Copper : Fresh Short HGK2 @ 375.7

• Mar Copper (lead contract) below 375 (significant previous top on weekly and daily) = bearish sign.
• Monthly : Possible gravestone doji (but still long way to month end).
• Weekly : On the way to forming an evening star this week = uptrend reversal confirmation.
• Have gone with momentum and initiated short May Copper at 375.70. This is my most preferred Risk Off proxy.
• Instead of bumping up IMR usage with cross market hedges, I have tonight tidied up my core book by :=
• 1. Traded out of long CHF (hedge against long USD+long Risk Off) for a small loss only, greatly reducing IMR and at same time, increasing exposure to Risk Off.
• 2. Taken profit on 50% of short GBP/USD at 1.5673 earlier; now replaced some of that with this short Copper trade. [Just re-sold at 1.5750. So treat profit take as a day trade].