May 20, 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
Short JYAM??????????????????????????????? 98.71 ? ???????????? 98.93????????????? 98.05
This is an intra day stop!!!!!!
Orders are "stop on close" unless stated otherwise
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Today's Working Orders
Sell EUR/AUD @ 147.90
BUY 1/2 your Yen Shorts @ 98.17
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Stocks...
Nasd 100...Point & Figure break out is above 3625. Sustaining above 3625 could get you another 50 points.
IWM...is at a major inflection level after a 2 day rally into major mvg avg resistance. A close over 111.25 is needed for more upside.
113.50 would be the next resistance area.
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Bonds...
30 yr. Bonds... 136.27 is weekly mvg avg support.
TBT...yesterday's low in the TBT was good. It could bounce to as high as 63.45 where it will run into significant resistance the first time up.
TBT needs to close over this level to attain upside momentum.
FX...
Euro...price action above 137.35 is needed to get a rally started.
138.10-30 is the low risk sell zone.
USD/JPY...The Yen has been a heart breaker all year.
We're going to play it really tight against the 200 DMA and try and give it a couple of days to change direction.
I'm not married to this trade. I did it for purely technical reasons to see what, if anything, develops.
EUR/JPY...138.06 is 200 DMA support.
AUD/USD...92.50 is pattern support. This level needs to hold to be of help against the Yen & Euro on the crosses.
Sustaining below this level will give way to another figure (91.70).
EUR/AUD...went to perfect resistance last night @ the level we've been talking about since last week.
Commodities...
OIL... July (N) over the next 2 days 103 will become an important pivot level.
Brent...support starts @ 109.05 into 108.70 (the closing downside pivot)
Gold...1305 now becomes the upside weekly pivot. This was an important rejection at this level yesterday. Gold has the potential to roll over from here.
General Comments orValuable Insight
I'm looking to sell EUR/AUD as a way to get short the Euro going into the elections.
The Euro might not rally to our preferred sell area, so a cross seems to be the best vehicle.
Last night's Yen rally (101.24 USD/JPY ) was a retest of the 200 DMA.
98.79 is the corresponding Futures # today.
EUR/AUD either stops right here or this goes another figure (100 points as well). Next resistance starts @ 148.74 (200 DMA).
The currencies are at big go or no go levels.
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.
For Medium Term Outlook click here.
For Glossary of terms and abbreviations click here.