Next week, we’ll focus on the USDJPY as there appears to be a longer term reversal attempt from south to north in effect. If so, we have some nice targets to trade to. One was issued via the current SMS issue @ 91.25. We may modify that slightly lower to 91.15. Should price rise to that level, after some consolidation, we’ll look for the bigger target near 92.50.
We’ll also keep the EURUSD in sight as the bear is “quickening” now that we’ve past the psychological 1.40 handle. After some retracement back to 1.3900-50, we’ll look to re-short the market and take another longer term hold attempt of 150 pips. The market could gap down on the Sunday market open and if it does more than 50 pips on this pair, then a deeper level drop will more than likely accelerate as opposed to “drifting” down.
As I’ve stated before, forecasting currency moves are dangerous. But we must have vision as to how the future may play out, and the abovementioned targets for both are what appears to be in the cards for now.
Our managed accounts did wonderfully this week as we’re able to engage in fast markets, be in and out of the market quickly, take advantage of quick short moves and lock in profits quickly as well. On average, we’ll make 5 times the trades we issue via SMS and generally make incremental gains not possible via SMS.
The reason we bring this up, is if you’re one of those folks who just can’t sit in front of a computer all day long like we have to, the new STSP Managed Fund program may be something to consider. Everything finally got approved by both the NFA and FXDD (our broker), and next week, we’re going to open the program to the public. Watch for an email soon regarding details and how we’ll proceed to get you enrolled, should that be your wish.
Meanwhile, have a safe and blessed weekend with family and good friends. We appreciate all of you and as always, you have our very best regards.
