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The Bank of China decision to devalue the Yuan for a second time caused major shocks in financial markets. Traders were quick to sell anything that has exposure to China, fearing that the devaluation is because authorities know the real situation better. European indexes are down sharply as are US indexes.
The Dow Index just made a death cross on the daily chart, indicating that the trend has shifted to the short side. This hasn't happened in the last few years.
I tried to play this story by shorting the Euro. I think the srrenght of the single currency is overdone and mostly due to the sell-off in European stocks. Once that ends, we'll see the Euro bounce back. I also closed my USD/RUB long to free up margin, total gain around 2,000. With the current limitation of 10:1 leverage max, this pair is not suitable for trading in the contest where we have to push risk little higher to gain a spot in the top 30 positions that pay out prizes.
The Dow Index just made a death cross on the daily chart, indicating that the trend has shifted to the short side. This hasn't happened in the last few years.
I tried to play this story by shorting the Euro. I think the srrenght of the single currency is overdone and mostly due to the sell-off in European stocks. Once that ends, we'll see the Euro bounce back. I also closed my USD/RUB long to free up margin, total gain around 2,000. With the current limitation of 10:1 leverage max, this pair is not suitable for trading in the contest where we have to push risk little higher to gain a spot in the top 30 positions that pay out prizes.
