Closing EURGBP short

After missing the second entry order at 8690, the incentive to stay in this trade is gone. (Notice the squares up at the top right of the chart. That was the second entry.) I suspect the pair will head a bit lower, but the purpose of the trade was to take advantage of the range that I thought would develop near synthetic 1995 monthly highs. (There wasn’t a euro in 1995.) Alas, the positioning and timing are a bit off and because correct positioning is everything wth this model, I have no reason to hang on. The fundamentals still favor the idea, but I think I will wait to see whether price provides an opportunity closer to the 8700 and 9000 areas…if it gets there before the entire context of relative value for this pair changes.

I let the trade go at 8380. (10 pips!) I haven’t completed the worksheet yet but will get to it later this evening. (I am posting this entry in case I don’t get around to it.) First, I have to take the dogs and my wife for a walk. Not much to show for my trading lately, but I have a $100M budget to run and things are getting crazy at the office, so there it is. Oh, I almost forgot, we have a new member of the family.

 

Everyone, meet Hanna-Girl. Hanna-Girl is the Blue Merle looker playing coy with the camera. Idaho is the handsome young man with classic lines (and wondering why I’m disturbing him from his afternoon nap). They are on their favorite futon, already fast friends. They are both frighteningly smart — but then again they are Border Collies. If any of you have experience with this breed, you know what I mean.

BTW, I’m working on a short term trading method that should be more interesting to many of you. It’s not my invention, but as long as it’s profitable I don’t really care. Not sure how it will play out because the trading hours for this new method will make life very difficult for me. Lots of words of encouragement are highly appreciated. I’m tired and need the motivation from all of you.