- Closed right at Jun's low of 1.2287. NFP at +80k weaker than expected but not sufficiently weak to nail Fed QE3.
- Trading pattern of previous months - weak NFP + Risk Off then followed by rest of month of Risk On. Hence I am wary of getting too carried away.
- Put on only additional 10% of risk post NFP. Do not want to be caught again like last month. [last night sold EUR/USD @ 1.2294 and GBP/USD @ 1.5490 in token amounts only just to satisfy myself that I had acted upon my trade signals].
- However, charts suggest it could well be that this time is different.
- Monthly : hitting lows of 2 years, Close below 1.2230 points to test of 1.188.
- Weekly : massive SHS top with NL at 1.2620. If we can close next weekend below 1.2287, then it is worth considering additional pyramiding. Otherwise, stick with existing risk level to stay the bear course.
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