Two Out Of Three Ain't Bad.....

Or in the case of the number of my multiday (MD) systems which are currently 'in the money', five out of seven. So far so good.....

First off the starting blocks yesterday was GOLD MD which bought at 1171.81. We didn't have to wait too long for PT 1 and PT 2 at 1185.13 and 1198.98 respectively, where partial profits were taken and the stop loss moved to near the entry price. As this is a multiday system positions are usually held for several days, and so the hope and the expectation is for a push towards PT 3 which currently resides at 1215.69 by the end of the week. My MD systems have so called time exits built in to prevent too much open equity being given back to the market so this will become a feature towards the end of the week.

Next out of the hat was GBP/JPY MD which entered a short position at 168.987 in a move which was to act as a precursor to the breakdown in USD/JPY and a period of under-performance for Pound Sterling. As with GOLD it didn't take too long before PT 1 was hit (at 166.668) with the resulting sideways activity seen on the pair over much of today serving to 'unwind' a temporary oversold condition.

Next to EUR/USD MD which I must say was a bit of a surprise at the time as the Euro extended its post-US Non-Farm Payroll inspired decline to a new low. As often happens on a Monday, EUR/USD likes to follow through in the direction of Friday's movement in a kind of 'spill-over' effect and this is exactly the kind of set-up this system or should I say, component of the system, thrives upon.

Going long at the price of 1.11481, the system quickly turned profitable as PT 1 at 1.11891 was attained. After a period of chop lasting several hours the Euro rallied to PT 2 at 1.12746 were more partial profits were realised. At the time of writing EUR/USD is trading around PT 2 and with a little luck, thinking very hard about heading up towards PT 3 at 1.13594.

The other two MD systems which are currently holding positions are NZD/USD (long) and USD/TRY (short). Early days yet but time will tell whether they see the dizzy heights of the Fab Three.......