Daily Wrapup - April 3rd, 2008

A choppy day for our Intraday pairs combined with some bad luck on our GBP/USD led to a poor performance day.

The GBP/USD signaled a long entry but ran out of steam before the open of the London session. The entry was stopped out for a 2% loss. When then received a high probability short entry signal. Our order was placed and as the price began to fall, there was insufficient market liquidity to fill our entire order. Only 15% of our entire order was filled and so what should have been a 4% gain was just a 1/2% gain when the move took profit moments later. In all, the GBP/USD strategy finished the day down 1.5%.

Our Intraday pairs entered Europe in strong bullish moves. Our strategy signaled a long entry almost immediately and the pairs continued their bullish trend through the first hour of Europe until Tokyo closed. Upon the close of Tokyo and the open of London the trend reversed and both our positions were closed out with .60%(GBP/JPY) and 1%(USD/JPY) losses. The pairs then went into a sideways channel indecisive as to which direction to go. We received a short GBP/JPY entry signal and moments later a long USD/JPY entry signal. The USD/JPY was stopped out shortly after with another 1% loss. The second GBP/JPY position hung in longer longer than the second USD/JPY but eventually was closed out for a .15% loss.

The system as a whole lost about 4.5% on the day.