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Thu, Oct 11 2007, 18:55 GMT
by Mihai Nichisoiu
I disclosed here on Tuesday that I intended to hold two short USD/CAD positions taken on September 26th, at market at 1.0048 and 1.0046.
Then, in my yesterday's letter to clients, I wrote:
'I am keeping my short USD/CAD positions as they were disclosed in my yesterday's letter. I continue to perceive a mounting bearish pressure which in my opinion is going to make the US Dollar overshoot lower against the Canadian Dollar.'
In today's European session I decided it was a good time to short the USD/CAD again - which I did, at market at 0.9790.
Yesterday, in the early European transacting time, I opened a medium size, long spot Gold position, at market at 741.30 - as well as placed an order to buy on stop marginally above the latest 27-year high level established only a few days ago for yet another medium size position. That buy stop order got triggered in the European time today, at 748.60.
My bet basically has been that the gold market was going to break higher out of a multi-day price congestion. That happens to be consistent with my still ongoing bearish view of the US Dollar.
I am keeping both current spot Gold positions as pure momentum play. That means hitting fast, yet virtually getting out even faster.
Published on Thu, Oct 11 2007, 19:02 GMT
Archive
- September 15, 2008
Published On Mon, Sep 15 2008, 14:16 GMT - September 11, 2008
Published On Thu, Sep 11 2008, 09:18 GMT - September 8, 2008
Published On Mon, Sep 8 2008, 14:59 GMT - September 2, 2008
Published On Tue, Sep 2 2008, 11:46 GMT - August 28, 2008
Published On Thu, Aug 28 2008, 21:39 GMT
Mihai Nichisoiu
| Bucharest, Romania
http://www.mihainichisoiu.com | mihainichisoiu@gmail.com
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