Tuesday, November 13, 2007

BUY BUY BUY

AUD/JPY Long is kicking ass today...which is great after the frustrations of yesterday. Yesterday was in fact the bottom of the market but the volatility knocked me out and cost me about 100 pips of profit. Last night around 10:00pm PST I jumped back in on my 50:1 account and then followed about 15 minutes later with my 30:1 account. The 50:1 account is up 120% in under 24 hours and the 30:1 is up over 70%. I have doubled down on the positions upon confirmation of a strong Asian Market opening up tonight.



Tonight's chart shows the clear uptrend developing. The bottom was around 2pm yesterday and the trend took off. I have drawn in what I would consider the uptrend support line. There was a test of this line from 8am until 12pm today during the US market open. I consider this test to be nominal due to the increased volatility often observable during US market hours. A small support developed at 99.850 tonight around 5:30. That is the horizontal yellow line on the chart. I have my stops set at the vertical line with my small double position is taken out where this vertical line crosses the uptrend and my main position is set to be stopped out a bit lower than that to allow for a bit more volatility. Im trading the 50:1 and 30:1 similarily with a bit tighter stops on the 50:1 (this chart is the 30:1).


Several key economic numbers come out tomorrow which have me a bit concerned. S&P futures are currently trading flat after being a few points down earlier in the evening. I plan on setting tight stops tonight and securing today's profit. Im expecting a fair amount of consolidation in the next few days with 100 pip swings up and down throughout the day. Ill probably sit these out and hope the bull trend continues next week and try to double my money again.

2 comments:

Drunkcaballo said...

Currently are getting resistance at the weekend close level. Ive got 170% profit in 50:1 account and 90% in the 30:1. Unfortunately the first level of apparent support is at 100.104 which is about 80 pips below where we are trading currently. Ive decided to close out the trades for the night so I can sleep well knowing I had a succesful day. We'll see what tomorrow brings!

Drunkcaballo said...

Well I only missed out on 40 pips of profit by closing out the position. The market peaked at 2:30am. and is currently showing some consoldiation and trading lower than my sell point last night. Groovy.