I am scalping Crude but I like to have a trade on that I passively manage with resting orders. So, about a month ago I started scale down buying the Yen futures. Looks like it will take longer to take off as I thought but it has been very profitable because it had so many small gyrations. I am a buyer every 25 pts down and seller every 25 pts up. Sometimes I let and extra one go or put in a lower scale of buy orders in then the one was let go on the small spikes up (Friday's was a classic). As a result of this I have a small core position at an average price that is below the market. I realize that it would have taken less capital to do the opposite, but that is hindsight. As I read more about the Carry trade I sense that there are enough jumpy shorts or an occasional Yen-positive news to give Yen a little boost and I am confident that this is for the time being is a two sided market with a lower bias short term and higher bias intermediate and long term. GC
Our long strategy worked perfectly on Friday and gave you the opportunity to set longs. We also reached the first target level in the same session. Price closed above the River level of 118.97 today so short trades are aggressive and we want to look to set up longs or hold existing longs. Long Strategy Traders can continue to hold longs as we look for 120.48. Exit here. Risk would be an hourly close below 119.40 which should lock in profits. Traders can look to set longs on a push down to 119.40. Riisk is an hourly close below River at 118.97. Targets are 119.72, then 120.48 where all longs should exit. Longs can also be established on an hourly close above 119.72. Short Strategy (Higher Risk) Shorts are not recommend at this time. Stand aside. Aggressive traders can use the 118.97 River Level to set shorts. Look for an hourly closed below this level.
The market continued to give you the opportunity to set longs or hold existing longs. Price closed above the River level of 118.94 today so short trades are aggressive. Long Strategy Traders can continue to hold longs as we look for 119.69 and 120.43. Exit here. Risk would be an hourly close below 119.40 which should lock in profits. Traders can look to set longs on a push down to 119.40. Riisk is an hourly close below River at 118.97. Targets are 119.69, then 120.43 where all longs should exit. Longs can also be established on an hourly close above 119.69. Short Strategy (Higher Risk) Shorts are not recommend at this time. Stand aside. Aggressive traders can use the 118.94 River Level to set shorts. Look for an hourly closed below this level to set up