No, I’m not referring to that most excellent movie with Giovanni Ribisi, which along with ‘Wall Street’ (the first one – the second sucked) is a must-see for any aspiring trader – especially if you’re thinking of joining one of the big name firms.
Rather I am referring to that great smoldering city in the South also known as Houston, Texas. And that’s exactly where I’m heading this Sunday – scheduled to return on Tuesday the 4th.
And let me proactively dispel any rumors that I am not going to there to meet Brittany Booker, a.k.a. Miss Houston 2012. There is NO truth to those allegations whatsoever! Glad we cleared that up, right….
While I’m gone Scott, Volar, and Fearless are running the show, thus I leave you in most capable hands. However I cannot guarantee grammatical accuracy and proper punctuation as at least two of them are on the official black list of Oxford University Press. No, Volar I’m referring to those other two…. Scott, Fearless – I’m talking about Volar of course….
Subscribers – I will periodically check my messages but will be extremely busy over there (no, not with Ms. Booker). So if you have any questions, issues, or problems then please contact me before Saturday night and I’ll sort you out. During the two days I’m gone I will sporadically check in to make sure the three musketeers are holding the fort 😉
I got a Friday afternoon setup in the spoos for everyone – the setup is too juicy.
I just can’t help myself – although the odds favor the other direction right now there is MINIMAL risk in taking this trade with a stop just a few ticks away:
[amprotect=nonmember] Charts and commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero or Geronimo subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
This is really very simple. I’m going to take a long position here expecting to get stopped out just a few ticks away. My stop is somewhere below those two hourly BBs – where I won’t tell you as I don’t want everyone to use the same stop and attract the bots.
Zero subs: For your convenience I have also painted a support line on the Lite.
Again, this is a low probability but high return setup. If a miracle happens and we bounce here then it’ll ensue a short squeeze. Suffice to say that I will be out of this trade one way or the other by 4:14pm EDT.
Alright folks ZERO EMOTION here, okay? Either we get stopped out by a few ticks (highest probability scenario) or we make a bundle. So put that trade in, set your stop and then just forget about it until the session closes.
I think by doing nothing all day the Zero Lite did us a huge favor. Sometimes it’s not about what it says but what it doesn’t, which if you must ask refers to ‘non confirmation’. The bots quite obviously rode this sucker down all day, just to pull the carrot from over eager shorts and instead applying a thorough rectal cleansing. I hope you enjoyed the ride – if you weren’t a sub today please accept my condolences.
The future is now, folks. Moral of today’s session: If you bring a pocket knife (e.g. MACD, stochastic, etc.) to a gun fight (i.e. HFT dominated market) then you only have yourself to blame.
Disclaimer: The information provided on this website, while timely, colorful, and accurate, is not to be taken as financial, legal, tax, psychological or any type of advise. The purpose of this website is to track the progressions of human herd psychology as it is reflected through several financial markets. Any commentary on this page, however useful it may be, is used for illustration, and to inspire thought provoking discussion, and not to be taken as specific trade recommendations. We are not endorsing any site or service, nor are we promoting choice examples as real-life trades. If it sounds sarcastic, it probably is and if it offends you, just don't read it. There are tremendous inherent risks in attempting to trade any market using any vehicle, particularly if it is leverage. Please contact your broker to explain all risks involved in the vehicle you will be trading and any questions you may have. Please consult with your own financial advisor before you tempt fate by following our evil speculation.