- Risk Off positions all performing, moving nicely deeper into the money today after last Friday's EU fiscal union intentions (good news exhausted, now only bad news to come).
- Short EUR/USD, short Copper and short Corn all, to some extent, are the same as being long USD. Think all these have a lot more potential so not willing to reduce risk to lock in profits. In fact, have sell stops to increase directional long USD bets in place.
- To reduce P&L volatility somewhat, have just gone short USD/CHF as a hedge. Fully aware that this has potential to blow up in my face if indeed the SNB does raise its EUR/CHF floor from 1.20 to 1.25 later this week as many are expecting. (Last around 1.2350).
- Current levels on daily and weekly charts now at good technical resistance. Will be quick to abort this hedge on early signs it is not working. This is NOT a structural trade.
1 comment:
Cut loss 0.9358
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