Take Profit: 126-00
Stop Loss: 128-120
Reason: NFP on Jul 5th beats expectation and lower 50 bps rate cut expectation in Jul. Also rate bias is currently biased by large compared to 60 MA. Both Weekly and daily MACD now support rate to rebound, upside risk is now greater than downside. Might be a chance to short TY. But since the overall economic outlook is still bad, trade would only take short term. May take profit near 60 MA. Stop Loss to be 128-120.
Stop Loss: 128-120
Reason: NFP on Jul 5th beats expectation and lower 50 bps rate cut expectation in Jul. Also rate bias is currently biased by large compared to 60 MA. Both Weekly and daily MACD now support rate to rebound, upside risk is now greater than downside. Might be a chance to short TY. But since the overall economic outlook is still bad, trade would only take short term. May take profit near 60 MA. Stop Loss to be 128-120.