05 January 2013

EUR/USD : Hard Work

  • Mixed success thus far with this inverse SHS call on 14Dec12. Still, P&L investing in this since then is positive which is a good sign.
  • Latest attempt : +1.3023, +1.3011 (low risk buying near NL) and +1.3050 (hammer candlestick= daily key reversal).
  • Up ahead : First, need to reclaim 1.3171; after that, strong band of resistance all the way to 1.3250. Cannot get excited about the SHS until we can take out 1.3307. Lots of hard work required still.
  • Just like bringing up kids. Some are just born with natural good judgment (eg USD/JPY); others need lots of nurturing. This is the latter. But all worth the effort.
  • Aside : Squared up the short Copper which was a low conviction effort from the get go in any case. Reasons : 1. Still within triangle = range. 2. -Copper = reverse of this +EUR trade (both anti-USD) so pointless blowing up my balance sheet. 3. Moderately strong Risk On feeling here. Will re-set short higher up if I get the chance.

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