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by Ashraf Laidi
Posted: Feb 22, 2010 5:00
Comments: 3054
Posted: Feb 22, 2010 5:00
Comments: 3054
Forum Topic:
GBP
Discuss GBP
Closed my GBP/USD short. Would look to re-enter GBP short mid-term but not short-term.
Fortunatelly, my trading inner space intervened yesterday, and got me out of every eur usd and gbp usd shorts in 2 to -2 pips...what appears to be now a very good state on my account, even though I dont prefer to skipp off any trades before hitting my initial targets...It forced me to realize, that its not heroic to hold it and tell yourself, ok , i traded like the books and PROs, i can be confident with my performance, but the loss is bigger...maybe those targets wouldnt be hit, but i like it how it is NOW..
anyway...in my opinion, that usd strenght appears to be delayed..I just dont see any signals to prove it,,,maybe 2mmorows NFP could help,,who knows,,it is like rollercoaster,,but more downside,as for USD..
Yesterday's negative US ADP did not manage to take equities down so the dollar remains weak and the Yen continues selloff.
For me, the only 'hope' for stronger dollar is disappointing Friday's NFP and unemployment (equities down) as the perception of dollar is now undermined by worsening housing AND jobs. Therefore the dollar could strengthen as a safe haven IF the apparent risk appetite erode. Moreover, yesterday was the end of the Q1 and most price moves were distorted.
Precious metals are too stronger most likely due to the weaker dollar. Silver leads the way currently at 17.7.
I'd like to be on the sidelines but I have some badly placed shorts to manage. Good luck everyone.
@Amg: I'm inclined to agree.