April 23, 2014 - MDT - Pro Tips A.M.
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.
Current Positions
No Positions
Orders are "stop on close" unless stated otherwise
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Today's Working Orders
No Working Orders
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Stocks...
AAPL,FB Delta report today.
GILD...is up a couple of bucks in pre-market. Investors who are long this name should pay for their trades.
GDXJ...36.35-50 is resistance and the upside closing pivot.
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Bonds...
30 yr...the current range is 133.18-134.10. Sustained price action through either side is needed for follow through.
Ten year... TYM...sustained price action over 124 will have investors selling equities.
FX...
AUD/USD...93.20 is mvg avg support. 93.95 is short term resistance.
GBP/USD...Buy stops are @ 168.46. This is a potential weekly double top area.
GBP/JPY...is attempting an ORL day. 171.15 is first support. 170.60 should be a level to produce a good bounce.
AUD/JPY...same pattern as GBP/JPY. I'm not willing to pick a low , however I wouldn't sell it here.
Commodities...
OIL...(M) 101.55 will act as the downside pivot. 100.35 is support and where I'm going to look for a reversal in direction.
Price action above 102.15 is needed for another $1.00 up.
Gold...Needs price action over 1288-90 to attract buyers.
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General Comments orValuable Insight
The Index trade has been directional with daily tone set in the first few minutes of the day.
The only question is when you get the reversals.
They either materialize after the London flow has ebbed or very late day when everybody is loaded up one way, about an hour before NYSE closes.
This is when you see the algos kick in to drive out short term traders.
Focus should remain on individual instruments and their particular technical s.
The Equity indices are basically unchanged on the qtr with individual names having big daily swings.
Opening Range Time Frame Trading again today.
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Short Term View...
Keep trading to make money. The opportunity will be in individual names.
Individual stocks look to be an easier read based off their own technical's.?
We are Neutral Equities.
For Medium Term Outlook click here.
?For Glossary of terms and abbreviations click here.