Tuesday 24 August 2010

Another day etc

I seem to mess up every open recently. I waited for the netting to finish and lifted the price the schatz opened at, which still had about 35 left on the offer, I got 5 of them. It went bid and looked like it was going to push through. It didn't go and I decided to hedge myself after not taking a scratch but ended up scratching the trade. I made just 20 euros doing a few trades, nothing was going great. The TED has been trickling down for a week now and a new low came along, I had been watching the price action and felt like it was a good buy so I bought 3 clips, one was 1/2 a tick off the low but I made 200 euros from it which was cool. I was trying to buy the euribor outright but after it dithered I didn't have the patience to wait. My execution on the fly is just sooo much better now, with the fly if your going long you have to buy 4 schatz, sell 3 bobl and buy 1 bund. Therefore it's a lot harder to get the overall spread price that you want. Today I sold 66s, which was the price offered but it went bid and I decided to sell 69s, I bought it all back at 66s and sold 68s and then bought that back at 64s, happy days! Whilst doing that I was also buying the TED lol.. so there was a lot to concentrate on. I traded 550+ lots today (costing about £180...), the most I have ever done in a day. I covered my costs with about £90 profit, but it wasn't an easy day and during it I missed some prices and scratched a great price in a fast moving market, but oh well, live and learn :D

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