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.
USD/JPY...107.15 (app 93.35 Futures) is Yen resistance and the closing upside pivot.
This is the spot to sell the Yen with a very tight stop of app 25-30 pips.
You should see price rejection here the first time up. How much will depend on where the Spu's are, if it's tomorrow on a mid-week Full Moon shuffle, with the Equity Indices holding a good level it could be pretty good.
Equity Indices not holding will have this level act as a big macro pivot for more Yen strength.
In short, this is where you want to pay attention to the game.
Equity Markets will either go Risk On or Risk Off matching up with this Yen level.
EURO......W/Euro order update!
BUY 1 Euro @ 126.90 Stop OCO 122.40 GTCI
I'm still partial to short Euro but it's time to bracket the rest of this trade.
We'll either be stopped out and buy Euro if it trades 126.90 or we'll cover the last of our shorts @ 122.40.
This OCO order is good for all sessions and Good Until Canceled
For Medium Term Outlook click here.
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