01 September 2010

AUD/JPY : Initiated Short @ 76.87

  • Market in Risk On mode on stronger than expected ISM.
  • Took the opportunity to square off short USD/CAD hedge and initiated Risk Off trade proxy in AUD/JPY.
  • Too impatient to wait for top of triangle at around 78.
  • This replaces a part of the short S&Ps and long TYs that I squared off on Monday morning.
  • Brief recap : Reason for trade = Weekly triangle = continuation of down move.

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