Two solid weeks in a row - I'm feeling good about things, back in control, following trends like I should be.
A review of my trades from the week that was:
- Closed out my Coffee long position - I closed this out on Thursday just north of the 143 mark, because - well - coffee just didn't feel right. I bought in anticipating a possible breakout - didn't get it - and figured best to close out my position. Much to my immediate chagrin, coffee rallied up above 146 soon after I closed the position. But was down 4.10 yesterday. Coffee is so volatile it's unbelievable. This is truly a "close your eyes and buy" bull market, and I just don't have the stomach or capital for this right now.
- Also closed out my Silver long position - Really, I had to come to grips with the fact that I didn't time the bottom properly, that I was dumb for trying, and that I should wait for an uptrend before having a long position in Silver.
- Went long the Japanese Yen -As we discussed earlier in the week, the Yen has held up remarkably well in the face of this dollar rally. We finally got the breakout to the upside I was looking for on Thursday.
Other existing positions I've got:
- Short the British Pound - This trade continues to look good - the British Pound has been down basically every single day against the dollar for at least the last month. I'm happy that I closed my eyes and added another short contract last week.
My wish list (waiting for an uptrend):
- Swiss Franc
|Date||Position||Qty||Month/Yr||Contract||Entry Price||Last Price||Profit/Loss|
|08/29/08||Short||1||SEP 08||British Pound||1.8190||1.7654||$3,350.00|
|08/12/08||Short||1||SEP 08||British Pound||1.9042||1.7654||$8,675.00|
|09/04/08||Long||1||DEC 08||Japanese Yen||0.9340||0.9339||($12.50)|
|Net Profit/Loss On Open Positions:||$12,012.50|
|Current Cash Balance||$50,069.73|
|Open Trade Equity||$12,012.50|
|Long Option Value||$0.00|
|Short Option Value||$0.00|
|Net Liquidating Value||$62,082.23|
Cashed out: $18,000.00
Total value: $80,082.23
Weekly return: 7.4%
YTD return: 5.0%
***"Cash out" mostly means taxes, but lately I've also been using it to pay down my credit cards a bit. Why credit card debt? I'm financing a startup and trying to outpace my CC interest rate in the futures markets - kids, don't try this at home.