Quite a mixed bag on the Dow Jones Industrial Average today. We saw a late day rally fueled by some positive data out of the Fed and American Express among others ultimately ending up 109 points. It appears the positive outlook continues into the Asian markets as the Nikkei is up 253 points at the time of writing this post. A positive outlook may help fuel the carry trade through the rest of the week. Combined with a juicy daily chart hammer along support I’m considering a small long in USD/JPY over the next few days. The U.S. economic risk event calendar is rather sparse tomorrow (Thursday) however we are still awaiting the results of the U.S. bank stress tests which could be a game changer, who knows how the market will react to that news.
Technically speaking, the hammer corresponds with a resistance layer that USD/JPY broke through a couple of weeks ago but had not tested as support until today. Looking at the hourly chart, the demand level appears to be between $98.60 and $98.10. I’ll be watching for an opportunity to go long as price moves in and out, around that level while tomorrow plays out. If I do get long, I’m going to shoot for a profit target around $100.71.
How Much Does a Sam Adams Cost in Washington?
I was reading comments tonight and saw Radek had asked:
So how much is a Sam Adams there in your place?
Very good question, unfortunately I don’t know the answer. I buy Sam Adams when the seasonal cases come out at Costco. I don’t recall the price of a case but their Winter brews are my favorite. Perhaps I should change my donation link to say “Buy Ryan a Case of Sam Adams”!
There are only two beers my Wife and I are fond of. One is Sam Adams and the other is a local brew named Mac & Jack’s which unfortunately can’t be bought retail unless you want a keg so we are stuck with ordering it at local restaurants.
Best of luck,
Ryan
Have I helped your trading? Say thanks by donating a Sam Adams to me!
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Ryan, Do you still trade the Remora System? I realize it is a trending system and you used it on daily charts. Does it function well on the 4hr, 1 hr or 30 minute time frame? Also what HMA do you use, is it the 21HMA? I just recently got the HMA indicator for my MT4 chart and remembered you had used it. I tried to view the older video post, but it said it was not found. Any ideas on how you used the HMA would be helpful. Thanks.
Haha, I’m a big fan of Sam Adams too. Thanks for the tip on Mac & Jacks, I’ll check it out when I go to Seattle later in the year. My other favorite beer would be Mirror Pond from Oregon.
Man, those financials like AXP are on a tear, I wish I bought more on the dip.
Ryan, good to hear your doing a book and that your not going to explain pips. To many books eat up space with the same old crap. One suggestion is just to do 3 or 4 pages of bullet points an the subjects one should read about and give some references to blogs, books, courses, etc. Then get to the meat. What we want to hear is the experience, not just rules. Samples of trades that worked and didnt work. discussion on trading news? account types is probably important since trading off the daily chart with a regualr account could make for large draw downs.
I have a question. This post has a chart with a “50 pips support zone” I’m wondering why 50 and not 10, or the height of the lowest low candle. Are you looking for the congested area?