- Short since 12Jul10, average in rate 0.8363. Since then, we have been trading mostly 0.82/0.84 with a few unsuccessful attempts to trade below 0.82 briefly.
- Attached both are monthly charts - 1 line chart going all the way back to 1992 and other is usual candle showing recent time frame.
- Line chart : 0.8385 is very important chart point (dating back to Jul95) which was broken in Jun10, after which we whipped around as above.
- Recent monthly closes : Jun10 = 0.8184; Jul10 = 0.8312; Aug10 ? (<0.8184 or not ?)
- A close tomorrow (Aug10 month end) below 0.8184 would be signal for me to increase my short in a BIG way. [Now at 0.8177]
- The triangle objective remains at 0.7542 (horizontal pink line). From the line chart, a move of such seemingly large magnitude, is really nothing at all in the grand scheme of things.
- [This remains the best way to gain short EUR exposure, I think].
1 comment:
Currently trading at 0.8268. Absolutely no chance of a close below 0.8184 for Aug10 now.
Good example of the importance of waiting for signal confirmation before executing trade. If I had not waited, I would be stuck with a position too large to handle feeling really uncomfortable too.
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