8th August 2013
STERLYTICS
Well the UK inflation report was crazy yesterday. In the first 15 minutes of trade we sold off 90 pips only to bounce and trade 300 pips higher in a 75 minute period hitting 1.54911 before gradually pushing to the 1.5500 level and settling.
So why the initial sell off? Personally I thought the comments of using monetary policy to reduce unemployment bearish and I think a lot of investors did to. The huge move to the upside to me only looked like better shorting positions as some traders looked to use the asset purchasing programme as an excuse to buy sterling. The fact we managed to smash through level after level could have something to do with huge amounts of Gilt buying at the long end of the curve but to move such a significant amount on forward guidance I find scary
So we have cheap money for the next 4 years, that means the banks can do their thing as usual and the man on the street can gear up a lot more than he should and when the rate hike comes, we all fall down.
On a technical perspective I have used a 15 minute chart for once as I think it strongly reflects the price action in the period Mr Carney was talking. I have illustrated the way I think the market was positioned because personally I need to make sense of why the market moved the way it did. A major part of understand the market is having some idea what other traders might be doing. If you have a logical and methodical approach based on economic principals combined with a strict risk management policy then you can start to figure out where stops might be and how the market might move.
In understanding how others might trade you give yourself an extra bonus to your analysis because on moves like this you need as much information as possible.
昨天公布的英国通胀报告让市场很疯狂。在开盘的头15分钟英镑下跌90点,在收盘价前75分钟英镑汇率反弹,上涨300点至1.54911,后慢慢推高至1.5500。
所以最开始的抛售是因为什么呢?我个人认为用货币政策来减少失业率这一言论是悲观的,我想大部分投资者也这样认为。在我看来英镑大幅向上运动是一个更好的做空机会,因为一些交易者寻求用资产购买计划作为买进英镑的借口。事实上,在曲线结束时的那段较长时间市场大量买进债券,在这一水平位上我们可以进行一些交易,随后我们设法突破这一价格,但是英镑上涨这么多,我认为是可怕的。
所以在接下来的四年我们可以低息借款,这意味着银行可能像往常一样运行,人们可以比他拥有的更多的钱,但是如果加息的话,我们就会全部跌倒。
基于技术性分析,我使用了一个15分钟图表,因为我认为它能够强烈反映卡尼讲话那段时间价格的波动情况。我已经介绍了市场走势,但是就我个人而言,我需要了解为什么市场会这么运动。了解市场的一部分是了解其他交易者可能会做什么交易。如果您有一个基于经济主体的合理的、系统的策略,同时有严格的风险管理政策,那么你可以开始估算出在哪里进行交易,市场又会怎么运动。
在理解别人会怎样交易时,您可以给自己的分析一次额外的奖励,因为像这样的走势需要您有尽量多的信息。