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 AUD/USD ? ? ? ? ? ? 94.32 ????? 93.70 Close ?? 95.25/96.75
Long FXA???????????????????? 94.31?????? 93.80 Close??? 95.15/96.70
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Today's Working Orders...
Sell 1/2 AUD/USD @ 95.14.
Sell 1/2 FXA @ 95.10.
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Stocks...
Looks like most of the world has deemed Congress irrelevant, however the emerging markets look open for business.
RSX (Russia), VNM (Vietnam),PIN (India) all have great chart weekly patterns.
OIH & XLE are the two etf's to keep on your radar for early Monday. By holding early and starting up this week, your going to want to get on board.
Spu's...1664 will be a pivotal hold area, below for more downside into the mid 50's.
Nikkei...13,680 is a support level which should roughly line up with the Yen @ 200 day mvg avg and a possible early low in the Spu's. Do not chase price action below that area the first time down.
FXA... use 93.80 stop on close for Longs. Targets are 95.15/ 96.70.
Bonds...
FX...
EUR/JPY...131.42 is support. Weekly stops are below 131.35.
AUD/JPY...sell stops are below 91.27 . The support zone is 90.30-50.
GBP/JPY...shows a monthly and qtrly double top @ 160 as well as an ORL week. If the pattern proves out, look for downside follow through to the 154.40's to start.
USD/JPY...96.63 is the 200 day today (app 103.48 Futures)
Commodities...
OIL...102.50 is support. 103.50-60 is resistance. Look for an initial dollar either way out of this range.
General Comments orValuable Insight
The stop in the AUD/USD is wider than I usually like. The pattern shows a daily double bottom from Friday @ 93.88. I'm actually surprised? how well it's held up in the face of? weak U.S.Equity Indices overnight.
Aussie is typically a Risk On Currency. I wanted some Risk in the portfolio in case Congress could actually agree on something.
I was not al all comfortable chasing the Equity Indices Friday. Individual names will be a better trade for the next week or two.
Short Term View...
We're in a game of picking the next low for an attempt back to the highs in the U.S. Equity Indices. Right now individual stocks look to be an easier read based off their own technical s.
Go with the flow. Use the 9/30 closes as your macro pivots. Trade the opening ranges and early time frames.
For Glossary of terms and abbreviations click here.
