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The Pound has been very accomodating in its recent up move (rode the 200-300 pips), and I have exited my position. I thought I better not be greedy, it is close enough to 1.49 to get out and bank some profits.
I'm still below my account highs, just clawing back my recent drawdowns.
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Life is a Gamble. You win some. You lose some. And life goes on.
Let's use our head here a minute. So the US is going to pass the stimulus package in some form, and it is going to be huge. This obviously dilutes the dollar, but the market will not care about this at first. This will probably cause the dollar to spike up, and the long term will cause the dollar to fall.
Or should I follow the motto, buy do rumor, sell on news. We already know the stimulus package is coming, and it is already factored into the price.
Right now, I'm positioned for dollar weakness...which is probably not the smartest thing to do. I'll have to think about it some more. This is the big reason why I try not to think about the fundamentals because you never know where the herd is going to go.
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Life is a Gamble. You win some. You lose some. And life goes on.
Well, as for my previous notion of betting on Dollar Weakness, that hasn't gone very well for me either. I'm about -$2k in drawdown just on those directional bets alone. So for the Swissie, it will either make a new high or form a head & shoulder pattern on this next peak...I'm hoping for the latter so I can exit my positions.
/cue the Gambler music
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Life is a Gamble. You win some. You lose some. And life goes on.
I was completely plastered last night after my dollar weakness positions took a beating (more like an assault with a deadly weapon) after El Prez opened his mouth about the stimulus package. I knew I was knee deep in cow poop. I figure I was -$10K in open drawdown (Did yall see that nose dive in Euro???), so it was time to meet my friends Johnnie W and Jackie D.
I woke up this morning, and I closed the position for a $-2k hit. I licked my wounds and thanked the lucky stars. Dodged a bullet there. But that's what trading like Kenny Rogers is all about. No balls, no glory.
Damn, it's hard to be a Gambler!
And let me tell you, this snake oil stuff works like magic.
The Legend continues...
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Life is a Gamble. You win some. You lose some. And life goes on.
Last edited by Kenny Rogers; 02-10-2009 at 06:24 PM.
In heavy drawdown right now, there has been no good trends at all this year, which is terrible for me. If this continues, then my trending way will lead me down the toilet. Ironically, it is my tortoise account that is the most vulernable at the moment.
Linear Mode
