Wednesday - 8 June 2016

So today would be all about trying to salvage the situation in the aftermath of the disaster yesterday in the NY session where basic, fundamental rules were broken, all triggered by jumping in too early in NY am. Crude oil continued to surge higher and we saw it easily trade above $51! That would mean a higher C$ and surely we saw loonie soar all the way to 1.2654 in early NY today! Remember our initial one lot entry long at 1.2794! and then the averaging continued in ridiculous fashion in the 1.2750 to 1.2780s! It was painful and frustrating to be stuck in sick trades like this and the market would just not move in our favour! And must have seen EQ slump towards $1,100! Yes, after starting out with $6,300 on Tuesday here we were on Wednesday with $1,100 and that too AFTER seeing EQ = $7,300 or so in the first few hours since starting Ghawar 5. And there was all kinds of chaos and panic as the realization of the dire financial situation took hold. How do we raise another $13,000? Who do we approach? THIS WAS NO WAY TO TRADE! Somehow survived and reduced the notionals and took heavy losses in the process. Ended the day with $2,000 in losses and so EQ = $5K or so and after MTM it was hovering between $1,300 and $1,800 for the most part I think. Horrible situation to be in but this is what happens when you break the rules! Totally cornered and boxed in, couldn't obviously do any other trades and stuck with these sick loonie positions Let's see if we can survive and pull it off. Let's see if tomorrow crude oil retraces and loonie retraces. Until then we just simply can't do anything. And know this: if crude oil continues to surge higher and loonie too, then we are looking at account blow up scenario!