- Recall yesterday's post : Due to changing nature of XAU vs EUR correlation, being +XAU/-EUR = a doubling up of exposure to EU Debt crisis trade; instead of the cross dampening P&L volatility, it is increased.
- So, for the 1st time this year, went completely square short EUR last night, not because I think the EUR sell-off is over, but for prudent risk management.
- Large short EUR position earlier stopped me from putting on an outright short EUR/GBP. No more such constraint now.
- Legged into short EUR/GBP at 87.16 (which looked really good last night when market was trading at 86.80; not so clever now). Last 82.27, cushion completely eroded.
- Stop loss on weekly close above 87.47 = triangle line.
- Triangle downside objective is 0.7452 !
29 April 2010
EUR/GBP : Fresh Short Legged in @ 87.16
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Legged into this at 0.8716 :=
Day traded into long GBP/USD average 1.5146
Sold EUR/USD @ 1.3201
[In hindsight, should have just taken profit on the long GBP above 1.52 and put on the EUR/GBP directly now]
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