While the Diary of a Mad Hedge Fund Trader focuses on investment over a one week to six-month time frame, Mad Day Trader, provided by Jim Parker, will exploit money-making opportunities over a brief ten minute to three day window. It is ideally suited for day traders, but can also be used by long-term investors to improve market timing for entry and exit points.
There is currently a weekly ORH in the Dollar Index working.
Matching ORL's In the Euro,GBPUSD,EUR/JPY,EUR/AUD,EUR/CHF and GBP/JPY.
Out of the entire group GBP/JPY is my least favorite for follow through given it's proximity to cloud support.
USD/JPY...remains the whipping boy on the crosses.
Currently the qtrly cloud shows the dollar uptrend is still intact.
I'm taking the semi-annual signal (selling Yen below 82.30 close in the Futures or over 121.25 USD/JPY).
Patience will be required as EUR/JPY could hit 122 before the Yen moves again.
The Yen could sit until June when you typically see a summer currency move before Europe hits the beach.
I'll take the signal when it comes.
For Medium Term Outlook click here.
For Glossary of terms and abbreviations click here.