Wednesday, August 27, 2008

the Nippy looks ready

funny that from spring to July it didn't matter how bad the news was for the Dollar, it just wouldn't move lower. now it seems it doesn't matter how good the news is, the Dollar doesn't much want to move higher.

went short USD/JPY yet again this afternoon/evening. average price 109.5, with a stop loss of 110.1. I'm not letting go of this position until it's down 3 or 4 points from here. (or until I get stopped out.)

I have a very strong sense that a breakdown from the support formed the last three weeks will soon be upon us. enough distribution.

or I could be completely wrong, so make sure you read the disclaimer at the bottom of the page.

Update 8/29 11:45 am: wow, good thing I was long the yen and not any of the other currencies against the dollar. it's been all about the yen lately, yet all the talk is about the dollar. I regret not being long the yen against the other currencies too. but so it goes.

anyway, I just closed out almost half of my USD/JPY short at 108.66. I'll probably let the rest ride like I said I would above, but even though the trade has gone my way some we are still within the confines of the August trading range and the rate's decline this week has been lacking in the volatility I look for when I bet on the yen. wo ist die kopflosigkeit?