Target .9950
Stop 1.0550
Risk has been rallying since the markets finally bottomed on 8/9. Most instruments have reached the 50% fib of the recent leg down. Market needs to go back to the lows to re-test it before rallying further, and that’s what I am expecting.
I was contemplating between shorting CL, ES or AUD.USD, and finally settled down with AUD.USD, because CL has burned me too many times recently and managing stops with it is too stressful. I am getting tired of playing CL with $3-4 dollar stops and still getting burned. I didn’t want to play ES, because it moves too slowly. AUD.USD provides a compromise between the two, it’s not as crazy as CL but it makes faster moves than ES, so I am going with AUD.USD.
I’ll readjust target if it becomes necessary, but will not move stop up. I need to start being more disciplined with my stops.
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