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    Tuesday, September 2, 2008

    Waiting patiently


    I'm seeing several potential trade setups, but continue to wait for the markets to tip their hand. After stopping out of Treasury bond futures (short), this signal is still considered valid. The reason I was stopped out, is that I had added this morning, increasing heavily the size of the position. At that stage, the trade has to start working quickly, or the risk/reward changes for the worse. In any case, the trader must live to trade another day, so keep losses small (and consistent). My overall portfolio risk was fixed at 1%, but we obviously get there much quicker with 3x the initial size.

    The thorn in my side is the $USD. Most of my setups are predicated on a weaker $USD in the near term. It's possible the $USD gets stronger, but let's see if we can push it lower, at which point I'll consider becoming a buyer (or short the Euro). The point is to remain flexible, so that you are level headed and adequately capitalized for the next setup. On to the next trade!

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