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.
So far the Aussie has rallied within 22 ticks of our exit.
Cancel Replace Order...
Cancel....SELL AUD/USD @ 93.90 OCO 96.70 GTC "Good Till Canceled"
Replace with....
Sell the AUD/USD @ 96.70 or MOC. "Market On Close"
We use the 4 P.M. NYSE close for our markings.
Either way we're closing out this position today.
We either get filled at our price or take the money on the close.
For Glossary of terms and abbreviations click here.