Tuesday, May 16, 2006

Bad time for an update

I know this is not the most opportune time for an update but I haven't had much time the past 2 days.  I was stopped out of all my trades over the weekend and on Monday.  I am getting back into gold.  Looking for an entry on silver near 13.90 and then again at 14.05.  Looking for a short position on the Cad/Jpy at 98.22.  I am looking for a long position on the Eur/Usd at 1.2881.  Looking for a short position on the Usd/Jpy 109.20.  Straddling the Eur/Aud-- Long if it goes over 1.6860 and short if it goes below 1.6650. 
I am really deliberating on a short position on the Eur/Chf. Gut feeling says it is a short position right now. 
Instead I think I may just short the Usd/Chf.  Can decide yet on this one.  This would be a short 40 pip grab.  If I wait and see the Eur/Chf go below 1.5450, this would be more sizable and maybe take us down to 1.5260 .
While typing this, my gold position has moved positive making up a large night time spread and is up $30 from yesterday's lows.  Could be big day for the Aud/Usd.  A push above 0.7740 will place me in a long trade anticipating a move higher to 0.8150 over the next 2 weeks.
Best of success

Blake Young
Random Acts of Forex