After the phone call.

Abel stood up silently, and he walked to his office, next to the wine cabinet.

The wine cabinet and the wine in the wine cabinet were prepared by Merio.

There were about a dozen bottles of red wine and five or six bottles of foreign wine in it, and Abel randomly picked a bottle that matched his eyes.

When I took it out, I found that it was a bottle of Margaux White Pavilion.

Opening the wine, he poured himself a glass of Margaux Blanc.

Château Margaux is a Premier Cru of 1855, with white wines dating back to the end of the 17th century.

& Century The wine was sold as "Margaux Sauvignon Blanc" until the 20s of the 20th century, when it was renamed "Margaux Blanc Pavilion".

Abel didn't like to drink, and he took a sip of the thousand-dollar Grand Margaux Pavilion and put it next to him.

Then he went to the trading hall on the third floor, and his appearance made the traders who had been here for almost a week cheer.

David Mellon rushed over, and Abel noticed that the whites of his eyes were bloodshot and his pupils were slightly dilated.

David's expression was excited, and he said excitedly and loudly, "Look at the chart, look at the latest chart!"

Abel smiled, and under the gaze of hundreds of people, he came to the market wall composed of screens.

Abel saw the GBP/USD chart, which is a super long white candlestick on the daily chart.

It's still on the upswing.

And there is still a small tail dragged underneath.

Apparently today, the GBP/USD bulls have taken a huge amount of medicine.

Abel knew this, so naturally he would not be as excited as David.

He spoke calmly:

"David, tell me about the situation between yesterday and today, when the pound is worth the currency."

David straightened up and said with an excited face, "Boss, this is the day when the pound is skyrocketing!"

"Boss, yesterday in the European market, the dollar index fluctuated downward, and now the dollar index is around 80.55."

"And investors' eyes during the session are undoubtedly focused on the Bank of England's quarterly inflation report."

"In the end, the Bank of England did not revise the threshold for raising interest rates in the unemployment rate, as some market participants expected, but instead raised the country's economic forecast in the report."

"Affected by this risk event, the pound surged against the dollar by hundreds of points in the short term, updating a two-week high of 1.4647!"

"Subsequently, the Bank of England also raised its forecast for UK GDP growth in 2000 from 2.8% to 3.4%."

"The UK GDP growth forecast for 2001 has been raised from 2.3% to 2.7%, and GDP growth is expected to be 0.9% in the fourth quarter of 2000."

Abel nodded in satisfaction.

This is the Bank of England, bragging about its own currency speed!

It was also during this period that the-stirring stick did still have a certain economic strength.

As one of the global financial centers, this kind of financial virtual power is still relatively advantageous in this regard.

Looking at more than 20 years later, Sister Lychee's divine operation.

A false shake immediately made the pound less valuable than the dollar.

Let the pound be one of the fastest-depreciating international currencies in the year of the year.

This is not that time, the-stirring stick at this time, although the national strength has fallen.

However, the financial strength and influence are still relatively stable.

Today opened less than two hours into trading.

GBP/USD surged more than 50 pips in the short term, updating a two-week high of 1.4647.

British bond futures extended their losses by more than 20 points, with the spread between the 10-year UK bond and comparable German bond yields widening by 2 basis points to 110.2 basis points, the highest since February 28 this year, and short-term sterling rate futures extended losses.

But these.

It's all the analysis of David and the Wall Street elite.

On Abel, he didn't have to bother so much at all.

He directly ordered, "Today you should keep an eye on the chart of the British pound against the currency."

"Just today, ready to close the position at any time."

GBP/USD is too strong and has skyrocketed for several days in a row.

The market is generally bullish, and the bulls continue to enter the market.

But Talent tells Abel that it's time to get ready to leave.

If he doesn't leave the field, there will be pits waiting for him to jump.

Now that he is leaving, he has run away before the pit in front of him has begun to dig.

The pit in front of you can only be reached by those who can't see clearly.

After the order was given, Abel asked again, "How much has the pound been profited against the currency now?"

"Yes!"

David was emotional, and he also knew that Able liked to hear the final result.

David said directly: "There is currently a total floating surplus of $6.856 billion!"

This $10 billion account capital, after many days of hard work, has now made a profit of nearly 70%!

The bigger the capital, the more difficult it is to double, and every time it can float more than 30%, it is a very good record, I didn't expect them to be able to float to this extent!

Soros sniped at the pound in 1991 and was busy planning for more than a month.

Before and after running, he was willing to be a pawn on Wall Street.

In the end, Wall Street got the lion's share, and Soros's sword that was put in front of him made $2 billion.

And that's not even his personal income, which is only $650 million.

That's how profitable it is.

It was blown to the sky by Wall Street that year, and it also topped the Wall Street income ranking list of Financial World magazine.

What now?

David now thinks that even if he starts to close the position at this time, he will withdraw part of the profits.

Smith Capital also made a profit of more than $5 billion in this transaction.

Isn't that more than Soros?

Although it has been almost ten years, after many years of inflation.

The purchasing power of five billion dollars is a little worse than it was then.

But these investments are all from Smith Capital!

Even if some of it is privately held, a large part of the profits in it are from Smith Capital!

In the end, Smith Capital's earnings amounted to more than $4 billion anyway.

&0 years of $4 billion, how can it be worth more than 1991 $650 million!

David thinks that there is only Abel who should blow on Wall Street!

At noon, the pound pair jumped up again.

In the eyes of normal investors, most of them will be excited and stick to it.

But on the side of Smith Capital, for many days, Abel officially issued an order to close the position.

Even if he hesitated, David Mellon did not hesitate to carry it out.

Nowadays, the pound is rising sharply, but it is becoming more and more unsettling, because things must be reversed!

After a while, David yelled with the microphone and asked the many traders in the trading room to start operating.

With such a large amount of funds and the liquidation of so many accounts, it is impossible to get it done in a day or two.

The time to close a position is normally several days.

If the market is unstable or bad, it may last for half a month or even longer.

Many large investors in the foreign exchange market often have a profit drawdown when closing their positions.

It was supposed to earn 100 yuan, but in the end, it often happens that there are only fifty or sixty dollars left.

Because in the time of closing the position, sometimes the profit draws back faster than it rises.

So in forex trading.

Most of them are not good to choose to close the position when the profit is at its peak.

Because after the apex, there is a retracement and a decline.

Those who choose to close their positions at the apex tend to make the least profit in the end.

want

It is the market situation that is drastic, and it may even directly turn into a floating loss.

This is also a common occurrence.

In the afternoon, the latest economic data from the United States came out.

U.S. Import Price Index (Oct):

Previous value 2,

Expected 2.1,

Published value - 0.1

As soon as this data came out.

Immediately began to bearish the dollar, and in turn, the GBP/USD, which was already boiling oil, became even stronger.

GBP/USD has risen uncontrollably again.

Abel immediately said to David, "Let the traders, the account operated by each person increase the number of lots to be closed."

Now that the market is better, there will be more heads entering the market.

There are also quite a few short stop-loss closings, and there is a lot of buying in the market.

It is just right to hedge with the order of Smith Capital to close the position, and avoid the occurrence of profit drawdown as much as possible.

This black swan event also made Smith Capital, which originally took at least a week or so to completely leave the market.

In terms of the speed of exit, it has been accelerated several times.

The result of the frantic liquidation was to a certain extent, suppressing the rise of the British pound against the currency.

But it's not going to be that simple.

"Talent" made Abel leave the field at this time.

This means that it is the right thing to do.

Half an hour later, another new US economic data came out.

U.S. Industrial Production in October Mom:

Previous value 2.

Predicted value 2.

Published value - 0.3.

Like the previous US import price index m/m, this data is once again bearish for the dollar.

Because Smith & Co. closed its position with some capital, the slightly suppressed British pound currency exchange was once again helped.

In addition, at this moment, there are also many bears in the market who have stopped their losses.

GBP/USD was pushed further up, rising from the 14700 to 14740 levels, a total of 40 points in half an hour.

The traders of Smith Capital naturally closed their positions frantically again.

Such a good opportunity to leave the field at a high level can only be encountered once or twice at most.

I don't know what's going on today, but I've been here twice.

For Smith Capital's capital departure, it is an acceleration, another acceleration, which is about to become a super acceleration.

As a result, the GBP/USD rally was quickly suppressed by Smith Capital's frantic increase in the number of lots to close positions.

GBP/USD began to oscillate at high speed in the range of 20 pips at 60.

After half an hour, the GBP/USD pair fell all the way down to the level of 14705.

David was a little nervous at this time.

He found Abel: "Boss, shouldn't we reduce the number of lots to close some of our positions?"

Smith Capital's unbridled closing of positions led to the fact that the selling orders in the market began to completely outstrip the buying orders in the market.

Let GBP/USD turn around and go all the way down.

In this case.

Smith Capital closes its long position, which is equivalent to shorting the market.

The number of lots of long positions closed is the number of more selling orders in the market.

The person who takes the order, when he sees this situation, will also muttered in his heart, beware of the beginning of the fall, and begin to reduce the number of closed lots.

At this moment, David's heart became more and more nervous.

I am afraid that if Smith Capital continues to unwind its positions, GBP/USD may collapse.

After all, it is easy to get in with a large amount of money, but it is not easy to close a position out.

Now they're just losing 1 million hands, and they're three-quarters of the way on the field.

And that's already a crazy pace.

Under normal circumstances, so much money has to leave the market, if you want to keep profits

It should take at least two days.

So far, it's only been about two hours!

After Abel heard David's words, he pondered for a while and said, "Slow down, but continue to close the position."

"Waiting for the next U.S. economic data."

"If the data is bad, we will continue to increase the size to close the position, and if the data is very good, we will still increase the position to close the position."

"Don't worry about GBP/USD falling sharply."

Talent told him that this was not happening.

Soon the preliminary U.S. consumer sentiment index for the University of Michigan for November came out.

Previous value 822

Forecast value 832

Published value 802.

This data is very poor, again bearish for the US dollar and bullish for GBP/USD.

GBP/USD has risen sharply again at the level of 14705.

And this time, its upward momentum looks a little unstoppable.

In an hour, it went from 14705 to 14790, and it looks like it is about to break through the high of 14800.

At this time, in Manhattan, at the headquarters of Merrill Lynch at Three International Financial Center.

Stanley O'Neal, one of the presidents who has overridden most of the power of CEO David Komansky, is talking to Charlie Schaff, the company's chief financial officer.

The conversation took place in the trading hall of Merrill Lynch's International Foreign Exchange Investment Department.

Through the glass wall of his office, Stanley O'Neill looked at the nervous traders outside.

While looking back at the latest real-time currency exchange of the British pound that has been specially marked.

"It's been half an hour? Haven't found out yet? Charlie?" Stanley O'Neill suddenly looked behind him, Charlie Scharf, who was operating the computer to communicate with the company.

The CFO of Merrill Lynch wiped the sweat on his face and hurriedly said loudly:

"Find out! It has basically been determined that the smasher in the market should be Smith Capital!!"

"They were long before, and now they're closing their positions. The position was closed very strongly, and it became a short position in a certain sense."

Stanley O'Neill, who is already the most powerful black man on Wall Street, frowned and said:

"Sure enough, are they? With so many closing orders, this guy's investment in the foreign exchange market this time seems to have a lot of money."

"It must be big." Charlie Schaff said, "That's a billion dollars just through our Merrill Lynch dollars!"

Stanley O'Neill couldn't help but shake his head, "Then it's really not a good idea for him to choose to close the position at this time."

The black president said this because of being one of the Wall Street giants.

Merrill Lynch and other giants have already gotten inside information early.

That is, the economic data on the relevant aspects of the United States that will be released in the next two or three days.

All bearish for the dollar.

This, in turn, will favor the slightly stronger world-class currencies.

The main ones are the British pound, the euro and the Japanese yen.

In the event of these data, all of these currencies will rise.

Smith Capital chooses to close the position at this time, and will lose this part of the rising profits.

Stanley O'Neill spoke again: "Charlie, tell me about the three-day forecast of the company's analysts for GBP/USD."

Charlie Schaff glanced down at the computer screen and immediately replied:

"The data is around 14830! It's pretty much the same as the current real-time data, but there are multiple upswings and retracements along the way. Of course, it's all predictions."

"Of course I know it's all predictions." Stanley O'Neill nodded a little arrogantly.

"Charlie, I think we should go up next. There is clearly room for the pound to rise. You know, at the beginning of this year, it once exceeded 16,500."

Charlie

Scharaff was a little hesitant, because the CFO of Merrill Lynch Securities had great respect for Smith Capital in his heart.

Smith Capital is now closing positions

However, he is only a CFO and has little power in this area.

Stanley O'Neal is the company's most powerful president at the moment.

Trusted by the board of directors, even David Komansky, the official CEO, is about to be overthrown by him.

And what can Charlie Schaff say?

He had no choice but to say, "I trust your judgment, Mr. O'Neill."

Stanley O'Neill nodded, picked up the phone on the table next to him, and dialed an internal com.

"I'm Stanley O'Neill. At the moment, we are bearish on the US dollar, and I think we should buy long the British pound and short the US dollar!"

"Again, we will increase the amount of money to $1 billion. Use the funds in the accounts of the 136th high-value fund and the Merrill Lynch money market fund."

"Leverage? We don't take risks. No leverage."

After giving this order, Stanley O'Neill began to pay attention to the market again.

He found that it was just a matter of time.

Just the pound against the dollar, the data has risen from 14810 to 14830, and it is rapidly oscillating between 50.

The black president nodded with satisfaction, he felt that this time should be able to make Merrill Lynch at least a few hundred million dollars.

That's a rare big market.

Merrill Lynch missed the international crude oil and pound market at the beginning of the year.

In this time the pound and the dollar market, you can't miss it again.

Charlie Schaff disagrees, but he feels okay.

After all, something really happened, and it had little to do with him, the chief financial officer.

Stanley O'Neal has a hard waist, and if something really happens, he can hold it up completely.

And there are no small number of Wall Street giants who make judgments like Stanley O'Neal.

Like Merrill Lynch, they can get inside information that small and medium-sized investors can't get.

The data that is bearish for the dollar, a lot of the time, is something that they provide.

They can even adjust the timing of the release of these economic data.

In fact, everyone started to act again two days ago.

Otherwise, the market of the British pound will not be pushed to such a high level.

It's not just Merrill Lynch that's in action.

Goldman Sachs, Mellon, Wells Fargo, Citigroup. Everybody's on the move.

They played more than Smith Capital was going to spend.

It's late afternoon.

Abel as he leaves the Smith Building.

GBP/USD is holding firm around 14840.

Smith Capital's 4 million lots are also at an insanely unprecedented speed.

2,000,000 lots were closed.

Half of the profits.