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.
USD/JPY…98.57 ( App 101.53 ) is Yen resistance/ Dollar support. This is a low risk level to sell the yen with a tight stop.
With continued late weakness in the equity Indices today the Yen would move a 40-50 pips at a time through 98.57.
As long as the Nasd & Spu’s remain above the current lows, selling rallies in the Yen with a very tight stop is a reasonable strategy.
OIL…110.10 will be key to the next swing in the Oil. There is always a chance for a top up here, however maintaining above this level will lead to more upside.
The rest of the day will be a time frame trade.
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