20 October 2009

Open Trades : Update

  • Nightmare 2 days at end of last week on the sharp cable rally from 1.57 to 1.64. What was I thinking, running a 6% EAR position. As always, markets will find a way to hurt you in the most painful way when you are at your most confident and let your guard down.
  • Have had to invoke Rule 11 : Reduce Risk on P&L Spike involving both good and bad positions. Nikkei and USD/CAD squared. Cable, ED spreads and Gold reduced.
  • Chart shows 5 remaining positions (with S&P thrown in - strong uptrend). All pretty much self explanatory.
  • Gold and Crude Oil nice and firm (my anti-USD trade).
  • ED spread still forming Right Shoulder of SHS Top.
  • US10YY sideways. Large positive carry in a range trading market. Makes sense?
  • GBP/USD : NL penetrated but clinging on stubbornly to possibility of SHS top still, but in much reduced size.
  • Not going to be a good year : adopted (wrong) mental stance of equity bull skeptic, out of which all my trading frustrations are borne. I need to read less and believe in my own charts more.

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