Sold short GBP/JPY call, strike 243.65, expiry June 11th, 2007 for 23 pips.
Monday, June 4th: GBP/JPY looks toppy. While the ECB is expected to raise rates, the BoE is expected to hold steady. I considered NZD/JPY and AUD/JPY for possible short calls, but the premium was more attractive with the GBP. With the Chinese markets down significantly over the past few trading sessions, it'll be interesting to see how/when the carry trade will react.
update: Today makes exactly one month since I've embarked on this strategy. My account is up 13.8%. Total accumulated pips is 64. Pip & percentage stats will be updated monthly. Although GBP/JPY went past the strike (bad), the option had expired worthless at 10am, about an hour prior to the price spike. Close call (no pun intended).
Monday, June 4th: GBP/JPY looks toppy. While the ECB is expected to raise rates, the BoE is expected to hold steady. I considered NZD/JPY and AUD/JPY for possible short calls, but the premium was more attractive with the GBP. With the Chinese markets down significantly over the past few trading sessions, it'll be interesting to see how/when the carry trade will react.
update: Today makes exactly one month since I've embarked on this strategy. My account is up 13.8%. Total accumulated pips is 64. Pip & percentage stats will be updated monthly. Although GBP/JPY went past the strike (bad), the option had expired worthless at 10am, about an hour prior to the price spike. Close call (no pun intended).