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.
Current Positions
Long GBP/USD? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? 166.75???????? 166.60 Stop Close
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Today's Working Orders
SELL 1/2 Long GBP/USD @ 167.45 GTC
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Stocks...
DAX...9390 is today's resistance.
Spu...1952 is support.
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Bonds...
30 Yr. Bonds...140.14-17 is Monthly Fib resistance and the closing upside pivot.
FX...
Euro...Price action and a close under 133.30 is needed to see another 100 point sell off...Price action above 134.25 is needed to run out weak shorts.
GBP/USD...166.64 is the 200 DMA support and a good place to look for a bounce with the RSI's getting oversold.
Commodities...
Brent...101.95 is support and the downside closing pivot. Given the oversold nature of the market traders should be looking for a relief rally of this level.
Buy before you sell at this level with a tight stop.
General Comments orValuable Insight
Going into next week I have no interest in selling the Bonds at weeks end with the technical models up.
Short term traders can look for a small reaction trade at the 140.15 level.
A little patience is going to be required with Central bankers meeting in Jackson Hole.
Low rates are once again fueling a feeding frenzy for risk assets world wide.
Opportunity will once again be in individual names. The Equity Indices will be a low volatility grind.
For Medium Term Outlook click here.
?For Glossary of terms and abbreviations click here.
