Wednesday, 8 October 2008

Position update

Here are the trades I am active in:

Long USD 2m short Yen at 104.83 average.

Current rate:101.40

Underwater here as the carry trade repayment has dragged this rate lower.
Will look to add a further 1m USD long on approaches to 100.00.


Current rate 63.13

Almost getting time to re-enter carry trades again. Will use approaches to 60.00 to begin building a position.

Back to Square

Current rate 1.3600

Decided discretion was the better part of valour, so cut the position out completely last week and took the gains. Will re- assess if EUR/USD moves back above 1.4000 in coming weeks as the madness around the world calms down.

Cashed out:
Short EUR4.0m (1.4283 average) long USD at 1.3885 last Friday, for a gain of USD159,200 @0.6600 NZD241,212.12 (not counting carry interest).


Current rate 0.7090

Probably fallen far enough for the year, looking for a retracement. However AUD/USD has further to fall into next year. Use retracements higher into 0.7800 to begin building a short position.

Total gains banked this year to date:
And that's how to become a millionaire!!!

Next trades:
Looking to buy NZD1m sell JPY on a move into the 60.00 area.
Looking to buy USD1m sell JPY on a move into the 100.00 area.
Looking to sell AUD1m buy USD on moves into the 0.7800 area.

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