Locked in more still

Trade is up by a stunning 800 pips! That's one hell of a move, even in the Formerly Great British Pound. 550 are locked in.

Current closed equity: $28.95
Current position: Short 750 GBP/USD at 1.8566
Current exposure: +550 pips locked in, +$41.25 or +142.49%

Locked in more...

Locked in 350. Wow, what a wild day yesterday was! I can't wait to see what happens next...

Current closed equity: $28.95 (carry dragging on me a bit)
Current position: Short 750 GBP/USD at 1.8566
Current exposure: +350 pips locked in, +$26.25 or +90.67%

Whoa!

Now that's a nice move! The rate dropped by more than 300 pips in 4 hours. Definitely locking in a nice chunk. Trade is up by 570 pips... I'll certainly be keeping 300.

Current closed equity: $29.40
Current position: Short 750 GBP/USD at 1.8566
Current exposure: +300 pips locked in, +$22.50 or +76.53%

50 more locked in

Trade is currently up by 300 pips. Still giving it plenty of room...

Current closed equity: $29.40
Current position: Short 750 GBP/USD at 1.8566
Current exposure: +100 pips locked in, +$7.50 or +25.51%

Well, what do you know?

The trade is still open, and I haven't moved the stop. It's been up very nicely, and it has come within 50 pips of stopping out. We'll see what happens.

Regarding the images... The markets are considering one of these two clowns to be a superior credit risk. Credit default swaps on the topmost clown are trading at 30 basis points. The clown below rates 29 bps. This is as it should be... the guy on the bottom does something useful for the human race-- namely keeping this trader happily stuffed with double cheeseburger deliciousness for the paltry sum of 1 Federal Reserve Note each! The lying, larcenous murderer on the top, however, has done nothing but threaten my life at every turn, insist he's doing me a favor, and force me to pay for the privilege. Thanks to Lila Rajiva for bringing this development to my attention.

Current closed equity: $29.40 (Losing a bit on carry.)
Current position: Short 750 GBP/USD at 1.8566
Current exposure: +50 pips locked in, +$3.75 or +12.76%

Locked in 50

Trade up by a nice 170+ pips! I'm giving it plenty of room... but I'm definitely keeping 50 pips for my trouble.

Current closed equity: $29.54
Current position: Short 750 GBP/USD at 1.8566
Current exposure: +50 pips locked in, +$3.75 or +12.69%

Stop moved

Stop to breakeven. Trade was up by 50 pips, and things are pretty wild again, but if this retraces it's just not the move I was looking for.

Current closed equity: $29.54
Current position: Short 750 GBP/USD at 1.8566
Current exposure: 0

And there's the break

We're in!


Current closed equity: $29.54
Current position: Short 750 GBP/USD at 1.8566
Current exposure: $3.75 or 12.69%

A better spot...

... from which to fade this rally has appeared.

Pending order: Short 750 GBP/USD at 1.8566
Initial stop: 1.8616
Initial exposure: 50 pips, $3.75 or 12.69%



Current closed equity: $29.54
Current position: flat
Current exposure: 0

Next setup...

Pending order: Short 750 GBP/USD at 1.8457
Initial stop: 1.8507
Initial exposure: 50 pips, $3.75 or 12.69%



Current closed equity: $29.54
Current position: flat
Current exposure: 0

And again...

Add another one to the pile of false breakouts. Well, now I have a new low to short... and at least it wasn't too far from the prior one.

Previous equity: $33.97
Pip change: -50
Change: -$4.52
% Change: -13.31%

Current closed equity: $29.45
Current position: flat
Current exposure: 0

Trade triggered

Wasn't expecting it so soon, but we're in...

Current closed equity: $33.97
Current position: Short 900 GBP/USD at 1.8469
Current exposure: $4.50 or 13.25%

New setup

GBP/USD has been trading in a rather tight range the past couple of days... especially considering the action of recent weeks. If the bottom of the range is broken, I want to be short.

Pending order: Short 900 GBP/USD at 1.8469
Initial stop: 1.8519
Initial exposure: 50 pips, $4.50 or 13.25%



Current closed equity: $33.97
Current position: flat
Current exposure: 0

No dice.

Blah... this trade blew chunks from the very start. Can't say I'm real surprised. This pair has resolutely refused to hold a breakout all day. Such action is to be expected, since most breakouts are false. I'm probably done for the day, but I'll be watching to see if anything interesting develops.

Previous equity: $39.54
Pip change: -42
Change: -$5.57
% Change: -14.09%

Current closed equity: $33.97
Current position: flat
Current exposure: 0

Trade triggered

Low of the day broken. Not winning any prizes so far, but we'll see...

Current closed equity: $39.54
Current position: Short 1325 EUR/USD from 1.4633
Current exposure: $5.57 or 14.09%

Ugh

Remember when a 50 pip move on the Euro meant something? Wild volatility continues unabated.
Will go long again above 1.4701 with 1325 units, 42 pip stop. Also, should the rate fall to 1.4633, I'll short it - also risking 42 pips.

Previous equity: $41.49
Pip change: -14
Change: -$1.95
% Change: -4.7%

Current closed equity: $39.54
Current position: flat
Current exposure: 0

Stop moved

Stop moved to 1.4672... that's about 1/3 of the original amount at risk. I didn't move to breakeven, because this idea won't be proven wrong until the low of this hour is taken out. Furthermore, if it is taken out, that will be a pretty good signal to go short. So far, this trade has been up by about 60 pips.

Current closed equity: $41.49
Current position: Long 1400 EUR/USD from 1.4686
Current exposure: $1.96 or 4.72%

Trade triggered

Here we go... moving the right way so far... subject to change at any moment.



Current closed equity: $41.49
Current position: Long 1400 EUR/USD from 1.4686
Current exposure: $5.88 or 14.17%

DIBS setup on EUR

An inside bar setup has formed on EUR/USD.

Pending order: Long 1400 EUR/USD from 1.4686
Initial stop: 1.4644
Initial exposure: 42 pips, $5.88 or 14.17%

Current closed equity: $41.49
Current position: flat
Current exposure: 0

Stopped out.

Not surprisingly, this trade pretty much sucked from the get-go. These markets are in just terrible condition. Spreads are abnormally high, and there are very strange gaps in liquidity. It is very unusual to see 7-8 pip gaps between ticks except during news releases. I suppose with every two-bit hack politician flapping their gums about how they are going to screw up the markets even worse, I can understand the lack of participation.

Current closed equity: $41.49
Current position: flat
Current exposure: 0