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Monday, December 3, 2007

Long FXP

I purchased FXP on Friday as a swing trade after the 3-4 day bounce from the retest of the August lows. I woke up late and missed a buying opportunity near the open so I bought it at $69.69 intraday on a rising price channel. I think a gap up above today's highs of $73.44 on Tuesday would trigger more buyers and I plan to scale out at $75.25, $80, and let the rest run if momentum continues. I've noticed the FXP doesn't trade in a direct inverse to the FXI because of the thin trading so there has been quite a degree of variance. My stop is at $71.75 which it may not hold given the lack of sellers in the market today. Perhaps the volume will pick up tomorrow. There is also the chance we just consolidate for the next few days in a rectangular channel as the market is really in a neutral zone. Overall, I'm bullish but I'll let price and the technicals base my decisions.
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