- Monthly : Big trend is down. Move from 55.05 to 88.07 was a retracement which is over.
- Weekly : Big top formed. Now consolidating in a triangle for eventual continuation down.
- Plan : 1. Try to sell near top of weekly triangle near to 78. Small window of opportunity this morning before damp squib of results of BOJ meeting were announced. Missed that. 2. Sell break of bottom of triangle around 74 (very significant line with 5 points of contact).
- Last at 76.06.
- This is a Risk Off trade ie highly correlated to almost everything else I have on board now. Nice chart pattern.
2 comments:
As usual, will do the trade by combining CME AD+JY futures.
Going by nominal contract sizes :=
1AD = AUD100,000
1JY = JPY 12.5 mio
ie ratio of 1JY to 1.6AD
But going by IMR (proxy for VAR) :=
1AD = USD 3375
1JY = USD 4050
ie ratio of 1JY to 1.2AD
I almost always use the IMR ratio.
Sold at 76.87
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