Tuesday, October 20, 2009

Tuesday October 20th

Time to get back to work ...

Cable is right at that level for me.  1.64500 and a descending trendline that goes back to the July08 swing high.  After a monster rally for sterling against everything it might be time for ... Turnaround Tuesday!!!

Crude broke out last week of a long time bull flag and has put in a 13day rally, almost a record. Interestingly much of the move at the end of last week when equities were falling off and the dollar was gaining some ground.  Inventories last week were not that bullish, a big drop in gasoline at a time when the refineries output is almost at post-hurricane levels because of seasonal maintenance.  Perhaps a short squeeze, I might be looking for a cheeky countertrend short here.  Or a pullback to buy ...  Price has broken 80, let's see if it can hold above.  Today could be volatile with inventories (expecting a drop) and the last day of the Nov contract.

GBPUSD short 1.6430 stop 1.6460
GBPJPY short 147.99 stop 1.4839 1hr bearish engulfing
CRUDE short 79.90 stop 80.30 target 79.40 & rising support line ...
GBPJPY stopped out (-1.0%)
GBPUSD stopped out (-1.0%)
EURGBP short 0.9099 stop 0.9119, bear flag break
CRUDE banked 50% @3xR 78.70 (+1.5%)
GOLD short 1061 stop 1066 - I am loading up
EURUSD short 1.4950 stop 1.4990, 4hr IB - dollar rally
GBPUSD short 1.6365 stop 1.6405, 4hr SS & trendline break
EURGBP stopped out (-1.0%)

EURGBP daily and 4hr charts:

Crude chart:

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