NL penetrated in huge short squeeze yesterday.- Position reduced from 6% EAR to 2% EAR.
- Sigh .. what is obvious is obviously wrong.
16 October 2009
GBP/USD : Worst Fears ...
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NL penetrated in huge short squeeze yesterday.
4 comments:
Hi TS,
Interesting charts on cable. I think I was in the same trade, at about the same levels as you. You're so right, on 12 Oct the charts made it look so bearish that the turnaround on 13/14 caught me by complete surprise. Btw, given a strategy of long term charts & no hard stops, how do you deal with this kind of volatility (~ 400 pips yesterday). Cable is notoriously volatile, mostly driven by speculators.
What do you make of today's price action? If today closes below 1.6335 it will be a daily reversal candle. Lets wait and see.
TS, the last post was me, Pandu.
If my daily portfolio P&L is plus/minus 10k a day .. and suddenly I find myself down 30k one day .. that means something has gone very wrong and I would invoke Rule 11 = Reduce Risk on P&L Spikes.
TS,
Really tough. As you had cautioned earlier, the trade that seems to have everything going for it, is the trade to watch out for.
Just caught up with weekend reading and read on macroman's blog that the IMM is at its largest ever short GBP/JPY levels.
Dicy.
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