Turkish lira shock
Good morning, everyone.
How are you spending your weekend?
The old mobile phone has a lot of administrative work piled up, and I have been doing administrative work all along.
Anyway, the Turkey lira shock the other day was tremendous, wasn't it?
I also cut 20 Turkish lira positions yesterday.
I still hold 10 lots (laughs).
Among my good market judgments this year, one of the top three was closing out Turkish lira positions.
In the spring, during Hirose Trading's web seminar and FXTF's radio, I discussed that with the Turkish lira being negative, closing positions → going long USD/JPY or short EUR/USD as carry trades. At the end of last year I held more than 200 lots of Turkish lira, but I booked profits around year-end and began closing from March to May; I ended up holding the last 30 lots, so I am glad I reduced by more than 170 lots.
If I am to engage in medium- to long-term trading in the future, I would recommend long USD/JPY and short EUR/USD.
If I were to recommend exotic currencies (minor currencies) intentionally, perhaps the Brazilian real/yen would be it. For medium- to long-term investments, I plan to keep leverage at 1x, or at most 2–3x, and hold until around the Tokyo Olympics. (Note: depending on major world market risk-off impacts and the Abe administration's direction, I may close some positions partway through)
Please continue to have a good weekend.
＝＝＝＝＝＝＝ Galake Trader (Hayato Igarashi) ＝＝＝＝＝＝＝
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