Euro

So took a short position, looking for 1.3740 area...

S @ 1.39803
S @ 1.39852


edit: added @ 1.39721...market trying to go against me, might close out if HH is made.

cable

got out early, but profitable

+20.3
+2.9

cable

pulled short on 30m based on 4h chart...I feel that Ichimoku needs to have a correction, and I acted on it.


s @ 1.54855
s @ 1.54743

Markets

Somehow seems that a Jokers run is turning into an actual bull run. Daily S&P was a beautiful long opportunity (I took SSO long instead as etf seemed like a better play). Oil still running up, which is good, but currencies I stand mixed on. On one hand you have the fundamental plays, which is buy Euro/cable/CAD and forget about it, and on the other you have technicals which are telling me to buy usd, which have made me unprofitable this week. Would have been quite a profitable week last week if I would have kicked the scalp mindframe. Need to work on this.

Updates

Ok so I have officially decided that my trading strategy is drilled enough into my head that I am ready to go live.

Time to set some goals.

1. Obviously as I don't have capital required to go live as of now, priority is on raising capital.
2. As goal 1 is going to take time, I need to begin to look into brokers. Most important is going to be liquidity, as some of my trades are scalps, I need to be fluid in and out of the market, so aiming at larger broker would be more to my advantage. Also, larger broker means better spreads. So far I am considering MBtrading, and Hotspot FX.
3. Begin work on Risk management strategy (really want to work on modeling volatility to do position sizing, possibly work VaR into the equation?)
4. Create trade tracking sheet.
5. Look into designations, if more capital is needed, so are licenses to take-on said capital.
6. Bananas. Just felt like typing.
7. Keep truckin' away on the business plan.

Euro, Oil and why I expect a positive NFP

OK soooooo


EU cut rates by 25 bp dismorning. Ok that didn't do much as Euro is still in a downtrend because people are awaiting the NFP tomorow. This leads me to thinking that we shall see a higher NFP number, possibly 10-20 000 if its positive, or close to 0 if its negative.

Trichet pretty much said that Euro is cutting because they dont need to fight inflation right now, they need to focus on expansion and job creation. I think this is somewhat funny as Oil broke out this week, sitting around 57 right now. Resistance levels are around 65-70, and then 90-110. I believe that it will begin a new bull run because the CAD is also gaining ground on the USD.

Tomorow could spark a nice bullrun, despite the "sell in May and walk away" attitude.

Euro epic Fail.

Ok so I have been thinking up on risk management and position building to try and get myself out of scalping. I began adding positions as I felt the price will begin dropping soon, as illistrated in the posted picture, I added 3 positions, S@1.33157, S@1.33244, S@1.33316. all closed @ 1.333x area. Angers me how I was thinking scalp mentality so I closed and did not let my instinct fulfill itself.

Business plan

starting to pick up the pace.

I have pricing for Bloomberg, and some office space. The physical startup cost is going to be the easy part. The strategy is what is holding me back. I know that I can do FX spot. I do not wish to do it though, as it is too risky. Idea behind the fund is absolute returns, which means I need to start researching low risk strategies.