Exactly, EU at a big lot size and its a buy... moreover its NFP today.
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Originally posted by SteadyCapture View Post(with some partial hedges) on the open GBP/JPY trade
-SC
If so, why not just open opposing positions in the same pair?
Happy for anybody answer this as I can imagine SC is pretty busy managing his trades.
Thanks.
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Yes, GBP/USD and USD/JPY are a paired synthetic hedge. I have done this for years for the benefit of followers whose accounts don't allow hedging.
Yes NFP was a volatility event but I didn't view it as risky as it appeared. This week was another situation where it took a back seat to what happened in China and with overall risk sentiment. Fed fund futures for March had dropped double digits over the first 4 days of this week (which is very significant). Even if NFP was a big miss or beat this time it had already become background to the main theme of the week. At other times though it can be the main thing to watch. The fact that the number did beat today was a nice chance to fade the initial reaction.
Have a great weekend all
SC
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Yes, I intend on rolling out of that position in pieces to limit the effects of potential volatility.
The market's going to give plenty of opportunities and trades coming up, but for now I see no problem with GBP/JPY funding it's own exits, nor do I foresee a problem with winding down the DD profitably.
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