Coming close to take profit time for me
It’s been some ride, you have read all the updates, positions, levels, would it be from Ryan or my side over the past month.
Well for my last bit it’s going to be decided soon. Been basically short for a month now, raw open position I’m short around 20.66, add to that a month of funding, which adds roughly 850p on top. There hasn’t been much noise since our Labrador’s election, which as expected has been taken positively by the market. But we have to remain on our toes as no real discussions have taken place yet between Mexico and the US. So …
I have placed a bid for the short at 19.10. The 100DMA has held today but I would suspect some may want to see a 19 print before reassessing. The next fib support comes in at 19.0950, the 200DMA at 19.04 and the bottom of the daily cloud at 18.99-00 hence I’m just above these latter supports.
Since I’m in take profit mode, I tightened up the topside too with a trailing stop just above the previously broken fib at 19.45 as I don’t want to get some negative news and find it back at 20 without having take a nice pile of profit.