I’ve decided to cut back on my USDCNH position
I’ve been toying with what to do with my shorts all week. I haven’t had a last minute drop to offload in so I see no reason to risk what I have got, chasing a 50/50 jackpot win. However, I’d be gutted to come this far and not leave at least one chip on the table, only to miss out on something good, so I’m going to cut everything but a token short from 6.97, just to have an interest in the game.
I’m thinking along the sames line’s as K-man earlier regarding possible Chinese forces watching the market this weekend. We could well have the PBOC standing ready to quell any volatility. On bad news, there could be a brick wall at 7.00, or they could manage the slide and hit it later. Either way, if I get stopped on the small portion I’m leaving on, it’s not going to make a real dent in the profits already captured, and that’s what matters. We overuse the term, “don’t be a hero” but it’s an important one nonetheless.
We’ll know all the news in advance anyway so we shpould be able to plan accordingly.