milliard

If that’s the case, then the only skills you’re likely to impart are how to bullshit, bluff, deflect & generally annoy oneself around a public forum. What a senile, ego inflated, clueless old **** like you knows about financial markets can be printed in capitals on the back of a UK postage stamp. You’re a ******* embarrassment. And if the admin/hierarchy have got an atom of common sense they’ll fire your clueless ass straight down the garbage chute where it belongs. Jesus H Christ, if this is the route TL is headed, then it's definitely time to bail.

As far as Cable goes, I wouldn’t pay a whole lot of attention to activity at 10.00pm EST if I were you. Most of the serious business on that instrument is transacted during London & New York. Tokyo desks might bat it around a little if the cross (GBPJPY) is attracting heat, but any price analysis based around that shifts activity is a waste of time. Again, as far as your specific price radar goes (vsa or volume prints etc) I guess you’re simply going to have to act according to the rules & regulations of your chosen price aids & what they tell you. We don’t recognize it or trade according to that stuff, nor subscribe to volume on the cash – so it’s off our radar. Anna-Maria mentioned in a recent post on here she was waiting for either 9960 to the topside or 9600 to the downside to creak before she climbed aboard that horse, & that’s what she did y’day morning (courtesy of the pullback opp). If you were looking at it via the intradays, then I guess you got a lead in around 9625-30 off the 15m graph on Wednesday morning (London). Whether it chooses to truck on down to next line support at the 9400 will depend on the strength of the participation. Big money, smart money or any other kind of money is irrelevant. If Sterling fundamentals dictate sufficient supply exists, it’ll pump. If not, trailing stops will take care of business. Sterling weakness has reared up again (check your Sterling pairs), therefore the value is to the short side on Cable if you’re touting it. Until it spins out or tells her otherwise, she’ll look to aggressively compound the short side of Sterling.

If you look back at the graphs which have been posted up on here, you'll see the highlighted area's on them contain the info mentioned in the above post. But here you go, we got ourselves a live one from yesterday which nails it right down for you. Anna-Maria's post (#125) tickboxed this lower demand zone @ .7750-780 as a likely brake on this leg down on EU v/s Sterling? She had one of the fella's peel off a little more profit today as it shunted into that zone & pinged back towards her next secondary line @ .7840 ahead of stiffer tests at the highlighted levels further up. These area's hide 2 way activity up & down the map & will often slow prices as a trend attempts to mature & string out. Sellers will resume their aggression on pullbacks to near-term supply lines if the bid activity below fades & (profit) liquidation eases. These are the area's you might want to focus your attention on if you're seeking to generate decent, high percentage set-up & trigger opportunities.

I’m guessing that comment maybe followed on from a post including a graph Aaron? I’m sure Arty stuck up a range grid example a while back? Anyhow, it simply refers to the plotting & observation of horizontal s&r levels is all. The grids are something Art & Jimmy occasionally use to get their bearings if price is stringing out into a confined range. Apologies for the confusion. You’ll get all you need from plotting & observing the traditional s&r levels & zones. It’s definitely nothing to do with Gann or Elliott material. We don’t pay any attention to that stuff. Art has left for the w/end Aaron, but I'll answer that call for you. 2 way is: buy & sell. It means he was seeking confirmation that continuation buy orders would swamp & overwhelm possible counter (sell) stop activity at a specific level, (usually a previous area of supply) if prices were travelling back up the ladder in Bull mode. Key levels will generally harbour 2 way traffic, where buy & sell orders are stacked (layered). Until all the tickets are worked thru the system & absorbed, prices will bounce around & string out. Obviously, if the order book is light of counter flow activity, price will punch thru a level unchallenged & head straight for next level bid or offer zone.

We tick most of the stuff which flickers across the page Cowpip, but the market isn’t biting on that info, therefore it’s back pocket material. Dealers are more concerned that heavy stops below 5550 in EU got snapped on the back of cushioning-non deteriorating U.S data & nervous Eurozone growth prospects (hampering ECB forward rates bias). Fed watchers are beginning to price in higher percentage probability that they’re done easing for now. You got to mentally filter your (psychology) priorities each trading day & shuffle the pack weighted to prime reaction material. Just think bout what primarily drives these candidates & who is taking note of the main drivers. Interest rates (yield)…Inflation (growth)….jobs/housing/mortgage/capital inflows-outflows/export-import generation….. They’re the primary concerns of most of the Central Bank & Treasury heads. Everything else ranks secondary. Watch Euro for reaction then haul up Swiss alongside it for a temperature check confirmer. You can run your rule along Yen, Cad, Sterling etc for back up (v/s the Dollar). The ancilliary stuff will only come into view once the dominant (& regular price drivers) gear begins to blur on the frame.

They have their moments Blowfish. They sure can shift through the gears when they have a mind to. A lot depends on the flavor of the fundamentals as to how heavy a particular pair or cross will get whacked through the handles. Stop driven trade is a pretty tasty carrot as a pair vibrates around key swing levels. Liquidation traffic can be acute at times & makes for good bonus profits, especially if you’re participating from a slightly longer timeframe than intra-day. Euro & Yen (2 big dog constituents of the Dollar Index) trade well from a technical perspective for sure. Liquidity will help your cause if you’re a pure technical player, so you might want to proceed with a little caution if you’re studying & planning ops around some of the cross instruments. They'll definitely travel light (volumes) on the CME. Even via the cash there are times you'll need to show a little patience if you're attempting to work an order thru the pipes. Generally they attract less attention than the majors, & can be a tad fickle. Again, we can’t assist on the comparison basis, but I’m sure one or two folks who partake in indx ftrs as well as currencies will either confirm or deny that slant.

Hi Blowfish, As was stated early into that post, the comment was primarily directed at greenhorns. But to be honest it’s applicable all the way up the queue. We don’t have direct experience regards indx ftrs, so can’t comment there unfortunately. Of course folks will do what they think they need to do in order to turn a profit out there. I’d seriously doubt most folks have the knowledge, capabilities & stomach for that type of elevated risk venture over a consistent basis, but that’s the beauty of the market…..the potential always exists to accommodate most styles & preferences – for a while anyway Personally, there are far easier methods of extracting (long term) profit than chasing scraps on the back of a lottery roll, but each to their own! We don’t play that tactic & we’re not aware of (colleagues) anyone who does. I've (as a few of us have) worked with one or two hotshots who have adopted that style of operation. Needless to say their ass was generally removed from the seat faster than you could write their severence check.

Absolutely right. If you think we or other professional operators out there get it right all the time, even with the access to some of the info we got, then you'd be very much mistaken. We take hits & get unseated like everyone else. Thing is, we get the hell out pretty quick when the glue comes unstuck & compound the shit out of a trade when it goes our way. But we strike out on our fair share of plays. Common sense, patience & discipline will get you a good way down the road in this game. If I had to offer 2 pieces of advice to new entrants in the FX field it would be: Stay the hell away from mechanized/automated indicator based systems & don’t get sucked into trading economic releases. They’re both utter nonsense & a complete waste of time & money. If you want to trade a purely technical based strategy, then pick a sensible timeframe, choose a couple simple set ups based around levels of obvious support-resistance, paying close attention to the supply-demand imbalance & test them out thoroughly before trading live dollars. Don’t whatever you do EVER EVER chase a price (market) or average down. If you miss your trigger price, let it go & wait for another. If your set ups are based around price action/supply-demand mechanics, then it will work across ALL available pairs & alternative instruments. If it doesn’t, then it’s too complicated. When your view of a pairing is proven correct & you’ve engineered yourself into a core position then continue to feed into it. Don’t ever be afraid to back your judgement (winners). Know yourself inside out & back to front. Know your market inside out & back to front Know your plan/strategies inside out & back to front You’re competing out there every single day with operators who most definitely have those 3 key attributes nailed down tight as a drum. If you haven’t also got them nailed down tight, then it’s only a matter of time before they take your money.

You cover some very valid points, especially those highlighted above. There are so many things that can go terribly wrong attempting to chase these instruments around micro timeframes unless you know exactly what you're doing. Most of the common & repetative mistakes can be very easily eradicated by simply viewing, planning & executing via the slightly larger timeframe references. I'm not suggesting folks can't earn a wage trading exclusively technical templates off sub hourly sheets, but the odds are incredibly low if a very keen awareness of the bigger picture isn't taken into context at all times. Smart post Cowpip.

Fair enough- any chance that retail traders are able to do this without having access to the tools you have at your disposal? I guess most folks can gain access to decent info via squawk & wire facilities these day’s if they’re willing to pay for the privilege? I guess if you’re an independent retailer you’d need to be operating a keen PnL book to justify the outlay, but I’m sure the facilities are available. Unless you got contacts at the various Brokerage shops, Banks, Funds etc, then info regards flows & (quality of) participation at varying levels etc won’t be available. But like I said, that type of stuff has always been there for us so we don’t know nothing else. If you don’t got it, then you won’t miss it. if we see a rounding bottom formation it is generally accepted that it is a sign of accumulation & higher prices to come.... It doesn't matter a jot what you call a technical set up as long as you can recognize what’s really occurring & more importantly, what you’re going to do bout it. As long as you can justify the risk & you’re able to recognize which aspect of the price cycle you’re in, then you can go to work & pump it. How is a retail trader able to read this negative chatter? Are we able to surmise this from reading the bars? You can read the intent of price via your bars, sure. As to whether it’s necessary to know who is sitting on the bid or offer, countering stop trigger activity at a specific line? Who knows. Personally, if I’m aware certain names are participating at a (prev) high activity level with a decent sized hand, it adds a little spice to the pot. Certain pods or desks will generally only stir at appropriate levels & for very specific purposes. If I can get a run on a level & am aware of upside/downside stop activity to run my positions into, then that’ll do for me. By no means does it guarantee a level or area will play out as intended, but I wouldn’t give it the merits it deserves if it didn’t. Again, it’s simply down to what works for you & what you’ve been reared on. If I didn’t have access to that kind of stuff, it would feel like I was playing with both ears & one eye shut tight. Can you explain the "Stops being layered" part of this explanation. Does this mean that retail traders have S/L marks layered along that 9960 and 2.0030 path or the bigger players have these stops? Critical or key levels usually contain a mixture of stop order traffic. They’ll be profit stops to either pare-off or fully encash a position, which will be a reversal order….the level will also house limit orders to engage a counter trade as well as reverse stops orders which trigger market positions as they fire off. They won’t all be stacked neatly at one specific point on the price map, but layered or staged thru a critical zone which can often stretch out 20-50 pips. As to the priority of players orders? It’ll be a mix of retail (via the broker shops feeding off their suppliers desks) & institutional order flow which get tripped as these levels come into view. After a while you get accustomed to the probable intensity of a level due to it’s vicinity on the technical map. We also obtain feedback from desks to the intensity of certain levels we're particularly interested in pumping for whatever reason, especially if these desks are harbouring high % order book triggers. You know that these top & bottom swing extremes will house counter traffic (stops), especially if price is being warehoused in tight range boundaries. You only need look at the behaviour of price structure (lower high & lows….higher lows & highs etc) from the larger timeframe grids to anticipate that stops will begin building above the outer edges of these range or trend boundaries, & when tripped they’ll string out a little until the flows are balanced out again. If a level such as 9960 represents a lower top & is being contained within the larger range structure, then price will begin to leave footprints via the bar behaviour. Take a look at a 60m or 240m bar printout at that level from late NY early Tokyo. What do you see? You don’t require a masters in technical analysis to decipher that supply exists atop that mast all the way up to next line @ 2.0030. If you need secondary confirmation, then slide your rule across Sterling price flows via Yen/Euro/Swiss & see if it’s unique to Cable or generic to Sterling. It’s been mentioned on here before: always play your strongest v/s weakest to get a run on your competitors. Don’t get mired chasing an instrument back & forth within a moody, violent range when you can leg into a nice, well behaved trend wave!! Your primary objective should be to extract stressless profit from this circus in the easiest way possible, not to show how adept you are at slicing, cutting & scalping micro pips from a pain in the ass instrument such as Cable, or any other pair come to that. When we see a price poke its head above resistance and then duck back down on the next bar or bars, how do we determine if this was a true rejection of price vs a "buyers remorse" or "profit taking?" You don’t until it works itself thru the pipe. The thing you gotta do is manage your entry to allow price to tell you what it was. You also need to know what cycle the market is currently in to better establish your method of attack. Is your instrument ranging or trending on your timeframe of choice. And what type of tools are you intending utilizing to get to work on that particular price behaviour trait.

1) Correct. There was no reversal activity @ circa 9850, neither is there any apparent at current level: 9900. 2) As to what would inspire me/us to compound a leg? Well sure, higher high/low ladder steps via maybe a sub hourly (if we’re working a range) would be one consideration. Chatter or order flow confirmation would be another if we were aware of who & why was also working the range and/or the stops. Specific fundamental flavor of the day/week would most definitely be a third. We rarely commit money (especially range money) exclusively on the back of a technical print or chart reading. But that’s just us. 3) I’m not sure what you’re angling at regards point 3? Price is either in demand, whereby players are accumulating as it gathers momentum off support, or they’re unloading either due to a rogue economic print, negative chatter…or stops are dictating the supply, overwhelming the flows. We’ll now begin to encounter that specific traffic up here at c9920 (thru the round number). Stops will be layered all the way to 9960 & 2.0030. They’ll be 2 way, & Pound Bulls will want to test the strength of these 1st line stops @ 920 thru 960. You’ll soon see if genuine supply lurks atop here. I doubt there’ll be much serious clout until 2.0030 is threatened.

Hi Aaron, He’s not around until Wednesday of this week. Anna’s back tomorrow. Neither of them are positioned on the Cable at present. They’re long Sterling via EURGBP & GBPCHF. Cable is mired in the range on the hourlies & they rarely play that game, especially on that instrument. There are far more lucrative (risk) opportunities elsewhere if you’re intent on shuffling Sterling around, hence the positions on those aforementioned crosses. The scenario you describe is logical however. Long off the base range @ 680 is certainly playable on the 2nd attempt (25th), but I don’t see a pare-off @ 9750? Obviously, you’re working your own personal (risk) ticket & if it calls for a peel off or full encashment @ 9750, then so be it. Thing is, if price continues to develop as it currently is, you're flat with no core position. Attempting to leg back in again on a fresh ticket wouldn't be on our radar in this type of market structure. The best risk opp was back at that double bottom pitch of supports. As far as compounding or adding into a (range) leg; we’d simply abide by the normal price guage (higher highs & lows in an upleg – lower highs & lows in a downleg). Straightforward, uncomplicated observation. Let price tell you when & if it's ready to ramp up the size/risk. No need to make life unnecessarily difficult.

Good post, you make some sensible points, especially regards surfing the waves of the big timeframe flows. Most of the failure attributed to micro timeframe trading usually stems from folks not having a clue regards order flow. Attempting this type of close range trading with no appreciation for support & resistance or trend behaviour is suicide in my view. Folks assume shorter timeframe trading is the easy option, when actually it's the exact opposite. Most migrate to this arena for exactly the wrong reasons (capital availability, misconceptions regards risk management etc) with no real clue as to the inherant risks involved. As you rightly point out; you got to earn your stripes thru experience before attempting to take price on down at the rough & dirty end of the street.

She’s a little busy the next couple day’s Aaron, I’ll address your question in her absense. Those area’s she’s tick boxed aren’t exact (to the pip) markers. We don’t work to such rigid parameters. The markets (especially area’s which house stops) can slip & fill anywhere up to quarter cent tolerance if liquidity issues are apparent or large orders are being worked thru the pipes. We look for zones of supply-demand imbalance wherever possible & wait to see how price reacts as it comes back for a second bite. If price got shoved down on decent supply out of the imbalance channel (or consolidation boundary - whatever you fella's call it), then chances are they’ll be more sell orders waiting on the return trip if the flows are in a semi-mature trend. This might repeat until the order books have absorbed sufficient sell activity, re-tested supply, overhauled it & flipped to demand (on pullback tests) before moving away. Then the mirror image takes effect on the reverse trip. Give you a live example here on the Pound-Swiss graph she highlighted at the w/end. That lower channel of supply @ 2.0450 thru 2.0700 just got repelled on it’s first real assault back up the ladder. We’re not in the least bit concerned about cashing out shorts until price begins to tell us it’s done shutting off supply & flipped to demand. First instance of that will be when Sterling advances thru the channel on solid support, printing higher high & higher low steps out of the prev zone of imbalance. Observe the recent haphazard price activity underneath the supply funnel? (4 hour graph). No serious intent or concerted effort from Pound Bulls to mark it up at all. Fast money specs can use the support floor (working off those neutral daily candle prints) to try get a head start on events, but they’re gonna bail pretty damned fast when they see the supply entering the game at that lower level. For now, shorts still hold the value ticket on this pair. Take a look at the Euro/Yen around current level now too. Another of her tick boxed zones is coming under scrutiny at the 165. Her longs thru the 160-161.50 range, which successfully flipped the supply bias is now up for careful monitoring as it enters this next step of the journey. She'll adjudge whether she’ll compound further or begin peeling off as this level dictates the flows. These zones merely offer us choices & options. I guess maybe you’re used to working to exact measures on the micro timeframes? That’s not a cross we have or need to bear when working off these big references fortunately. We buy ourselves a little elbow room to push & shove as we see fit. As cowpip mentions, these crossroad area's are there just to afford you choices. The price action will let you know which direction to pitch your risk.

We're aware of whats printing & when, for sure. The only time we'll give it the time of day is if it's a real grizzly item such as the key inflation data, interest rate news or those pesky, irritating payroll prints. And that's only if we're looking to get aboard a particular pair when the news item is due out of the tape. Other than that, no we're not in the least bit interested in the data prints. But then, we don't do our business on micro timeframes, so it doesn't concern us so much. We'll have orders waiting to fire off at certain junctions on route, & if the data compliments the current trend & picks up the order, then cool....if not & we have to wait a couple more days for a rogue print to work itself thru the pipes, then so be it. It rarely usurps the long range trend anyway. Most of all that stuff is subject to revisions anyhow, so the actual print gets blurred in amongst the re-runs & revisions. It's the prior & post reaction to the news which spurs the fast money though, I think you'll find. We're not by any means unique either. Most of the regular contacts we speak to are pretty ambivalent towards data releases. But then, they also operate via the longer range template.

Smart thinking Batman. When you sit back & really look at it, you got yourself the Pound/Yen with an average daily range of 280-300 pips. The Eur/Yen tracks back & forth between 150-200 most days & bringing up the rear of the three which you quite often refer to; the Cable, that one prints in the 150-180 range of late. That’s a lot of ball park to pitch your strike. As you’re well aware, these instruments behave pretty good on & around their respective support & resistance levels. You got decent supply-demand markers & the plethora of tech & fundamental info available to the retail sector nowadays is on the up. Get yourself a well drilled set-up or two & a couple reliable triggers & you’re good to go. Do what the savvy players do. Wait patiently for the Grade A opportunities...get in on a decent risk strike, let her find her feet & compound the crap out of it. Makes sense? to add positions to a momentum move when the aggressive specs & real movers & shakers are onboard (such as now).

Hallelujah!!! here's a man who not only speaks some sense but actually has more than a handle on what's what out there...thank you for your cover Mr Blowfish, I'll scramble out of this foxhole before I get strafed with wild M16 scatter :o Yep, I hear 'John Smiths' whispering his subtle sweet soul musak from the Hare & Hounds....oooooh, that sweety tweety sound of silky smooth bitter (Andre licks his lips, salivates & blows bye bye kisses toward Boss Man Krantz as he grabs Anna's hand & makes a run for the exit) ok, ok Mr Krantz, I'm about done on this thread now....

I don't need to read all the posts in this thread son to know that you're wasting you're goddamned time trying to read something that aint there. If you're referring to a SPOT FX graph & attempting to disect the guts out of it via a volume pitch, then you're pissing in the wind - period!! If you want to get your scalpel & mirror out & get to work on your volume stabalizers, then you're gonna have to hitch your wagon to the CME train & punt the Pound Futures. I was under the assumption that the main ingredient in this vsa pie is volume, no? If that's the case, then wouldn't it make a whole lot of sense to ply your trade on an exchange which at least recognizes volume?? Spot doesn't register or funnel volume thru a centralized exchange. So, how you gonna fathom whether your interpretation of the graph is a genuine print or merely a ghost play??

Hey Aaron, I hope the folks on this here thread don't mistake my comments for bashing this method of analysis. That's not the intention at all. Just coz some choose or prefer not to recognize it doesn't render it ineffective, but I'm not sure I go with your commentary on the fade out of prices into the NY close. I can understand your work/research of the flows during peak activity, especially as those highlighted bars were actioned on the punch thru layered (short covering & spec buy) stops @ 9815 thru 50. You're showing a spot graph there yeah? Again, I'm not going to be drawn into the argument bout accurate volume prints on the cash. We have our own views on that debate. But those itty bitty bars at the end of the run are simply profit take & book encashments. The activity dies as London closes up for the day on the spot. After aggressive shifts like today on the British currency, the foot soldiers will cash out & balance off. Not only is there no demand at that time of day, there's also no supply. Folks have done their business into the London fix & the only ones left wandering aimlessly around the park are either retailers or wounded souls sticking band aids on their bleeding accounts. They'll now be sniffing next stage stops above 1.9950 with bids building back below your trigger short level. That's not to say prices won't dip to check the strength of those bids, but your "no demand" bars aren;t really counting for anything. Sure, if those kinda bars are printing during London hours, then fair enough, I guess you could make a case for them. I've heard that these VSA folks maintain that you can adjudge the analysis on the spot instruments (as well as futures which utilize volume) regardsless of the time of day. Well, I'll tell you now, that's horse shit. And I'll stand face to face with the best of these guys & tell em so. Be very careful with this vsa stuff on the spot (with no definitive volume print outs), particularly as London shuts it's doors. I can tell you now for sure, the folks who run this show are either sitting in a club eyeballin pretty girls wrapped around shiny poles or they've banked their booty & adjusted their stops for next day delivery well before NY beds down for the night.

You sure will have today that's for sure. Soon as 775 consolidated, the shorts ran for cover & fired off those close quarter stops thru 9850. Fleet of foot the name of the game (again) if transacting Cable this week

Ho ho ho, I’m splitting my goddamn sides here. For chrissakes don’t let Jimmy or that grinnin Irish genius across from me see these couple posts, they'll have me sitting a 20 question tech exam by sun down. torero: yeah, we keep tabs on the main techs across the pairs. Some a little more closer than others. I guess if folks go stomping all over those itty bitty timeframes then they’ll require to be wired into the circuit a little tighter? But generally a 60m+ view will give us all we need. Horizontal grids, an awareness of the key supply-demand zones, a check on the main drivers (fundamental flavors) & an eye on the wires is about all that’s required to feel your way round the table to be honest. Folks have a nasty habit of making life awful difficult for themselves. Analysis overload? is what it’s termed as? Mr Nuuu Yaaaark (Kovner) made a whole lot of his dough on the back of “stupid governments & clueless central bank bandits” & he aint wrong there. There’s still a lot of dough to be made from that particular quarter, believe you me. As long as we got clueless half wits running the treasuries/finance streams & major trade floors out there, they’ll be a dollar to be made. Particularly if they’re Russian bank desks or high agg spec operators I had to get that one in Gregorvy!!!!....just waiting to be tagged LOL. Blowfish: we're quite partial to your John Smiths & Wherry Ale. Anna & a couple of the girls cook their grey cells with the Irish Cider & Black stuff, but on the whole it's very palatable

He's long gone from across there torero, Mr Krantz has him on a tight leash these days No, he's a smart fella is Jimmy. I can't hold a candle to his technical ability & that's a fact. He'll be nodding affirmatively when he spies that nice clean graph of yours I'd imagine. He might suggest you bin that weird looking angular line on there, but you'll get a box of candy & triple malt for your horizontal markers for sure Horizontal markers are the bitches britches as he say's :o

Well Mr Krantz, I'd much rather have mercurial Mid Eastern compadres stomping point than a raggedy assed russky twitching & balking at the first signs of supply. Successful assault & coverage of 9720 see's the color of 775, otherwise your ceiling holds for now. I couldn't resist posting Jimmy's technical masterpiece here abouts He must have sneaked 2 extra large mugs of caffeine into him as Tokyo stoked up last night (+ he aint a member here, so he can't fight back heheheh). Shame it took place during the Jap doldrums, not a bad little flip even for him!!!!!

Apologies torero, I got my ninety sixes all tangled up :o Gave you the chatter on the wrong pair.. Yeah, as Cowpip say's the long range defense on that pair is a little sparce. A case of respecting the close quarter levels (hourly & sub hourly reaction lows) if you're intending chasing it back & forth on the lower time frames.

Next area of interest we got resides a figure further down the ladder torero. 9510-30 has vibrated (ahead of 1.94) all the way back to early Jan. Not sure what you mean by 'tight'? It's (Cable) only 30 odd pips shy of it's avg daily range. If you're referring to the general scenario out there, then I guess some of that reluctance will be down to fresh credit-crunch jitters entering the arena again on the back of the State Street conf call earlier. Players began booking profits on one or two of the crosses, which blanketed the Euro. Yen crosses especially have been impacted. Still, it'll open up when spec & fast money accounts follow thru on any nervy breakout shifts, such as the one unfolding on Cable. It will be reserved to specific pairs & dependant on levels.