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When they want to sell, they sell. No data, no nothing: they sell.
GDP Downward Revision Ignored
Dollar edges higher against Swissy and yen and recovers against Euro in early US session despite downward revision in Q2 GDP. In today's final GDP estimates, Q2 growth was revised down from 2.9% to 2.7%. Price index remains steady at 3.3%. Meanwhile PCE and PCE core were revised from 4.1% and 2.9% to 4.0% and 2.7% respectively. Jobless claims also came slightly higher than expected at 316k.
There is a big fight on EURUSD. They keep it stuck between a well known range.
Maybe we break it next month or tomorrow. Don't listen to snake oil sellers. Trade what you see.
USDCHF, level 4 buy (08:00cet) @ 1,2477 with stop at 1,2471 or 1,2464 or 1,2457. It has made a high so far at 1,2517. + 40 pips.
EURUSD, level 4 sell (08:00cet) @ 1,2691 with stop at 1,2702 or 1,2716. It has made a low so far at 1,2667. + 24 pips.
GBPUSD, level 4 sell (right fractal down -08:30cet) @ 1,8721 with stop at 1,8746 or 1,8762 or 1,8783 or 1,8801. It has made a low so far at 1,8688. + 33 pips.
Your risk/reward ratio should tell you where to place the stop, and, of course, what you see looking at cable's chart. It is obvious that a stop of 80 pips is a stupidity if you do not expect to get 160 pips at least. Can cable go down 160 pips today? Well, seeing what we've seen these last days, everything is possible here. But.....
A stop of 25 pips is great, cause you can sell half once you get 15 pips and place the other half at b/e. You need to make 50 pips to hit a 2:1 ratio.
USDCHF, level 4 buy (08:00cet) @ 1,2477 with stop at 1,2471 or 1,2464 or 1,2457. It has made a high so far at 1,2521. + 44 pips.
EURUSD, level 4 sell (08:00cet) @ 1,2691 with stop at 1,2702 or 1,2716. It has made a low so far at 1,2662. + 29 pips.
GBPUSD, level 4 sell (right fractal down -08:30cet) @ 1,8721 with stop at 1,8746 or 1,8762 or 1,8783 or 1,8801. It has made a low so far at 1,8666. + 55 pips.
A risk/reward ratio of 2:1 on cable is already hit.
On Swissy, with stop at 1,2471, we've already hit a 7:1 r/r.
On euro, with stop at 1,2702, we've already hit a 2:1 r/r.
Linear Mode
