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.
AUD/JPY ...is testing the first yearly Fib retrace and resistance levels @ 93.56.
This will be a significant level the first time up. An overrun
of the level would be a test of the 200 day @ 94.29.
USD/JPY...100.48 is the high monthly close ( app 99.52)
in the Futures. There should be resting Yen sell stops below this level.
Do not press direction the first time into these zones.
The Yen is leading as the board remains with a Risk On bias.
Long AUD/JPY is a "Risk On" currency trade so we cover it since FX traders prefer to play the currency crosses vs. the Equity Indices or individual Equities.
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