A thought about my previous post, about Chrysler. Just caught a glimpse of TV report on the first bankruptcy hearing. Media is already calling it a possible “surgical” bankruptcy and is trying to get some clues if it is possible, given complexity of the case. I didn’t want to hear the details, because I’m not going to absorb them, they would just make my head spin. Besides, people reporting on it, don’t really know anything, they are just repeating somebody else ideas. What I found interesting was the throng of lawyers  lined up outside the bankruptcy court  hours before the hearing began. Couple of overflow rooms with video and audio feeds were opened up to accommodate the crowds of mostly attorneys. Don’t think I have ever seen that many of them in one place. Which brings up an interesting question: how many lawyers will be employed working on this huge case? I’m sure anybody who can is trying to get some “work” related to it. Legal bills will probably exceed GDP of country like, say, Honduras, and somehow taxpayers will be involved in paying at least some of it.
Trading proved to be very light. After rather good start in Asian session and interesting London opening, currencies ran out of steam. Last few hours have been very boring, much like my results. One of the trades from last post, buy in NZD-JPY had a decent breakout, but has since retreated and is oscillating around entry price. I’m staying with it through the weekend. Not much more to say about this trade and posting chart is not necessary.
Yen did get weaker, however, and this created couple of opportunities in my short term beast trading.

Good things happened early in the day. Two decent breakouts, with first just missing the target and making me jump it for 34 pips gain. This was followed by another move out of larger pattern, which met the 60 pips target. Not that long ago I took one more trade. Few minutes into the trade I realized that I don’t even know why I had taken it. Decided to get out and call it a day. Currently price is heading higher….
Highlight of a day was the long EUR-AUD trade, also from yesterday. Strange day indeed when high point is a trade which didn’t reach the target.

During the Asian session price made a decent run, but failed to get to 1.8300. Looked like that was it, so I took 138 pips and moved on. In a hindsight it proved to be right decision. My sense of timing worked much better on this trade than the latest GBP-JPY buy. Beast keeps going higher, if slowly. One can only hope it will drag other Yen pairs in that direction. It should.

Mike K.