Tuesday, October 28, 2008

Overnight Rally

I like to imagine I am in tune with the markets. My trading record may not agree with this minor flight of fancy, but nonetheless, it's much more rewarding to have a feeling of control.

This morning, waking up much earlier than normal, I thought I'd take a look at the section of the Forex world that I follow... the AUDJPY.

Aha, not only did we have a nice rally -- an echo of the DOW futures up by several hundred, but according to my chart it was the perfect time to take a nip. It looks like we're about to push above 58.70 and start another leg of upward movement.

It looks that way to me. Be warned, mileage may vary.

UPDATE: We have the upward break so now the question is... will we break 59.50?

UPDATE: We're around 50.20 right now... it looks like a test of ~59.50 is imminent.

UPDATE: We've just had a quick push up to ~59.50 and now it's slightly above...

UPDATE: I'm taking my profit... it's time to get ready for work and it looks like it's time for a down leg.

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