Since bottoming in December, and doing a re-test down in February, the Russian Ruble has been on a tear to the upside.
For the last month, it proceeded to form an ascending triangle and then on Wednesday broke out from it. Thursday was a retest down to the breakout area which was immediately rejected. Friday continued that rejection and rallied all day. Given the geo-political situation, I find it hard to believe that the Ruble is going to continue to rally but the chart says rally so we have to go with it.
Buy the RUM15 (CME Futures) above Wednedsays high.
Once filled, set a protective stop to exit the full position at Thursdays' low.
Please note that the RUM15 contract is a large contract so size your position accordingly.
Nigel Bahadur's normal market observations - usually about the US Futures market. Occasionally though, he will express thoughts on individual stocks and FOREX cross rates.