Here we are using GBPJPY as an instrument to illustrate positioning with the Conservative Party conference.
We are tracking for the sweep of the highs with a vicious spike, the market is hunting short-term liquidity with foolish traders continuing to get taken out with poor stop loss placement.
For the flows 133.5x looks open and ready for a test, expect stops to ping off above and the market will not chase anymore. Expect price to not settle above as the macro direction is down, any follow through at the highs will invalidate the idea.
It is like biting into the apple with a worm inside... you think its good but then you realise this is the worm.
Good luck all those looking to add further bearish exposure.
Comment
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Bulls really struggling to break up here... Macro move down is so heavy... Nothing to update.
Trade closed: target reached
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A 200 pip swing with risk entering back into the scene, well done everyone... especially those (I know some from the FX room) who managed to play both sides