Risk Off : Taken Profits

• Risk Off positions have been rewarding recently. Have now recovered just over half of the big losses incurred in Jan-Apr12. 
• Excellent result for 2 weeks' work, so closed out most of the profitable positions these past 2 days. Learnt my lesson, not going to hope to do it all in one go and end up losing all instead.
• Left with only a short Gold position (+ long USD/JPY hedge just got filled at 79.73). Remaining risk level (on gold only, not taking into account the JPY hedge) now at about 30% of recent Risk Off peak.
• Away 18-27May12, so even more reason to clean up the book.
• Plenty of opportunity to claw back the other half of my losses and turn in a profit later in the year. Slowly slowly.