- Worried by possible US10YY triangle pointing to higher yields. Squared naked long TYH1 hedge (against Risk On core book) - GOOD. Would not have done it any differently.
- Did not want to run too large naked Risk On exposure. Happened to come across respected investment newsletter recommending selling EUR/USD. Hedge switch idea planted in brain. Added to tiny existing short post-ECB/Trichet inflation comments, way too early. Nothing in my system saying to increase short. In fact, re-entry back above 1.2964 should have been a cut loss signal - BAD.
- Unwittingly got caught in cross fire of large XAU/EUR unwinding as a result, compounding my misery.
- Other Risk On eased off as well, although nothing sinister about these moves yesterday.
- Back to down on the year. Wild swings. BAD. Loss manageable. The way I lost it is what is pissing myself off. Complete amateur.
- Short EUR/USD built up too large too quickly. VERY BAD. Not even my own idea.
- Just when you think you got it all sussed out .. shit happens.
14 January 2011
Bad Day at the Office 13Jan11
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