Being around at European opening can be lucrative. There was a considerable amount of evidence to suggest the USDCHF was going south on Monday. I did not know at the time what the driver would be. In fact the dollar fell out of bed across the major pairs driven by sub-prime defaults. The markets are getting increasingly edgy about the US credit bubble particularly the complex credit/debt derivatives that have been used to lay off the risk.I got in at 1.2170. Shortly after the market dropped like a stone. Brilliant entry level from FX MoneyMap as usual. I halved the position at the 20. Moved the stop on the remaining half to par and got on with the rest of my day. You can imagine how pleased I was when I checked the position at midday!
Best regardsMorty
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