Currency Speculations
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June 16, 2008
Mon, Jun 16 2008, 22:20 GMT
by Mihai Nichisoiu
I noted here Tuesday May 27: 'The way buyers seem to be slowly taking over in the Japanese yen crosses is also catching my attention. Except for having already taken a long position in the AUD/JPY a couple of hours ago, however, I am not yet ready to commit further funds in order to finance a longer-term position'.
That confidence thing changed only 72 hours later, though. On Friday May 30, minutes before the weekend, I shorted the Japanese yen via some of its most popular crosses - buying the EUR/JPY at around 164.20, the GBP/JPY at around 209.20, and the NZD/JPY at around 82.70.
Last Wednesday (June 11) I felt compelled to double my short yen exposure - and did it solely via the GBP/JPY, buying the cross at around 210.50. Finally, I redoubled the entire exposure today in the early European time - and did it again solely by going long the British pound against the Japanese yen, at around 211.90.
Holding these positions so far turned out to be quite a bumpy road, but I'm not yet looking for the exit door.
Published on Mon, Jun 16 2008, 22:38 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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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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