Thursday, April 13, 2006

Current Positions

For you night owns, the Bank of Japan minutes are tonight at 1am est. It could be very interesting and volatile time.

Possible break outs

No , I didn't forget about you. There were no real signals yesterday and today we can see the markets are fairly quiet. I am feeling a push against the dollar and expecting the Eur and Gbp to possibly make the move first. The weakening dollar which I believe is impending, could also break gold out above 600. I am going to tighten my gold stops and the reset an entry near $604. If we can't break that level gold will probably putter around in the 590s.

The Gbp/Usd is close to moving beyond a level of resistance. The price movement today has arguably passed above resistance. I want to see a close past 1.7535 at which point I will go long the pair. Climbing oil prices will only add to the move.

Looking at the Eur, this could be testing old resistance on a large wedge ready to move us to the 1.2500 level or higher.

Blake Young
Random Acts of Forex

Tuesday, April 11, 2006

Usd/Jpy Whipsaw and an Entry on the Gbp/Jpy

The Usd/Jpy trade went positive nearly 50 pips before retracing into negative territory today. Initially the indecision by the Bank of Japan caused weakness in the Yen but speculation of an interest rate change in July or August pulled it right back in down. Surprisingly I have a buy signal on the Gbp/Jpy, posible a reason to consider going long the Gbp/Usd instead. But as I said before I am a rule follower when it comes to my trading.

That being said I broke a rule and chased gold, jumping the gun instead of waiting. I could have got a rate $4 better at the target I suggested yesterday rather than getting in at 597.88 (could have been in at 593.50 if I just waited for the day to end). As much as I would like to get in even now at 595 this would be over leaveraging a single trade which would be an even rule to break.

As a side note. When I post my current postions, it shows average price. If I bought in twice it will only show one position with the average of the two values.

Tomorrow should have an active morning. Lets see if we can't break 100% total account increase and double the account before the one month mark.

You can double click the current standing to see the image more clearly.

Chasing the glitter again

Gold is showing the pull back as anticipated. Key support appears to be a little higher than I had anticipated, closer to 597, which also matches the S1 for you pivot followers. For those who do not trade gold, the Aud/Usd appears to be mimicking the gold move today with a pull back to recent resistance acting as a new support. A buy at 0.7320 would be a decent entry point targeting a potential move to 0.7400 over the next day or two.

While I am typing this I am seeing gold push back up. I think I will get in near $597.50. If gold can break $603 as mentioned yesterday, I will expect a push towards $611 as the next point to watch.

All positions are still in the black and running well this morning.

Blake Young
Random Acts of Forex

Monday, April 10, 2006

Adjusted stops and long the Usd/Jpy

I am still watching for an re-entry for gold. Either a break higher or a pull back as a good entry. The Usd/Jpy gave a long signal with a somewhat tight stop loss. See the current positions. This past 3 weeks is near my record run, similar to a time when I did over 250% in 3 months. This is not common with conservative money management. Gold and silver have helped a lot. Silver is still running and gold is going for another break of the $600 level. Keep an eye on these.

Blake Young
Random Acts of Forex

Limited out of gold, watching for entry position

Gold has treated me rather well. I limited out of my gold positions today at $599.10 and I am watching for a pull back or a break above the key $600 level to get back in. If gold pulls back at the end of the day I will expect another day of pull back and watch for an entry near $590-$594. If Gold breaks to the top side, I will wait until the break is about $602, allowing for a strong enough break as confirmation to the trade. Silver is still running well, as are all the other current positions. I will be moving most if not all stops losses into profitable territory this afternoon.

small account percentage as of this post from 3/23... up 65%

Blake Young
Random Acts of Forex