Trading Good-Way
From a trading perspective I like multi day high quality meetings. They usually throw up some good opportunities and are a welcome addition to the month.
Goodwood
As you may know, these higher quality meetings produce extra volume and that can change the characteristics significantly. But don’t let Goodwood fool you into thinking it’s the same as a Royal Ascot or Cheltenham, it behaves very differently. Goodwood benefits from decent volume but it’s not as much as some major meetings. Therefore it can be a little tricky at times to get exactly right.
Goodwood is much better than the normal day to day fodder you are used to, though; but not quite on the same scale as other major meetings. Last year, at post time, it turned over around 40% on average of a typical Ascot race. So by all means, welcome a decent festival in the summer, but just have realistic expectations. You would guess it will turnover £30-40m over the week.
Average volume per race at Goodwood has generally been around £1m historically. It dipped a bit last year and the biggest race did £2m and the smallest just £240k. That about sums up Glorious Goodwood.
I’ve sometimes had mixed results at Goodwood, so Tuesday is my day for ‘feeling’ the market and testing its boundaries. Day one has a pretty mixed up card, a bit of everything in there. So it should be an interesting base to work form on day one. There will be a variety of markets in the mix so half decent stakes and care will be my hallmarks for the day. I’ll update you on my progress Via social media.
Biggest markets I have ever seen at Goodwood were when Frankel was there. In 2011 when he went off at 1.67 the race turned-over £4m. A year later he was just 1.07 to win and the market topped £4.6m. We are unlikely to see that this year. But that’s a good thing, we don’t particularly want such short prices in the market.
Overall, I’m pretty confident Goodwood will produce the goods this week. You just need to adapt to the differing markets.
Galway
Don’t forget you also have Galway this week as well, so there is plenty to keep us occupied. Galway has traditionally turned over about £20m during its festival.
The Galway festival runs for the entire week and is basically a giant p*ss up. There is some racing that goes on as well I believe.
Irish racing tends to be a little quieter on the turnover front and a good festival turnovers what you would expect for a normal race in the UK. The interesting thing, as I have pointed out on the blog, is that Betdaq performs well on Irish racing and will perform well at Galway.
The biggest race last year at Galway produced £730k, the smallest a paltry £103k!
A combination of both meetings should produce some quality opportunities. If you are off on your hols soon, This week presents a decent range of opportunities to get stuck into before you head off!
Category: Trading strategies
