magik

magik

Pound dollar at the place where it moved above the buy stops and started filling sell orders 2 weeks ago. 1.5650 - I think this area has support and I'm a buyer for a swing trade to 1.61

magik

Cable wants higher. 1.59 is our big hump. From there it should upward and away. Pockets of longs and shorts above with lots of buy stops around 1.59. The EURO has been dragging her down a bit. 1.60 is coming. Not concerned if we dip to 1.55 with EURO weakness.

magik

Cable sell stop final flush complete. GBPJPY buyers are pretty firm protecting the sell stops below 1.9420. I'd like to see those flush down to 1.9380 but hey, what can you do. Cable is going to 1.60 folks.

magik

Looking to see levels in these areas before NY open to clean out the stops before a NY open ramp. USDJPY 1.2420-1.2440 EURGBP .7100-7120 GBPUSD 1.5600-1.5630 GBPJPY 1.9410-1.9430 EURUSD @ 1.1150-1.1170 is the key area tonight.

magik

For the best entry. Buy the pound around 1.5600/20 area. This is were you want stock up. Last stops clear here

magik

We knocked out the first of the two ses of stops below. Both fresh shorts and spooked longs are selling into this this 1.58-1.5760 flush. I have closed my short and added some long. I have the ammo to add a lot more 100 pips lower if we knock out the last of the sell stops. This might not happen. Here's why: Last week cable ate through 300 pips of sell orders...

magik

SELLER. THERE ARE SELL STOPS BELOW CABLE TO 1.5790 I THINK NEED TO BE TAKEN OUT. LARGER ONES BELOW - ALSO STOPS BELOW SEVERAL OTHER GBP PAIRS. LOOKING TO COVER BEFORE NY SITS DOWN.

magik

The Great British Pound is a monster. It has huge smoke stacks spewing thick black smoke. Cable failed to clear the technical hurdle @ 1.5940 level but doesn't mean a thing. Cable could do anything right now. Cable is the honey badger. Like most traders, I seek to cash in on the pain and suffering of my peers. I must understand what cards other traders...

magik

Somewhat top heavy. Some silly longs trapped above 1.1350 thinking they were chasing the bears around. Above 1.1450 area this puppy could rip a few hundred pips very quickly as big stops get tripped. Levels: BIG STOPS TRIGGER ABOVE 1.1450 SELLERS 1.365-1.1450. BUYERS 1.1190 - 1.1250 (heavy around 1.12 ) BUYERS 1.1100 -1.1120 BUYERS 1.10-1.1050 I am holding...

magik

As we start the week, I'm eyeball the USDCAD for long. There are a cluster of buy stops @ 1.2350/60 that I want to blast.

magik

Cable blasted ran the net buy stops through 1.5450- 1.560 last week and we are left with what net sellers clusterd around the 1.57 and 1.58 levels. These must be pushed through if we are to go higher. It's worth noting that the UK is finalizing a budget this July that is supposed to cut or eliminate the deficit. The details of this will be in headlines for a...

magik

No large bias as we start the week, ok a small bullish bias but that's all very dynamic. The euro is in the middle of a range on most of it's crosses. The net buy orders from short sellers have been blown or spooked up through 1.1450 and we are left with an increasingly balanced eurusd starting the week with net buy stops hiding out above 1.1450 through 1.17ish....

magik

SEE ABOVE

magik

There are alot of shorts in all the euro pairs. I see it like this: The EURUSD between 1.1050 and 1.1450 is a war zone. The bulls win if they can jam it above 1.1460 and blow 4 trillion in stop losses. The bears are still on defence. The bears could barely keep the pair below 1.09 last week. Right now they're just trying to cover shorts and some are still...

magik

Rate decision Thursday. Sell the breach of .70 prior as longs scramble. Odds of a rate cut from 3.5% are increasing.

magik

POTENTIAL BUY. AUSSIE NEWS RISK MIDWEEK, DESCENDING TRENDLINE TO TEST & HEAVY STOPS ABOVE 1.4760 ALL ADD COULD ADD FUEL TO THIS FIRE - WAIT TO SEE IF IT CAN CLEAR SELLING PRESSURE ABOVE 1.47 AND COIL. WATCH OTHER EURO PAIRS FOR DIRECTION.

magik

Longs on back foot, larger buyers come in around 1.5050 down to 1.4960 - watch for a sharp flush below 1.51 and look for support amid bearish trader sentiment. Do buy a break above above 1.54 a move above 154 puts shorts on defense - start to scale out strategically above 1.55 as buying fades