Reversing: Short USDJPY
Posted by The Lonely Trader on October 28, 2008
I’ve reversed my long USDJPY trade to short, just under 9900. I will build this short up to 10500 or so, but will reassess as conditions change. Just invert that fictitious chart I posted earlier and you get the idea. Made a pretty good sum on the long trade, but orders in the 9000, 8500 and 8000 area weren’t tripped so not nearly as much as planned. I took a similar, but smaller, position with the test account as well — and made about 38%! Wish I had made that in the larger account! But that would have been something like suicide. Also closed a EURUSD long trade in the test accoun tfrom 12600. Made 70 bps or so, but closed the trade by mistake. Ugh.
More to come.
[Edit: Made 18% on the test account, not 38%! Helluva typo, no?]
Banker said
Great Job L.T. !
Banker
alan said
Nice one mate, looks like I was looking the wrong way, fortunately I know enough to not follow my ideas when things dont look right so stayed out of the market.
Gotta say that I reckon the move by Porsche is pure genious.
By the way VW is the biggest selling car brand in China..
Cheers
A
The Lonely Trader said
Banker, thanks man. Let see if the reversal plays out! That would be good. I think some specs are sniffing around for a carry opportunity, but only nibbling at this point. I think the larger specs will pile on at lower levels in the yen crosses…if it goes there. Then I’ll look at reversing again and try to ride that wave.
Alan, seems the German government doesn’t appreciate Porsche’s creativity…I think they’re launching an investigation. Had no idea VW was the biggest in China…but it stands to reason. The car of the people, what?