The Australian C.P.I. increased by 1.6%, exceeding the 1.2% forecast. During the Aussie's upward climb, we cleared some profits from the table. We closed 26% of our position on the AudUsd netting 100 pips in a position we held for three days. This was a low risk transaction that netted us 3% of our portfolio value. If only I could average 1% profits daily...
As to the Pound, you may recall that my plan was to "close my position on the GbpJpy for about 30 pips in 16 hours and half of my position on the GbpChf for about 80 pips in 3 hours. I'm also going to move my stop loss on the GbpChf to break even." By the time I posted that entry, the Gbp had tanked and the scenario changed drastically. I was up 30 pips on the GbpJpy when I started writing that blog entry. When I finished it and turned to my trading platform, my 30 pip profit had turned into an 83 pip loss. My GbpChf profit of 80 pips had turned into a 67 pip profit. Lesson learned? From now on I'll write about what I did and not about what I plan to do. I think there's a saying about this kind of stuff. Something about not counting your chickens before you lead a horse to water...
Yesterday's F.O.M.C. Statement and interest rate releases proved a fun and profitable event. After the announcement, we went long 3 mini lots on the EurUsd. We closed one third of that position 13.5 hours later for a profit of 156.3 pips. That's a profit of 4.73% of our total portfolio value in a bit over half a day. This makes 1% daily profit look like crap! The remaining position is up 140 pips. Although the EurUsd is trading near resistance levels, I think that it will set new highs within the next two weeks.
I'll post a an account update after the close tomorrow. We might not match last week's 11.7% gain but I am pretty sure we'll be profitable.
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