AUTOREFRESH 
Cititechs cut long EUR/GBP position
By Sean Lee || October 26, 2010 at 21:29 GMT
|| 8 comments || Add comment
As I wrote yesterday, I thought this was a bad trade anyway, jumping in with the herd simply because it was headed in one direction. Putting on a medium-term trade with aggressive profit-limits and then cutting it less than 24 hours later because the market went against you in the short-term is certainly not a good look.
They have also cut their existing long EUR/CHF and EUR/USD positions.
Hahaha sounds like one of my trades…
I’d like to see their track record on their trades. I’m half inclined to think they place these trade calls so they can have someone to trade against. (they publish that their going long, but secretly go short). I mean, they can’t go short if no one is going long. But then again, I’m pretty cynical lol.
The market is consolidating…you can get 2 long-term trades in 1 day now, 250 pips down, then 250 pips back up
Maybe they are using this technique… http://binx101.files.wordpress.com/2008/09/ouija_board.jpg
Alex, I know the guys over at Citibank, in fact I’ll be calling in to see them when I’m in NY next week. They are honestly trying their best and are not trying to influence anyone to trade with them or against them- they call the market as they see it. They are also brave enough to put targets and stops on their calls. That said, they have been having a pretty lean run over the last 12 months and yesterdays EUR/GBP call wasn’t their brightest moment but I certainly can relate to making some bad calls.
When dealing with Goldman Sachs etc I think being cynical is the only way to be but these guys are okay.
Sorry, Sean. Didn’t mean to insult friends of the family..
They try their best Don. They get a lot of criticism much of which is probably fair enough but they certainly aren’t trying to encourage traders to take opposite positions (unlike some others who I wouldn’t dare mention, but Gerry probably would!!)
lol. Well, I don’t trust any Wall St firm at this point, especially when a certain firm claims to do “god’s work”. Who knows how many other Wall St firms have that mentality?