Well, after nearly a year away from dealing because of a horrendous loss trying to be too clever on a bond deal.
Basically I tried to set a buy above and sell below based on when the Fed decided to either continue or stop their QE policy. What actually happened was that the market oscillated wildly first rising to my buy before dropping to the stop loss at the same time activating the sell position before rising to it's stop loss end result was an 800 GBP loss.
On my other account I could have made about 100 on a USDJPY short but I failed to cash in and the position reversed.
So slowly getting back to trading. Have noticed that most of the GBPUSD action seems to occur at about 7-9am then again at approx 3pm. It would be best to deal here I think. Have made 3 small but positive deals
However made a poor deal today going long on EURUSD 0.5GBP. Unfamilarity with the movements of this pair was my downfall? I thought I could see a double bottom and thought the bad news had been priced in. P/L -47 (could have been worse but I shut it down) Also a credit agency downgrade on Portugal smashed the euro
Correctly surmised that there would be panic sell on Wall Street about 45mins to half and hour before the end so went short 1 GBP a point. Did this twice for a profit of 23GBP but if I had just stayed in I could have tripled this. Oh well, live and learn
Have my eye on Next as a short
Tuesday, 27 April 2010
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