Daily Wrapup - April 11th, 2008

It seemed that most market traders took the day off. Volatility was very low and that led to a large drawdown day. The GBP/USD lost it's two trades, the first a short entry as Frankfurt opened that lost it's strength after reaching just 30% of the way to profit. It then reversed direction upon the open of London and the strategy took a high probability long entry. The long move lost its steam and was stopped out as well. The strategy as a whole lost 6.1%

The Intra-day strategy had 4 entries. The USD/JPY three with one breaking even and two losing 1% each. The GBP/JPY took one entry that closed out at breakeven. The strategy finished the day down 2%.

The system as a whole lost 8.1% today. I hope that my bringing attention to the fact that we had not had a large drawdown such as this in over a month (statistically it happens 1.5/times per month) was not the reason for it :). That being said, those considering depositing money would be wise to do so immediately following a drawdown such as this (see "When should my funds go live").