- Monthly : Mid-range. No trade. (0.8895 now).
- Weekly + Daily : Broken out of consolidation zone on upside. Appears headed for 90-handle.
- Core Book risk (long USD) has been skewed heavily towards short EUR for the past weeks.
- Started shifting away from short EUR (buying dips) towards short GBP (selling rallies). Task is 70% complete after last night's volatility which offered much opportunity for bobbing and weaving.
- Balance of desired short GBP/USD just executed this morning @ 1.5271.
- Next - buying EUR/USD on next dip to complete the other leg. Temporarily running a bigger overall risk to accommodate the legging.
- Still want to be short both; just a shift in weighting given EUR/GBP outlook. EUR, whilst good, does feel a little crowded.
5 comments:
hi not sure if you saw this :
http://online.wsj.com/article/SB10001424052748703795004575087741848074392.html?mod=WSJ_hpp_LEFTWhatsNewsCollection
Thanks. Sure looks like the EUR ride is gonna get rough from here.
thanks tai for the response. 130 levels is what even UBS is predicting in the short term.
sorry i meant 130 levels for eurusd
When the world and his dog are in agreement, its probably time to scale back, no matter how much the underlying fundamentals support the trade.
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