Late last night, I took down some of my EUR/USD longs. The security continues to march upwards and it is supported by the supposed bottoming of some longer term cycles, in addition to the bottoming of the nominal 10 day cycle yesterday afternoon.
However, I trimmed down my position, because I'd like to hold onto the gains for this week.
In addition to the smaller EUR/USD position, I'm holding a loser in the USD/JPY and a marginal loser in the YG (july gold contract).
The USD/JPY is a smallish position so although it's moved pretty decisively against me, I haven't been in as big a rush as I should be to take it off.
The YG (gold position) is two buys, actually. The first one was a terrible fill...I couldn't buy the June as May was ending and went to the next higher contract in the overnight hours...I ended up (stupidly) hitting the ask -- almost more as an oversight and stupidity than anything else, on what was a MASSIVE spread. Later, I picked up another contract at a more reasonable price, but it's looking doubtful if that position will give me a profit before I close it out. It was mildly positive yesterday, but in the early morning US time trading hours, gold took a massive hit and had rebounded slightly by the time I logged in and looked it over.
The current cycle analysis is calling the drop gold overnight as a daily, but we also have a 20 day nominal low trying to be set against that price point now (coming in a good 4 days early). So, if that low is not in Friday could bring some more fireworks to the downside.
All in all, i need the weekend to update my analysis and try to get familiar with the nested HIGHs analysis some of the cycle guys are suggesting is more appropriate for gold.
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