AUD/USD….98.35-40 is resistance and the upside pivot. Buy stops for this swing are 98.80. Those short the Aussie should use a break above the aforementioned level as your trailing stop.
GDX…28.75-29.20 is resistance. This is the field of broken dreams for the past 2 years. ORH notwithstanding, I want to see a confirming close over this area before I’m a believer.
GDXJ…needs a close over 12 to make me a believer.
PAAS…has a descent pattern, however this needs to sustain over 12.75.
SLW…needs over 23.75 to confirm more upside
TM…Toyota was a recommended Long ( as a surrogate Yen short) on the 106 break out last month with a 104 stop. 126 will act as the short term pivot…”above” look for a test of the high semi annual close of 134. “Below” the board will be Risk Off.
The low 120’s will have us looking for another buy zone.
General Comments or Valuable Insight
While there is major stock rotation going on in the U.S. on a daily basis the Nikkei keeps powering higher led by a devaluing Yen.
Soybeans…went into the resistance zone last night with the Corn and Wheat being sold on the spreads against the Long Soybeans. The Sun will be shining on La Salle St. today. Keep your JJG stops in place.
For the many who have just started reading our work, we Focus on the What ,Where and When.
What instruments are key market drivers on any given day.
Where to look. Keep these levels in your alerts as they rarely change.
When we’re looking for something to happen.
Levels are generated off our technical model. After taking the time to follow for a while, you’ll realize that these are low risk places to enter a trade or manage your risk.
Our more experienced Professional Day Traders utilize these levels to either enter trades with tight stops, or areas not to press direction the first couple of times in.
A good example of this was yesterday’s #’s in the Oil and AUD/USD, which turned out to be very close to the highs of the day. If a trader was long for an early trade he used them to exit. If he was short or wanted to short those instruments the trader then had an area to manage risk with a tight stop. A place where you knew where you’re wrong.
Note…we always write a stop with any instrument we‘re interested in. As the instruments become profitable those stops should be raised to your entry level so you don’t lose money.
Note…we always write a stop with any instrument we‘re interested in. As the instruments become profitable
those stops should be raised to your entry level so you don’t lose money.
Short Term View…
Use the Chicago openings to help guide your trading.
Use the 4/30/13 closes for your short term pivots in everything!
Open Trades…………….. Trades initiated after 5/14/13
Long JJG 50.60 5/17 49.85 51.50&52.50
Long TBT 64.20 5/17 63.90
Short Euro 129.45 5/14 129.70 127.60
Futures Traders..
Long July Soybeans 14.40 14.34 14.74 & 15.05
Short 30 Yr. Bonds 145.05 145.05 139
