Thursday, August 27, 2009

Wow!!! The importance of stops!!!

Massive reversal happening now just confirms the importance of using stops. Completely unpredictable move that happened over the past few minutes took my stops out. Risk trades came back with vengeance - equities, oil, gold, high yielders all up. USDCHF broke down 140 points in matter of few minutes. Retrace is likely but considering the severity of the move additional USD weakness is likely. Changing strategy to sell USD on strength.

Good trades

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