- XAU/EUR at 972 now. Recall I wanted to sell EUR/USD if we broke 977. Jumping the gun a bit here, but only in small size.
- Daily uptrend line broken in EUR/USD. Worth a shot (short). If this follows through a bit more and hold into the weekend close, then the weekly chart shall have a bearish tilt as well.
- Treat this new position as an outright standalone short. Separate from the existing EUR/JPY hedge which serves its own (different) purpose and to which there is no direct stop loss (only out if QE2 out).
- Addendum 9:58 pm : Just had a close up look at the weekly chart again. Forgot that 977 was last week's level. Downward sloping line so this week it is at 973 ie being tested now.
4 comments:
Based on DV :
1 GCZ0 = 100 oz = US$ 135,000
1 UROZ0 = EUR 125k = USD 172,500
Ratio : 1 URO to 1.28 GC
Based on IMR :
GC = 4500
URO = 4725
Ratio : apx 1.05
+Gold/-EUR @ 975
-1.4044
The short EUR/USD position locks in profits for the QE2 book overall.
+1.3800
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