60 years later, the beginning of the new EU

I wonder has Farage expressed a view on who his choice of PM would be (aside from himself lol).

Robt Peston wrote a good article back about 10 days - I’m no fan of Peston but he has good contacts and his claim to fame was that when with bbc he outed RBS difficulties before it was public knowledge.

Anyways he posed a valid question:

Yes I watch Peston, without being totally a “Follower” as well. I think I expressed similar views on some of these threads, regarding Mr Farage and the interaction of the “Potential 3 parties” liable to pull votes at a General Election.

I’m not sure he has a preference as such. I’m sure He (and everyone else) would feel incredibly frustrated and Angry, should the “Remoaners” manage to spoil the election process Again ! by putting another “wimp” in place. And THAT WOULD in my opinion Bring down the Tories without doubt and probably terminally ! - Leaving the potential for 18 or 20 million to vote “Brexit Party” at a General Election !

It is true that many of the followers are desperately disappointed Tories - but a great many come from Labour voters as well.

However, I was at one of his rallies and have watched a number of them and the Vitality of the PArty and the support base comes from the slogan "Change Politics for GOOD "

The danger that the “usual suspects” try to classify the Party as just another Protest Party and expect it to fade away - may just cost the " Broken 2 Party system" dearly.

I have to say that personally I have always been against “PR” - but am rapidly changing my mind - except that it potentially gives political power balance possibilities to all sorts of “Crackpot” minority groups. But on the other hand just having two totally incompetent and in honesty undeserving (I hesitate to expand on that) groups of parasites just “taking the money and the expenses” without us being able in practice to remove them because "Careerists" of the two groups are just as bad as each other !

For either of the other two parties to be in “Co-operation” with the Brexit PArty, I think negotiations would need to occur.

The principle being that "This is not about Right and Left - It’s about Right and Wrong" !

Then again, I am not unconvinced by the argument that “We have already left” and note Andrea Leadsom’s resignation letter gave hints of doubs about the legality of some of May’s actions !

Aha - this is why I dislike politicians - right and wrong is not great at vote catching whereas Left and Right is a different ball game.

Here in NI politics is dictated by orange/green or unionist/nationalist or loyalist/republican.

These things politicians are good at because there are votes to be harvested, we have a party called ‘Alliance’ - they are none of these and my hope is that they do well in the EU elections.

Now it’s the weekend, just been to Tesco and unbelievably spotted “Fecking Irish Vodka” and “Fecking Irish Gin” - I kid you not - we know what’s important :slight_smile:

Edit: found it online - thing is you have to be over 18 to view:

Weekend almost to a close - time to think about the week ahead.

First thing is that it is a month end week - I’ve mentioned before that there are bills to be paid and exchanges to be made.

Note on Friday there was a push up beyond the line - it was on no new news and on a Friday - just a fake out, of more interest was where the close settled.

Cable is still looking positive on a chart, but nothing has changed in the FA arena so why would I buy?.

Anyways, on the UK political front there are quite a number of contenders for PM, the market will only take notice when it gets down to two, the suspicion is that there may be a no-deal and pro-deal candidate, that would make trading more interesting - trying to read the sentiment of conservative membership.

There is a new line on the chart - it’s painted red in deference to the PM’s red lines - it too has history but it’s fading (Mid Mar 2017)

- the older you get the less your strength I suppose.

OK - that was 2 hours ago and Asian has opened and the market is thin.

Now here is that same red line (I know it’s a little pink but maybe that’s the feminine part of me :slight_smile: )

This is the thing about Stops - be aware of the levels and of liquidity.

Eur_Gbp_redline.

On post 239 the inverted H&S was worth 50 odd pips with a tiny stop - but note that they are undone today in the light market.

Also note the reversal on GBP/USD is at a non specific TA level - it was the time of the reversal today that was important:

It was the same time that price on EUR/GBP hit my red/pink line today:

Eur_Gbp_redline

There was no change in the FA and it took one week for resistance to become support.

The decisive breakthrough was last day of the month.

That was 3 weeks ago when price was averaging around the 87.50 level.

Then i mentioned a couple of weeks ago;

Well the first week of the new month has just finished and the FA remains unchanged so guess what has happened price:

And since it’s the weekend and wind-down time thought I’d post this little piece of good news.

Some time ago i mentioned in a reply to @Clint that we Irish are not really into pomp and ceremony.

Pres Trump has just left our country, I know he enjoyed this wee piece of ceremony that may not make the TV news stateside:


:

1 Like

That post was May 22nd, then look at the chart up above for this weekend.

Trading only one instrument can become almost boring, same old, same old.

Just at the close price reacted to the DT - Friday evening etc.

But the same question as posed back those weeks - has the FA changed?

Just decided to post a little thought about risk and the market thinking.

There are many suggestions of how to get a handle on risk sentiment - perhaps one of the best is the US2000 - buy small caps because therein lies the next Microsoft etc.

Anyways - these are all d1 and the past 5 weeks:

First up is the Russell 2000 as mentioned.

US2000_D1

Clear trend, risk is off, get rid of the small caps - except for the reversal for the first week of this month.

So what about the bond market - you could’nt get more safe than a US Bond:

USB10YR_D1

Hmmm… the reversal in the past week is not so clear, but what has all this to do with FX, where are the pips?

The market in more recent times translates risk to USD/JPY?:

Yep - the market view is that the Japanese are by nature savers and investors - in times of risk off they sell those investments and repatriate to Yen - thus applying selling pressure to USD.

Hmmm… total baloney - XAU/USD is the no.1 risk indicator - that’s always what we have been told, and not much sign of buying in the past month:

XAU_USD_D!

Edit: the yellow line is back a couple of years.

Anyways to finish up, and it does have an impact on Eur/Gbp in the past week, here is the complete chart on Xau/Usd :

XAU_USD_D1

The answer is clear and confirmed by today’s numbers. The UK govt has yet to wake up but at least the BOE are more aware.

The latest DT now also history.

That was May 19th - the 90 level was always the target for a no change FA situation, that level finally reached this week.

On the same day that the 90 level was reached (July 9th) cable made it’s low of this year.
Hence I mentioned in that same post:

Anyways - all left side stuff, what now on the right side of the chart?

The FA is stuck in that there are only two possible outcomes for a new UK PM. Boris Johnson is the likely winner and is seen by the market as the more probable to exit the EU on WTO terms - if so then negative GBP.

Hunt is seen as more likely to listen to business and should he win then GBP positive.

So a period of consolidation on GBP until the outcome becomes clear.