Rhody Trader

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Sometimes I’m so good I amaze even myself!

The other day I wrote about what looked to me like a fake-out breakout situation setting up in AUD/USD (AUD/USD: Look for Some Action Soon). It was based on what I was seeing in terms of a likely volatility expansion in the offing and what the price distribution was showing in terms of likely price actraction. Tuesday the breakout started to show. The Bollingers moved wider by a bit, but that was it. Yesterday things turned completely around. 

It’s too early to say I’m right yet, though. For that I want to see a close back below .9350 again as a starting point. If that happens, the fake break and reverse scenario I outlined will start looking really good.

As for my other recent forex call (EUR/JPY), I mentioned locking in 3R by taking a bit off the other day, but I’m still well positioned for a big gainer. From my entry I’m up something like 500 pips, which means another 4R on what I have left open on the trade. I’m expecting another 400 pips out of this one (or more) before the play runs its course. Unless that happens in a straight line (which I’ll admit it’s threatening to do), I should fine some places to add to the position once more.

And where did GLD find support? Right in the range where I said it would.

I should do this professionally or something. Wait! I do!

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