Wednesday night.... Here's an update on my positions. Week 1 - Closed trades P&L = $68,187 Week 2 - Current trades open. EC Still short 10 EC from 2850. EC closed today at 2766. Up 84 ticks per contract or $10,500. Short 10 EC from 2783. Up 17 ticks per contract or $4,250. Short 20 EC from 2766. No gain thanks to Ben's big mouth. CD Short CD from 8977. My target was hit while fishing today at .8867. Up 110 ticks per contract or $22,000. Profit so far this week is $36,750. DRT
Well it looks like my CAD targets were fairly accurate. My CD position was filled at .8867 and it looks like the low was only a couple ticks past here. USDCAD hit a high of 1304. Just 1 tick past where I had mapped out. I don't usually do so well with this drunken pair. The EUR postions are another story. Looks like the bottom held and we pushed back up to the good old midrange again. The EUR is in my sell area again, but I am loaded up so I will just sit it out. The ECB rate announcement is ahead and it is a tricky time to enter. I do see a good short area in the EURUSD at 2711/2725. The EC at 2764. I push up thru the midrange and we could test the top of the range again. USDJPY - I am still seeing the 117.33 area as a good long entry still. I will take a look at my charts and throw a few up. DRT
Here's a Long Term trade that I have open in my IRA. Not sure if anyone cares or not about the AUD. I got short back in Week 31 of this year at .7666. My targets are way down under (pun intended). Some of you may know that I am bearish long term on commodities and this is my play. It has been slow going but is making some headway. I don't know how these trend followers do it. I would go nuts if I only traded long term. I can post some AUD stuff if anyone is interested. BTW = I see this pair possibly moving back up to the 7535 area short term if value is built at the current 7454 area and we move above it. DRT
Okay here's what we need to happen. Either the ECB does not raise (that would be very unvigalent of Ms. Trichet) or more likely....he casts huge doubt in the infamous press conference about future hikes near term. Maybe he will use the term....kinda maybe likely we will be somewhat vigalent or something.... I figure the market is certainly expecting the hike, so it is priced in. Some wishy washiness would cause a nice breakout to the downside. More than likely I will be scrambling to cover my positions as the EUR rockets to the moon. DRT
Mr Yen Index is looking a little tired. He may get a second wind though. I think the USDJPY is headed way up personally. 140 before it is all over. DRT
We need to push solidly below this 2692 area and stay there to test the bottom of the range. It will likely be a tough one. On the other hand, if we move back above 2525, then Soros and Gates will be very happy. DRT
All great technicians are a little warped you know.... I would suggest you call your broker and all family members to sell Yen immediately. DRT