Gonna Be A Rough Week
Like every Monday morning I just checked the events calendar for this week and boy – it is packed to the gills with central banking goodness. Which most likely is going to add additional volatility to an already volatile market phase. On the plus side – horraay – summer is finally over. Yes, I hate summer and all the profuse sweating that comes with it, especially here in the capital of humidity: Valencia.
And of course the tape usually sucks during summer which makes trading and especially blogging about trading a rough endeavor. Fortunately we’ve got at least six months of cold weather ahead of us, which means instead of frolicking around in the sun and getting yourselves into trouble you’ll be stuck at home or at the office bored out of your mind reloading my blog every five minutes. So everyone wins! 😉
Okay, so here’s the event roster for this week. I suggest you tread carefully all the way through Thursday.
Crude is on fire and I’ve advanced my trail to 1R. MFE here is already at 2R, but I’ll wait a little to tighten my stop further as I’m a big proponent of letting my winners run.
The Ozzie Dollar is softening a bit and I’m keeping my trail in place at about -0.5R. Time for this one to get a move on or it’s heading back into the trading range.
EUR/USD also dropping but I have little doubt that it’ll hold that rising 100-hour SMA. For now my trail here remains at break/even.
Despite all the impending drama I am taking out a long position on the E-Mini due to the beautiful stab lower last Friday. Thus far we see soft bullish mojo but of course this position is a bit speculative. So only a 0.3% position size for me on this one.
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