FT has been trading full time from home for two years, with nothing but four kids and a beach to distract him .
He fills his spare time with weight training and rugby, though more coaching than playing these days.
FT mostly trades the forex markets and although he plays FTSE on occasions his bread and butter market is £$.
He likes to think that his technique is evolving but still hasn’t the temperament or money to back the big calls. He prefers to trade between 1 and 3 times a day, aiming to take regular small gains, but feels part of the evolution is in not dealing if the conditions don’t feel right.
Another Bubbly Oil Day
Another day, another record high in oil. The latest of many scare stories is worrying about Chavez being named a terrorist and the US saying “No thanks” to Venezuelan oil (yeah right). Meanwhile, equities are getting a few reminders that perhaps all the bad news hasn’t gone yet.
Oil is certainly looking pretty bubbly at the moment. As if the rise over the past twelve months wasn’t enough, the black stuff has put on a further 13% in May, and it’s only the 9th today! What’s more, this latest rise can’t be blamed on the Dollar, which has shaken the shackles and had its own little rally (we’ve just put out a piece on this today called Another Failed Relationship ).
I made a few bob selling EURUSD this afternoon, but it was a scrappy trade in an indifferent market. The Euro had strengthened against the Dollar this morning but ground to a halt just shy of the $1.55 level. The smart move would have been to sell it then, but I was in the final throes of knocking out the article mentioned above. I left my trading till after the US trade figures. These were much better than expected and I reckoned that would give an extra boost to the Dollar.
I placed a sell bet at $1.5453, but after taking some profits at $1.5443 and ‘33 my remaining bet was stopped out at breakeven. Total profit to take into the weekend was £70.
For a while today the FTSE was starting to look interesting as it digested some of the bad news around. House repossession orders in England & Wales hit the highest levels since the early nineties. There seem to be a lot of headlines about firms laying off workers, and these are real workers, not investment bankers. American Insurance Group reported a $7.8 billion loss last night and said that the downside in the credit crunch wasn’t over yet.
FTSE fell ahead of the US open, but bounced off the trend support and is back above the 6200 level. I came mighty close to selling a scrap, but luckily the ghost of weekends past warned me that it was plain stupid to open a position this close to the weekend.
Still, this is the first day for a while that’s showing a lower high and lower low, which is worthy of an amber alert.
Right now my biggest decision is how to play the weekend. Do I bet on Gloucester, to ease the pain if they beat Bath, or do I place my faith in the Bath boys to do the business?
Have a good weekend
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