|
PureBytes Links
Trading Reference Links
|
Earl,
The lack of a sustained selloff following the recent rate hike coupled with strong
trendling support under the market left the pound vulnerable to a spike up. The
trigger for the rally was comment(s) from MPC members following a strong inflation
number earlier this week. It looks like the MPC is leaning towards another rate
hike.
Keep an eye on sterling-mark as well as cable. The trend is still up on both
daily's and weekly's with the monthly's showing a recovery from the recent
consolidation.
Having said all that why did I get out of my sterling longs yesterday afternoon?
What a wimp I am...
E.
Earl Adamy wrote:
> The pound has had an interesting rally during the past several days. Was ready
> to go long a couple of days ago, when I noticed that my volume indicators (OBV
> on daily and NetTickVolume on 30 min) are not confirming price. NetTickVolume (a
> running calc of up-down ticks from tick data) is generally highly reliable and
> its failure to confirm has me concerned. Even after Wed's spectacular rally, I'm
> still not seeing confirmation. Ditto for the Dmark although the divergence on
> the Pound is greatest. Only the yen is showing some confirmation and that
> confirmation is not terribly strong. Any ideas on what might be happening here.
>
> Earl Adamy
|