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I have to agree that pound trend is up and strong, and volume is not generally
early into a reversal, however the trend appears mature enough that it needs
volume to support it. If we don't get a reversal in the pound very soon I will
have to rethink the use of volume, and especially, nettick with currencies. Are
you watching the futures or the forex or both? What is "cable"?
Earl
-----Original Message-----
From: Essan Soobratty <trader@xxxxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Thursday, June 18, 1998 10:00 AM
Subject: Re: FUT: Currencies
>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
>
>
>
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