Monday, June 21, 2010

Monday 21 June

The Yuan announcement killed a few of my trades from Friday ...

NZDJPY short stopped out (-1R)
AUDUSD short stopped out (-1R)
AUDCHF balance stopped out 0.9730 (+0.5R)
USDJPY closed break even, trade not working.
EURCAD stopped out 1.26 break of trendline support (+0.55R)

AUDJPY short 80.55 stop 80.85 PT 79 - gap fill
CRUDE short 79.60 stop 80.10 PT 77.40 - gap fill
CABLE short 148.35 stop 1.4875 PT 1.47 -  dibs

I have the following positions open:

If the SPX closes the gap then it will break the channel support and back into the wedge ...


  1. Nic, when you speak of R, what percentage is it generally of the Equity, if you don't mind my asking.

    AUDUSD playing with its 61.8% retrace. Can't say if Gold has seen its highs for now.

  2. Hi Prashant, I risk 1% or less (usually less) per trade.

  3. AUDJPY and gold suggests we have a little higher to go but everything else is at that level ... hard to short into momo Monday anyhow so will wait and see what the price action does.
    I do like crude short a lot.

  4. Morning Nic, well so much for the idea that the commodity currencies might weaken on any yuan reval. Still reading between the lines, its one thing for the Chinese to say it, but, the proof is in the pudin. They may still very well come out with the excuse that the increase of real wages that they are currently testing in a few provinces effectively creates a higher exchange rate against the USD.... In my experience the Chinese only move fast when its in their own interest to do so

  5. Mornin Nic,

    Since last evening and for the moment I like the action at 1126, a popular resistance number for SPX, and would anticipate it holding up on the day.

    Face ripper scenario target for today is 1143, if the bulls are up for it.

    (All my SPX talk is ES now, not spx cash, fwiw.)

  6. Momo Mondays are so April 2010