I decided to take off 30 at 2757. I still see it going thru 2686 spot, but I will watch for a while and decide on a good place to add back in short. I want to watch the resolution of this 2720 midrange area for a while. Leaving 20 contracts short for now. DRT
Damn CAD is still drunk driving. I am still sitting on this for now. Spot is resolving a key 1150 area. We need to move up from here. I will get out and take my lumps if this settles below the 1140 area. You have to figure sooner or later this move will break. I'm sure it will happen as soon as I get out. On the futures side... The key level is .8975 area. If we move below here then my first target for the short trade is .8884. Sigh. DRT
Still holding long on USDJPY at 116.19. I have the 116.27 area as the launching pad. I will see a move down 116 area but no lower. Looking for this to move up 116.81 area, then onto 117.50. If we hold the 117.50 area, there is very good upside potential in my opinion. The next stop would be just over 118.00, then onto 119 and 120. This is a tough one. I think most gurus are seeing this pair moving down and the price distribution curve also supports this. Will update later. DRT
With the 10:00 AM US data coming, this may not play out but watch the price rotation around EURUSD 1.2700 on spot. Let's see if value builds 15 points on either side before the breakout.
I decided to take another 10 contracts off at EC 2747. I will let the remaining 10 run, but I see signs of a test of the midrange level again. I will look to reset on a move back to there or on a break down and pullback to the current level. DRT
The USDJPY is at a critical point (as usual). We really need the 116.85 area to contain the dips or we may likely trade back down to 116.27 area. If this level holds, then we will likely head up to the 117.50 area to test value here. I am going to stay long, but there is a good chance we may trade back down so taking some profit in this area is not a bad idea to lock in some gains. We need JPY to lead the way up on the breakout for the rest of the world. Guess we'll see. DRT
Tuesday evening update.. Short 50 contracts EC at 2850. Closed at 2741. Covered 30 contracts at 2757. Up 93 ticks per contract or $34,875. Covered 10 contracts at 2747. Up 103 ticks per contract or $12,875. Still Open 10 contracts from 2850. Up 109 ticks per contract or $13,625. Total profit in EC trade to date is $61,375. Short 20 contracts CD at 8977. Closed at 9001. Down 24 ticks per contract or -$4,800 Short 10 contracts BP at 9041. Closed at 8962. Closed this trade at 8956. Up 79 ticks or $4,937. Long 10 contracts USDJPY at 116.19. Closed 117.07. Up 88 ticks or $8,800. Total Profit on these trades open last Thursday is currently $70,312. Not bad for a few days of work and fishing.
EURUSD Update We got down thru the 2720 midrange area of the 2830/2580 North and South zone and closed below here today. I am watching the 2720 area for now. I think we may test this again. If we break above 2720 and build value, then we will likely test the 2730 high again. If we continue to build value and close below this level then we will likely test the bottom of the range. If the currrent 2686 area holds, then we may move up to near 2750 spot (2810 EC) where I will look to reset shorts. DRT