I was planning to short the yen but had to run some errands and by the time I got home it had already dropped 70 ticks to the 9.330 area. This is too much of a dip for me to short into, which is too bad because yen has the best case for a position right now (coffee comes close).
On the other hand the pound has fallen as well and now is far too negative to stick with. At the 156.30 level there is a clear "island" up top where price hovered for a while but broke through support shortly after. 1 6B sold for a loss at 196.38. (bought at 157.03)
Copper had been really thin lately with 15-20 tick spreads, but recently the spread has shrunk back to 3-6 ticks which is good for this market. I was tempted to to do a momentum order on the short side the day after price spiked up almost 15 cents to the 507 area.
But I have been very selective with momentum orders recently, my new trend seems to be trying to buy cheaper on an evening dip/rally (which is theoretically worse for odds but better for risk reward) As of right now the markets are continuing their downside pressure so a shot at the long side is still a "catching a falling knife" scenario, but thursday's down day was rather big. This means either serious downside pressure or a good next day reversal. Most markets are still in an uptrend so I still favor that side overall.
GHG has fallen pretty decently and has an emerging upside pattern, with trend now turning to the upside (and can be further anticipated up) ML is still strengthening to the upside. While SL is pointing down, it has been in a down cycle for several days and is now at the +10 area. +10 is pretty close to the baseline so even though the SL is pointing down, this can also mean that the market is no longer overbought and ready to once again resume upside pressure. I longed one copper at 387. Stops are wide at 377 to allow for more downside continuation tomorrow.
I still like coffee on the upside despite the big down day yesterday, which I think is credited more to intermarket influences than any weakness in this specific market. TL and ML are both strengthening to the upside like copper. 2 contracts bought at 1.5080. Stops also wide here at 1.4675.
Risk is high for tomorrow with such wide stops in my positions, but I have to accomodate the market sometimes and here is a situation where the 2+ day outlook looks very good, but the shorter term outlook is much harder to anticipate.
On the other hand the pound has fallen as well and now is far too negative to stick with. At the 156.30 level there is a clear "island" up top where price hovered for a while but broke through support shortly after. 1 6B sold for a loss at 196.38. (bought at 157.03)
Copper had been really thin lately with 15-20 tick spreads, but recently the spread has shrunk back to 3-6 ticks which is good for this market. I was tempted to to do a momentum order on the short side the day after price spiked up almost 15 cents to the 507 area.
But I have been very selective with momentum orders recently, my new trend seems to be trying to buy cheaper on an evening dip/rally (which is theoretically worse for odds but better for risk reward) As of right now the markets are continuing their downside pressure so a shot at the long side is still a "catching a falling knife" scenario, but thursday's down day was rather big. This means either serious downside pressure or a good next day reversal. Most markets are still in an uptrend so I still favor that side overall.
GHG has fallen pretty decently and has an emerging upside pattern, with trend now turning to the upside (and can be further anticipated up) ML is still strengthening to the upside. While SL is pointing down, it has been in a down cycle for several days and is now at the +10 area. +10 is pretty close to the baseline so even though the SL is pointing down, this can also mean that the market is no longer overbought and ready to once again resume upside pressure. I longed one copper at 387. Stops are wide at 377 to allow for more downside continuation tomorrow.
I still like coffee on the upside despite the big down day yesterday, which I think is credited more to intermarket influences than any weakness in this specific market. TL and ML are both strengthening to the upside like copper. 2 contracts bought at 1.5080. Stops also wide here at 1.4675.
Risk is high for tomorrow with such wide stops in my positions, but I have to accomodate the market sometimes and here is a situation where the 2+ day outlook looks very good, but the shorter term outlook is much harder to anticipate.
