JP – As you know so well. international markets are fluid. And much money flow. Fascinating actually. I learned, among other things, as explained to me from many CTA’s, including a guy in San Diego who told me “markets overshoot.” So to trade that philosophy requires patience and taking a lump or two. If you are limited in capital, we must be as precise as possible. What I found is to pat attention to the big picture and navigate inward so you can recognize money flow. But do not discount the larger picture.
Monedge, you brought back some memories 😀
It was mid 90’s and I was on the desk of a Middle Eastern bank – off shore outfit ..
We had a Forex dealing desk , and had regular clients – HNWI – we called them High Net worth Individual Suckers , but some of them became good friends.
Between tens of different stories ( each man had a story to tell 😀 , two cannot be forgotten :
One had a Nickname – Goddammit , I Should Sold it, and the other was called behind his back – BOBBY , BUT WHY NOW ??
Such a fond memories 😀
geezus … what is putin doing right and the un-named doomsayers wrong ?
The Economist: Russia’s economy once again defies the doomsayers
https://www.economist.com/finance-and-economics/2024/03/10/russias-economy-once-again-defies-the-doomsayers
I want names. Name the doomssayers !
1:39 GVI Forex / back to square one
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I dont think so. Inflation fight not going according to hope (ie. confidently towards his 2% trgt).
So what is he to do now: try to move the goalposts by reminding players of his earlier “average 2% over time” ?
I am perplexed at how jerome is able to get himself into a pickle with his yik-yak.
check this out: Inflation Expectations Stable at the Short-Term, Rise at Medium and Longer-Term Horizons
https://www.newyorkfed.org/microeconomics/sce#/inflexp-1
earlier bailey
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LONDON, March 12 (Reuters) -Bank of England Governor Andrew Bailey said on Tuesday that the main question for central banks now is what they must do to get inflation to stay at target levels and how restrictive rates will need to be.
“The question for us now, as central banks, is actually what will it take to get it to stay at our 2% target on a sustained basis? That’s the key,” Bailey said during a panel discussion organised by the Bank of Italy.
“This whole question about restrictiveness and the question of restrictive relative to what … I think is now key.”
The BoE last month held interest rates at their highest since 2008 but said it was putting borrowing costs under review as it forecast inflation would fall to its 2% target in the April-to-June period.
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10-yr 4.155%
top of hour yellen’s USD39 Bln 10-Year peddling
Monege, when we first created the Forex Forum there were no threads or bulletin boards. Our design was based on recreating the old bank dealing room where traders in the room were constantly quoting two-way prices to other banks. So, it was important to let the other trades know when a foreign bank traded on your price. There were no screens or electronic trading so you always shaded the market based on your position and view. It was hairy trading but a lot of fun. True market makers, not like today.
This was (and still is) the design of our Forex Forum where we look to exchange information for the benefit of all.
Bobby, a long time ago I was trading currencies out of a firm called Tokyo International in San Francisco. They were largely Elliot Wave carefully gave us room to use something if it worked and they had gained trust in you. There was a lot of yelling and throwing things at the office walls lol. Highly competitive, like a sports team. At the end of the day we all went to Japan town or an expensive restaurant in the financial district and made up, so we could live to fight another day together. It was ok to get arub on the head for a courageous day, but we tempered it inevitably. Everyone is under pressure doing what we do. I learned to shout across the room when you see a setup, like JP’s head and shoulders view.
I like the discourse. Currency traders have a lot of spirit. In the spirit of viewing cross currencies, I am very dialed in on GbpChf this week and believe the hard sell to the 1170 area on the data did not compromise the average true range of the bigger picture and see decent probabilities for the pair to search for fair value back toward 1250. That would transfer to other Sterling pairs of course. So the plan for me today was to close everything last night and hope for a failed downward strike, which we got this time. So I am looking for the pair to run out of gas a bit higher than current market.
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