- Risk reduction mode here on core short USD positions. As planned, just squared off half of long EUR/USD (at 1.4263) as we approach key 1.4281 resistance level before ECB meeting tomorrow evening.
- Chart looking bullish but am just being prudent here and invoking rule #11 (reduce risk on P&L spike - this time in the good direction) and rule #12 (substance over style - take the money and run when monetary objectives are met, to heck with elegance and discipline in following system). More important to make sure stomach is well fed and bills paid for another year first.
- Still long but light. Can now buy if either ECB disappoints tomorrow, or we break 1.4300 on closing basis anytime.
- Also, it is in my plan to reduce core short USD to leave a big stub of short EDZ1 hedge exposed naked. Think EDZ1 has a double top on weekly and SHS top on daily. Realistic 1st objective 9930 downside. (Subsequent trade below 9920 is possible).
- With core Risk On reduced to comfortable levels, am now looking for pullback in USD/JPY to discard hedge.
1 comment:
Stopped-in long some 1.4301. Consider it a day trade gone wrong.
Post a Comment