Sell 111.40
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Usd/jpy
- Thread starter 4Xgorilla
- Start date
Comments on this scenario:
If overnight tonight (Asia starting in an hour or so), Asia disappoints by failing to push gold further beyond 700 -- such a continuation of the metal's heat being expected in my view -- that failure may prompt gold profit takers in Europe (later this overnight) to drive metal's price down by as much as 5 percent. I'm talking a rapid sell off, potentially. If so, and as a consequence, near month YEN futures -- price of which now moves with gold, and more so percentage wise -- would lose 150 ticks. That's a drop, ahead of fed tomorrow, to .008900 or thereabouts.
I like the scenario and, to capture the potential in it, will short near month YEN future tonight. Will short up to two, first at/if .009060, second at/if .009085. Stop for both to be set at 9135. Take profit at 8915 or so. This set up, if it comes off, has a reward/risk ration of 2.5 to one.
If overnight tonight (Asia starting in an hour or so), Asia disappoints by failing to push gold further beyond 700 -- such a continuation of the metal's heat being expected in my view -- that failure may prompt gold profit takers in Europe (later this overnight) to drive metal's price down by as much as 5 percent. I'm talking a rapid sell off, potentially. If so, and as a consequence, near month YEN futures -- price of which now moves with gold, and more so percentage wise -- would lose 150 ticks. That's a drop, ahead of fed tomorrow, to .008900 or thereabouts.
I like the scenario and, to capture the potential in it, will short near month YEN future tonight. Will short up to two, first at/if .009060, second at/if .009085. Stop for both to be set at 9135. Take profit at 8915 or so. This set up, if it comes off, has a reward/risk ration of 2.5 to one.
Short at 111.4
Quote from Chood:
USD has rolled off the edge of a table, but won't YEN profit takers and/or gold profit takers, or less obviously resistance at USD/Yen 110.00 cash, prove a USD buying opportunity?
I ask because colloquy on the YEN has dried up.
Alternative premise (". . . or less obviously resistance at USD/Yen 110.00 cash, prove a USD buying opportunity") proves accurate yesterday and today, and is the only reason my YEN shorts, average in at .009073, have not been stopped out.
But no pause or retreat in gold; therefore, dollar bears may take another shot at piercing USD/Yen 110.00 cash. If so, I'll short one or two more YEN futures in the range 9120-9135.
(Stops for first two shorts and then any additional short to be set 50 ticks from last entry, meaning 9135 until 9120 breached, then 9170 to 9185. Still gunning for retreat in gold which would pull YEN into 8900 country.)
Close at 110.34 for +106 pips.
Bumping this post to smoke out those ETers who, unlike me, have a clue about what's going on.
Quote from Chood:
USD has rolled off the edge of a table, but won't YEN profit takers and/or gold profit takers, or less obviously resistance at USD/Yen 110.00 cash, prove a USD buying opportunity?
I ask because colloquy on the YEN has dried up.