We took half our position off at 923 today and have shifted our stop loss to break even - 931 - on the other half. We'll see how it plays out tomorrow morning. Let me reiterate: We do not hold positions short term positions ahead of key data. Thus, we will close the other half by 1245 GMT at the latest.
Should either the ECB decision or the Non Farm Payroll data come in substantially different to forecast (ECB are forecast to keep rates at 1.00% and Non Farm is expected to come in around -360k) the brave among us may attempt to trade the news - a risky strategy, but one that can yield dividends if applied appropriately and in specific market circumstance. I for one, will probably stay away!
Looking ahead, there are several high probability FX setups in the offing that we intend to take advantage of. The middle of next week will most likely see these for fully so stay tuned!
Happy Trading!!!
Thursday 2 July 2009
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