- Had previously decided to pass up on the short Gold trade due to large size of the GC contract (difficult to average). But good Risk Off run these past 2 days has improved margin position considerably so am able to get involved as planned.
- Fresh trade : Sold GCQ2 @ 1559.
- Price action (candle bodies) indicates to me that the bottom is about to fall off for a go below 1400. Certainly market is extremely long so if it happens its going to be swift and bloody.
- This additional Risk Off trade removes all urgency for me to chase the short EUR/USD down. Was going to wait for Friday close to sell as near to 1.2287 as possible but that looks impossible now (at 1.2185 last) so will pass if the close tomorrow is too far away below.
- Likewise, will cut this new Gold position if EUR/USD fail to close below 1.2287 tomorrow night.
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