Profit: -$1.17 Total: $1,102.33
What a crazy crazy crazy day. Everything was peaceful in the market until Yellen gave her speech at Jackson Hole. In essence, she basically said that a case for a rate hike has strengthened in the recent months. Sounds bullish for the dollar right? Well, judging by the insane price action in the dollar, many people had different interpretations. Dollar had a nice initial spike, followed by a huge dump because a September rate hike was still not mentioned specifically. However, the dollar soon recovered and destroyed any currency that went against it. Looks like Yellen does want to rate hike at least once this year.
I played it safe today because the dip after the initial spike in dollar killed my confidence. After reading Yellen’s speech I was definitely bullish dollar but had a hard to holding onto trades while the dollar was dipping. Could’ve been nice to ride the dollar up but I’m glad I didn’t panic and settle for the loss at the dip.