Thursday, July 17, 2008

Getting Longer the Swiss Franc - FXF

My apologies for not posting any charts yesterday. Once I got my charting issues resolved, one heck of a thunderstorm rolled through here early last evening, knocking out the power.


I want to focus on the Swiss Franc today. I have been watching it closely and it has been acting well of late. The time has come to get involved in this trade further. I am using today's weakness in the Swiss Franc to add to an already profitable position. This is the only way I know how to trade. Adding to winners and tossing losers overboard as quick as possible. I am getting long a 4th unit of FXF here at $98.50.


Housekeeping notes;


Late yesterday, I was stopped out of my last unit of SKF yesterday at $161.55 for a profit of $57.50 pts. This trade was originally 3 units and was hugely profitable. Some may say why did you not sell north of $200. To which I respond, you haven't traded for a living have you. I am most comfortable keeping my losers small and letting my winners run. This is accomplished most readily by placing stops on winners underneath the market, preventing a runaway freight train from steamrolling your profits.


This morning I was stopped out of the following;

Lehman ticker LEH at $18.10 for a $25.5 pt profit on 1 unit.

Daimler ticker DAI at $63.55 for a 22.5 pt profit on 1 unit.


I can't complain as both these trades in venerble names were hugely profitable. The added benefit is I have 2 less positions making demands on my attention.

Good speculating to you all and always remember that "an investor is a speculator who made a mistake and will not admit it".


Open Positions:
Long 6 units Currencyshares Japanese Yen ticker FXY @ $88.55 stop at $91.40
Long 3 units Ultrashort Dow DXD@ $50.12 stops $62.22/60.49/58.62
Long 4 units Currencyshares Swiss Franc ticker FXF @ $97.70 stop at $93.82
Long 1 units Ultrashort ReEstate ticker SRS @ $88.95 stop $96.84
Long 1 unit Ultrashort QQQ ticker QID @ $37.05 stop at $42.87
Long 1 unit Ultrashort S&P ticker SDS @ $57.20 stop $66.89
Long 2 units Hecla Mining ticker HL @ $8.50 stop at $7.74
Long 2 units Kinross Gold ticker KGC @ $18.93 stop at $21.24
Long 2 units Ultrashort 20yr Treasury ticker TBT @ $67.85 stop at $65.69
Short 2 units Brinker Int'al ticker EAT @ $20.07 stop at $19.64
Short 2 units Darden ticker DRI @ $36.35 stop at $33.16
Short 2 units Deutsche Bank ticker DB @ $117.03 stops at $93.37/88.34
Short 1 unit of Visa ticker V @ $86.25 stop at $76.32
Short 1 unit HSBC ticker HBC @ $83.23 stop at $80.53
Short 2 units of Netflix ticker NFLX @ $30.35 stop at $29.43

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