1-28-2008 Holding Tight
I’ve closed out half of all my Short-term counter-trend trades a profit and am trailing the stop on the rest to see if there is enough energy left in them to make it to T2. If the European markets are any indicator, then it’s not looking like they’re going to make it, but it was worth a shot. EUR/GBP is sitting pips away from its target but other than that, I’m not really seeing too much out there that has me jumping from a sector/international/or market perspective.
All of the international indices are pretty much tracking in a similar fashion, with their direction likely to continue to go down, but with no clear entry or exit points defined yet. The one market I am keeping a very close eye on is the US Dollar. With the fed likely to continue to slash interest rates, the dollar will have to fall. The two most promising candidates that I’m watching are USD/CAD & GBP/USD. I’ll be looking for an opportunity to short the first and go long the second, whichever looks to have more potential. Right now I’m just going to continue to watch carefully and not push anything that I don’t feel comfortable with.
with a Reader
