Sunday, December 21, 2008

Reconnected

Hi all,

JB3 here.

This is a comment cleaner and a quick update on my active trades.

Was away for Friday's session and had no net connection, so I covered my ES and left some protective stops on my EUR/USD short. 

They didn't get hit. This has turned out to be a very successful trade for me. I closed out a moment ago 1.3925 for a ride of approx 7 US cents. 

It seems most likely that EUR/USD blew out of a triangle on friday. Unless the move extends, 1.427ish should be revisited in the next week or so. As I believe the larger trend is now back down, I'll be on the sidelines watching the character of the move and possibly looking for another short entry if one becomes available.

I still hold a bunch of shorts in XOM, C, WYNN and MA. After a brief look at the charts, it looks like XOM is starting to break down. 

I'll be looking to re-enter my ES shorts, but will be doing so as judiciously as I can because, like some other commenters, the charts indicate potential for an upside shakeout prior to the big move down. 

See you in the comments section...

JB3
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