gave you the chatter on the wrong pair..

Yeah, as Cowpip say's the long range defense on that pair is a little sparce. A case of respecting the close quarter levels (hourly & sub hourly reaction lows) if you're intending chasing it back & forth on the lower time frames.

[Anna-Maria]

Originally Posted by cowpip »

You want to be as close to the leader sheep as possible. Too close or too far from the leader, and the wolves will gladly pick you off.

Either the wolves or a severely confused Andre....that's if he can remember which pair he's supposed to be hammering

Hey Cary,

My brother informs me your buddy (Jack) is trading out of Hawaii these days? I assume he’s rolling FX?

Is he being bankrolled by Frank Pooley’s outfit in Honolulu? Buk didn’t elaborate or say as much.

Good for him, he must have caught Big Frankie on a good day. He’s a miserable son of a bitch at the best of times.

[cowpip]

Originally Posted by torero »

Apparently my target didn't even make it to 1.9620 before it went the other way and hit my stop. I had a small position on since I saw GBPUSD was not doing much except going the other way, which I didn't like that too much. Thanks, guys.

Sorry to hear that, Torero. The saving grace is the small size, which was wise (imo) considering the whippy nature of price at those levels. Price is quite "springy" down there, isn't it?