9/06/2007

Cheney's Got Class (phew!), GBPJPY @ 231.90

From Melduke: Dick Cheney has ordered top Neo-Con media outlets, including Fox News and the Wall Street Journal, to unleash a PR blitz to sell a war with Iran from today, according to Barnett Rubin, the highly respected Afghanistan expert at New York University. The New Yorker magazine reports that Rubin had a conversation with a member of a top neoconservative institution in Washington, who told him that "instructions" had been passed on from the Office of the Vice-President to roll out a campaign for war with Iran in the week after Labor Day.

Feel like buying more Eurodollars...

Have placed order to sell the break of 231.90 in GBPJPY.

2 comments:

65Trader said...

Just wondering, are the GBPJPY shorts purely technical, based on the retracements, support, and resistance?

Or do you have a fundamental reason why you are biased toward the short side?

Thanks!

bewford said...

no fundamental reason as such other than my view that I see more risk reduction soon and thus further JPY buying.

When I trade breakouts like this one I rely on a statistical model that looks at volatility structures for GBPJPY within certain timeframes. If it determines that a "big" move is near I then examine where CTAs and institutional players have placed their stops (on their longs). Looking at 2-hour chart for GBPJPY, 231.90 is prime level...