I am looking to place bids to get long tonight between 168.30 and 168.05, with stops around 167.85. In this current summer environment, I am trading a half to one-third of my normal trade size for the managed accounts. Though the markets are moving, I still believe both the volume and convictions of the big guns are less than what they normally are, which results in lethargic intra-day price action. So of my half-sized position tonight, I am dividing that into thirds to be a scale-down buyer into the 168.30-05 zone mentioned above.

What I am trying to do is stretch out the size of my entry zones on smaller position size looking to capture longer-term moves over a longer time frame. The intra-day price dynamics we had in the spring are just not part of the current market environment, so we need to adjust. I will do my best to post the full explanation of Friday afternoon's 169.89 target tomorrow. I am currently working through some technology issues to do so.



Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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