Opening order rationale: After Treasuries fell one day after the buyback plan was salvaged by Bessent and Treasuries rebounded to a new high within a day, it suggests the market is questioning whether to buy Treasuries. Funds are flowing into the gold and Bitcoin pool. Also, the buyback plan will only be implemented on September 9. The view is that the Bitcoin rally has likely run its expectations too far and that the funds are taking profits. Before tomorrow’s PCE data comes out, funds will likely exit first and stay on the sidelines to observe. ZEC889-796 has a long/short divergence. The closer it gets to 889, the probability that a short position will break below 796 is higher. Hpye83-76 also has long/short divergence; the reason for opening shorts is the same as above. If you’re wrong, stop-loss—never hold through to a new high. Take-profit is currently not clearly visible. Tomorrow, a PCE figure below expectations is the most favorable for Treasuries. Expectation is that PCE will come in below forecasts, which would be slightly bullish for Treasuries. If the outcome is above expectations, continue holding the position; if below expectations, expect a downward-leaning consolidation. Rationale: the speech by Waller on Friday. Funds are in a wait-and-see mode. It’s believed that Waller’s remarks are slightly hawkish and emphasize inflation, but a more dovish interpretation is the most favorable for Treasuries. If PCE is bullish and Waller’s remarks turn dovish, this trade should be protected to breakeven and stop-loss. Note: The entry timing needs to be optimized; you shouldn’t go all-in right away. Build the position in batches. Risk is not left with much room for making mistakes—if there’s a false breakout above 1000+ USD, everyone would be wiped out!