- Monthly : Big triangle consolidation of long term downtrend (the latter very much alive). Expect new leg of triangle to take us down to bottom edge around the mid-1.40s. And then we see if the bottom gives way.
- Weekly : Double top with NL at 1.5294. Am early with this one, not waiting for the DT to break NL. Reason : -GBP/+USD forms a good hedge for the rest of the +QE2/-USD positions, with its superior negative technicals. [Coincidentally, the DT downside objective is around 1.46].
- Daily : Waiting for break of 1.5652 to add on short position. Now at 1.5780.
- Going forward, will split hedges between EUR and GBP.
- Addendum 10:37 pm : Limit order (to lock in QE2 profits) to sell @ 1.5951 filled. QE2 VaR now = 2.2x Hedge VaR (reduced from 3x).
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