I was looking at the chart of USD/CHF and trying to create a position that would protect my only open position of a logn GBP/USD. "Long" means that I have bought the GBP (British Pound) and am selling the USD. It is very counterintuitive to be selling the USD in one pair and buying the USD in another pair, but that is currently what I did today. I am long the USD/CHF as of today at $1.2293. Here is my reasoning: 1. Institutions piled into the USD/CHF in a big way during the past week. The net long position doubled when it came to buying the USD as well as USD calls in options! 2. DMI was below 20 and it had a large move denoting the beginning of a trend to the upside. 3. THe MACD crossed above the zero line.
Good luck trading.
JD
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment