Thursday, August 13, 2009

Thursday 13 August

Robert Prechter (Elliott Wave guy) says the dollar has hit a major bottom and:
"The Dollar Sentiment Index for the Dollar Index reports just 3% bulls among traders, an extreme level only five times in the past 20 years, usually near an important low," Prechter wrote on Aug. 5. "The last time we saw readings like this was March-July 2008, just before the dollar soared." In other words, the "short the dollar" trade is overly crowded."
http://finance.yahoo.com/tech-ticker/article/298957/Dollar

JAPAN says they will tolerate a stronger Yen ... Yeah right ...:
http://online.wsj.com/article/SB125009822585426457.html?mod=googlenews_wsj
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CRUDE stopped out of balance of one short (-0.5%)
GOLD stopped out of balance of short (-0.5%)
EURGBP short 0.8600, stop 0.8620 DIBS
CABLE stopped out of balance 1.6604 (+1.0%)
GBPJPY short 159.55, stop 160.05, news trade
CABLE short 1.6595, stop 1.6635
GBPJPY banked 50% 3xR 158.05 (+1.5%)
EURJPY short 136.70, stop 137.10
EURGBP stopped out, I remembered why I hate it (-1.0%)
CRUDE short 71.15, stop 71.55 - addition
CRUDE addition closed 70.75 (+0.1%)
CABLE closed 1.6575 (+0.5%)
EURUSD balance (last Fri) closed 1.4280 (+1.09%)
EURJPY closed 136.250 (1.12%)
GBPJPY closed 158.10 (1.45%)
CRUDE original short (last Fri) closed 70.75 (+1.6%)

I closed all my positions tonight because equities are determined to go up. The bad employment numbers and retail sales effect lasted for an hour today so there is no point in fighting it and I have to recognise my bias is wrong.
Time for a day off. No open positions.

+6.36% for today
And a best ever 21.33% this week BUT more than half of that was because of Sydney EA (10.97%) so ... Mr Big was right ... a black box trades better than I do :)

6 comments:

  1. Shouldn't that read 'one of the Elliott Wave guys'?

    Mr. Frost would be very upset.

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  2. lol elliot wave, are you going to take up tarrot reading next?

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  3. was drunk when i wrote that lol, sorry.

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  4. http://caldaroew.spaces.live.com/Blog/cns!D2CB8C5EBA2ADE86!51328.entry?sa=769579056

    Nic, do you read this?

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  5. You've been trading bloody well lately IMO so you more than deserve a day off.

    Well done Nic!!

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  6. Thanks guys... I felt a bit bad for closing positions but a few days off will be good.

    ReplyDelete