2011-03-29

Sell-To-Open 100000 USDJPY at 82.458 (2011-03-29, 18:02 pm EST)

By Shorting USDJPY, I am implying that one dollar of USD will buy less JPY, or one yen of JPY will buy more of USD.  I am expecing the US dollar to weaken against the Yen, and for the Yen to strengthen against the US dollar.

My Long Copper May 2011 trade of 50 contracts opened at 437.88 is still running and currently trading at 434.03 (2011-03-29, 18:13 pm EST).  This morning Copper touched 428.73 around 07:22 am EST however I was not around to enter a 2nd position, nor would I have because my 2nd buy level was 425.  It is always easy to be a Monday quarter back.  Being a short term trader I am constantly itching to pull the trigger on other trades and impatient.  My Copper trade was opened on Sunday night and I am already very impatient to close it out at a loss to free up my margin.

I have not done so because I have not found another instrument to Long or Short, but most importantly my Thesis for higher Copper prices is still intact.  I will however, set a Limit Buy Order for another 50 contracts at 430 when I go to bed tonight.

I also set a Limit Sell-To-Open 1000 contracts Nikkei 225 at 9550.

Therefore I now have the following orders;
Open: Copper
Open: USDJPY
Pending: Nikkei 225

Need to go out and buy some more fresh tomatos and make some more tomato soup for the receipe is delicious.

Stay tuned.

Jeff
(2011-03-29, 18:26 pm EST)