In the US Dollar / Japanese Yen trade the second profit objective has come within 10 pips of being achieved at 81.83. So what I’ve done is move the stop up to 81.15 on the remaining portion of my position, locking in an automatic 22 pips with the remainder of the position. So, I’m waiting for either my second and third profit objective to get hit at 81.83 and 82.13 or my trailing stop to get hit at 81.15. Right now it’s simply being patient and waiting to see what happens. Either way it’s a profitable trade.
On the E-Mini S&P 500 if the market takes out yesterdays high of 1385.75 to 1386.25 the market should make a nice move to the upside, since yesterday’s low has already been taken out by only one point in the first six minutes of trading. If on the other hand the market right here at 9:51am ET starts moving lower and takes out yesterday’s low a second time today and continues down through today’s low of 1377.50, the market should move a lot lower. Let’s see what happens. Have a profitable day and I hope this helps you in your trading.
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